Over-The-Top (OTT) Video Market size was valued at USD 47.0 Billion in 2022 and is projected to reach USD 150.0 Billion by 2030, growing at a CAGR of 15.0% from 2024 to 2030.
The South Korean Over-The-Top (OTT) video market is experiencing rapid growth, driven by the increasing adoption of internet-based video streaming services. OTT platforms deliver content directly to consumers over the internet, bypassing traditional broadcast methods. The South Korean market, known for its tech-savvy population and high-speed internet infrastructure, has seen a significant shift in the way viewers consume media. This market is expected to expand further, with various applications emerging to cater to diverse consumer needs. In this report, we will focus on the OTT video market by application, discussing key segments including Laptops and Desktops, Set Top Boxes, Gaming Consoles, Cellphones and Tablets, and Others.
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Laptops and desktops are one of the primary devices used for accessing Over-The-Top (OTT) video content in South Korea. With the proliferation of high-speed internet, laptops and desktops have become a popular choice for consumers seeking a larger, more immersive viewing experience. These devices offer the convenience of accessing a wide range of streaming services from the comfort of home, with users able to stream movies, TV shows, and live content. Their larger screens, advanced processing capabilities, and better sound quality make them ideal for both casual and serious OTT users, especially when compared to mobile devices. Additionally, the flexibility and portability of laptops have made them highly appealing, allowing consumers to access OTT services from different locations such as homes, coffee shops, and offices.Furthermore, many South Korean households use laptops and desktops as the central hub for their entertainment needs. The integration of multiple OTT platforms such as Netflix, YouTube, and local services like Wavve and Tving further strengthens the appeal of these devices. In the business and educational sectors, laptops and desktops are also commonly used for video conferencing and online streaming, contributing to the widespread usage of these devices. With the advancement of technology, such as faster processors and high-definition displays, the OTT experience on laptops and desktops continues to improve, encouraging more consumers to choose these devices for entertainment.
The Set-Top Box (STB) segment plays a significant role in the South Korean OTT video market by providing a bridge between traditional television viewing and internet-based content. A Set-Top Box is a device that connects to a television and enables users to stream OTT video content via internet-based services. In South Korea, many consumers opt for STBs due to their ability to consolidate multiple streaming services in one interface, often provided by cable operators or specialized OTT providers. This offers greater convenience compared to using separate devices for different services. STBs are especially popular among consumers who prefer the familiarity of traditional TV setups and wish to experience OTT content on a larger screen without relying on laptops or mobile devices.Set-Top Boxes also offer enhanced features such as voice control, integration with smart home devices, and personalized content recommendations. Major South Korean OTT platforms, like KT's Olleh TV and LG U+ TV, offer Set-Top Boxes that cater to the demand for seamless streaming of premium content in high definition. Furthermore, as consumers increasingly seek on-demand content, STBs offer features such as pause, rewind, and record live TV, making them an attractive choice for OTT content consumption. The STB segment is expected to grow as more consumers embrace hybrid TV systems that combine traditional broadcast with OTT streaming.
Gaming consoles are becoming an increasingly popular device for accessing OTT video content in South Korea. With the rise of multi-functional gaming consoles such as Sony's PlayStation, Microsoft's Xbox, and Nintendo's Switch, these devices now serve as powerful platforms not only for gaming but also for video streaming. Consumers in South Korea use gaming consoles to access a wide variety of OTT content, including movies, TV shows, sports, and live events. The gaming console offers users the convenience of enjoying both gaming and OTT content on the same device, which is especially appealing for younger audiences who are both gamers and OTT viewers. Gaming consoles offer several advantages for OTT video consumption, such as superior graphics and sound quality, as well as compatibility with 4K and even 8K streaming. With growing partnerships between OTT service providers like Netflix and gaming console manufacturers, users can easily download and install video streaming apps directly onto their gaming systems. The integration of gaming and entertainment on a single device has helped expand the reach of OTT services to a broader audience. This trend is expected to continue, with an increasing number of South Korean consumers turning to gaming consoles as their primary medium for OTT video consumption.
Cellphones and tablets are by far the most popular devices for accessing Over-The-Top (OTT) video content in South Korea. With a high smartphone penetration rate and a highly connected population, mobile devices have become the go-to medium for streaming services. South Koreans are known for their heavy reliance on smartphones and tablets for daily activities, including entertainment, making OTT video consumption through these devices a natural choice. Cellphones and tablets provide users with the flexibility to watch content anywhere, whether at home, on public transport, or even while traveling. Services like Netflix, Wavve, and TVING are easily accessible through apps, offering a seamless viewing experience that can be enjoyed on the go.The growing adoption of 5G networks in South Korea has further boosted the demand for mobile OTT video consumption. With faster download speeds, users can enjoy uninterrupted streaming of high-quality content, including 4K and HDR videos, on their mobile devices. Additionally, features like adjustable screen sizes, mobile-specific user interfaces, and offline viewing options have made cellphones and tablets more attractive for OTT users. As the smartphone and tablet markets continue to evolve, with more advanced display technologies and battery efficiency improvements, the OTT experience on these devices is set to improve further, fueling growth in this segment.
