South Korea OTT Media Services Market Size, Share, and COVID-19 Impact Analysis, By OTT Service (Online Services, and Managed Services), By Type (OTT Communication services, OTT Media services, and OTT Applications services), By Platform (Smartphones, Smart TVs, Laptops Desktops & Tablets, and Others), and South Korea OTT Media Services Market Insights Forecasts 2023 – 2033

Industry: Electronics, ICT & Media

RELEASE DATE Jan 2024
REPORT ID SI3401
PAGES 200
REPORT FORMAT PathSoft

South Korea OTT Media Services Market Insights Forecasts to 2033        

  • The Market Size is Growing at a CAGR of 5.3% from 2023 to 2033.
  • The South Korea OTT Media Services Market Size is Expected to Hold a Significant Share by 2033.

 

South Korea OTT Media Services Market

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The South Korea OTT Media Services Market Size is Expected to Hold a Significant Share by 2033, at a CAGR of 5.3% during the forecast period 2023 to 2033.

 

Market Overview

Over-the-top services are entertainment services that are easily accessible to users directly via the internet via designated platforms. On consumer electronics such as smartphones, laptops, tablets, and iPads, over-the-top services can be accessed and enjoyed. The term "over-the-top" implies that a content provider goes above and beyond what is already available online. Since OTT is a new concept, there is plenty of room for growth. Many businesses are embracing the OTT industry, providing users with a variety of options and advertisers with access to additional ad content. OTT services are the most effective way to reach these customers because more people prefer internet media services to cable. The increasing availability of new and high-quality content on the internet, rising awareness of new and existing video streaming services and platforms, and a surge in smartphone and high-speed internet proliferation as a result of rapid urbanization are the major factors driving the growth of the South Korean over-the-top (OTT) services market.

 

Report Coverage

This research report categorizes the market for South Korea OTT media services market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea OTT media services market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea OTT media services market.

 

South Korea OTT Media Services Market Report Coverage

Report CoverageDetails
Base Year:2023
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:5.3%
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By OTT Service, By Type, By Platform and COVID-19 Impact Analysis
Companies Covered:Netflix, Inc., Amazon.com, Inc, Alphabet Inc. (YouTube), The Walt Disney Company, Content Wave Co., Ltd., Rakuten Group, Inc., Kakao Entertainment Co., Ltd., Coupang, Inc., Teabing Co.Ltd., Watcha Inc. and Other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

The South Korean government provides tax breaks ranging from 3 to 10% on production costs for local OTT streaming platforms. Furthermore, the South Korean government stated that it will create a five-year plan to promote the service sector, which will include tax breaks, streamlined regulations, and financial assistance. The South Korean OTT media services market is expanding rapidly as a result of increased investment from foreign brands and the country's large viewership. The expanding online media and entertainment market is attracting new domestic and international participants. These new players emerge from a variety of traditional media services, including broadcasters, rights holders, network providers, connectivity providers, electronic device providers, and many others. The new providers are eschewing traditional cable and pay TV solutions in favor of subscription-based content streaming services.

 

Restraining Factors

One of the most difficult challenges that OTT providers face is maintaining their audience. Providing the content that viewers seek, providing high-definition video, and advertisement content should be non-intrusive and allow viewers to bypass it if desired are among the various concerns in this issue.

 

Market Segment

  • In 2023, the online services segment accounted for the largest revenue share over the forecast period.

Based on OTT Services, the South Korea OTT media services market is segmented into online services and managed services. Among these, the online services segment has the largest revenue share over the forecast period. In the coming years, online services are anticipated to drive market growth. The proliferation of smartphones, rising broadband penetration, and rising online original content are just a few of the key factors driving the adoption of online OTT services. Furthermore, massive investments in network infrastructure and content providers by market players such as Netflix, Inc., Amazon.com, Inc., and others are likely to contribute to the growth of online services.

 

  • The OTT media services segment is witnessing significant CAGR growth over the forecast period.

Based on type, the South Korea OTT Media Services market is segmented into OTT communication services, OTT media services, and OTT applications services. Among these, the OTT media services segment is witnessing significant CAGR growth over the forecast period. The growing number of platforms offering live-streaming services, such as concerts, sports, online gaming, and music streaming, among others, as well as video-on-demand services, is expected to drive demand for media services. The presence of prominent video service providers such as Netflix, Amazon, Apple, Disney+, and HBO Max, among others, is expected to increase market opportunities.

 

  • In 2023, the laptops & tablets segment accounted for a significant revenue share over the forecast period.

Based on the platform, the South Korea OTT media services market is segmented into smartphones, smart TVs, laptops & tablets, and others. Among these, the laptops & tablets segment has a significant revenue share over the forecast period. The increasing use of laptops and tablets to access online content is expected to increase this segment's share. Furthermore, various service providers are offering direct streaming on laptops and tablets, which is driving market demand.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea OTT media services market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Netflix, Inc.
  • Amazon.com, Inc
  • Alphabet Inc. (YouTube)
  • The Walt Disney Company
  • Content Wave Co., Ltd.
  • Rakuten Group, Inc.
  • Kakao Entertainment Co., Ltd.
  • Coupang, Inc.
  • Teabing Co.Ltd.
  • Watcha Inc.
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea OTT Media Services Market based on the below-mentioned segments:

 

South Korea OTT Media Services Market, By OTT Service

  • Online Services
  • Managed Services

 

South Korea OTT Media Services Market, By Type

  • OTT Communication services
  • OTT Media services
  • OTT Applications services

 

South Korea OTT Media Services Market, By Platform

  • Smartphones
  • Smart TVs
  • Laptops Desktops & Tablets
  • Others

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