The "Others" segment in the South Korean OTT video market encompasses a variety of devices and platforms that support OTT content consumption. This includes smart TVs, streaming sticks, and connected home devices. Smart TVs, in particular, have gained traction as they integrate OTT streaming services directly into the television interface, providing users with a more intuitive and accessible way to access their favorite content. Streaming sticks, such as Google Chromecast and Amazon Fire TV Stick, are also becoming increasingly popular, as they allow users to turn any regular television into a smart TV by plugging in a small device that connects to streaming services.Other devices in this segment may include wearables, such as smartwatches and augmented reality (AR) glasses, although these are less common in the OTT market at present. However, these emerging devices are being explored for potential future applications in OTT streaming, particularly in niche markets. As new forms of media consumption continue to evolve, the "Others" category is expected to diversify, accommodating an increasing range of devices that offer OTT video services.
One of the key trends in the South Korean OTT video market is the growing preference for localized content. South Korean consumers are increasingly favoring domestic OTT platforms such as Wavve and TVING, which provide content tailored to local tastes and preferences. These platforms offer a mix of K-dramas, variety shows, and live broadcasts that cater specifically to the South Korean audience, driving their popularity. As international OTT services like Netflix expand their content libraries with Korean-language programming, this trend is expected to strengthen, with domestic content becoming a key differentiator for local OTT providers.
Another major trend is the adoption of 5G technology, which is expected to revolutionize OTT video consumption. With faster download speeds and improved streaming capabilities, South Korean consumers can access high-definition content without buffering, even on mobile devices. The widespread rollout of 5G networks is expected to lead to increased demand for OTT services, particularly for mobile streaming. Additionally, as OTT providers continue to enhance the user experience through personalized recommendations, interactive content, and exclusive live events, the competition in the market will intensify, driving innovation in both content and technology.
The South Korean OTT video market presents several opportunities for both local and international players. One of the most significant opportunities lies in expanding the availability of high-quality, exclusive content. With the global success of Korean dramas and movies, international OTT providers can capitalize on this trend by offering a wider variety of Korean-language content, thereby attracting South Korean audiences and global fans of Korean entertainment. Collaboration between international and domestic content creators can also pave the way for co-productions that appeal to a broader audience.
Furthermore, the ongoing development of 5G networks in South Korea presents a unique opportunity for OTT providers to enhance the quality of their services. By investing in 5G infrastructure, streaming platforms can offer seamless, ultra-high-definition content across various devices. There is also growing potential for OTT platforms to partner with device manufacturers, such as smart TV producers and gaming console companies, to deliver a more integrated and user-friendly OTT experience. The growing interest in niche content, such as gaming and eSports, also opens new doors for specialized OTT services targeting specific audience segments.
1. What is the OTT video market?
OTT video market refers to streaming video content that is delivered over the internet without requiring traditional cable or satellite subscriptions.
2. What are the major OTT platforms in South Korea?
Major OTT platforms in South Korea include Wavve, TVING, Netflix, and YouTube.
3. How is 5G technology impacting the OTT market?
5G technology enhances streaming quality by providing faster internet speeds, enabling high-definition and even 4K streaming on mobile devices.
4. Why is localized content important in South Korea's OTT market?
Localized content is important as it caters to the specific preferences and cultural nuances of South Korean consumers, increasing viewer engagement.
5. What devices are commonly used for OTT video consumption in South Korea?
Common devices include smartphones, tablets, laptops, desktops, Set-Top Boxes, and gaming consoles.
6. Is gaming a significant part of South Korea's OTT market?
Yes, gaming consoles are becoming an increasingly popular way to access OTT video content alongside traditional gaming.
7. How does OTT content differ from traditional TV?
OTT content is streamed over the internet and provides on-demand access, while traditional TV relies on scheduled programming via cable or satellite.
8. What is the growth forecast for the OTT market in South Korea?
The OTT video market in South Korea is expected to grow significantly due to increasing smartphone usage, 5G adoption, and demand for localized content.
9. Are South Korean OTT platforms competing with global services like Netflix?
Yes, local platforms like Wavve and TVING are competing with global players like Netflix by offering exclusive content tailored for South Korean viewers.
10. What future trends are expected in South Korea's OTT video market?
Future trends include the rise of 5G-enabled streaming, personalized content experiences, and the continued popularity of K-dramas on global OTT platforms.
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Microsoft Corporation
Yahoo Inc.
Amazon
Google Inc.
Netflix Inc.
Roku
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Apple
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Akamai Technologies
Meta Platforms
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Limelight Networks
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Gangwon & Jeju Region: Growth in tourism-related applications, digital services, and eco-friendly innovations.
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