Media - South Korea | Statista Market Forecast

In South Korea, revenue in the Media market is projected to reach US$33.97bn in 2024.
The largest market within this market in South Korea is Games, which is expected to have a market volume of US$13.37bn in 2024.
In a global context, the most revenue will be generated the United States, with a forecast of US$541.20bn in 2024.
Additionally, in the Media market, it is anticipated that 53.75% of total revenues in South Korea will be generated through digital Media market by 2029.
South Korea's media landscape is increasingly dominated by digital platforms, reflecting a shift towards rapid content consumption and a growing demand for diverse narratives.

Definition:

The media market encompasses a diverse array of platforms and channels that facilitate the creation, distribution, and consumption of content, such as news, entertainment, and information. It includes traditional outlets like television, radio, and print publications, as well as digital platforms like social media, streaming services, and online news websites. This market plays a central role in shaping public discourse, cultural trends, and the dissemination of information on a global scale, making it a critical component of modern society.

Structure:

The market consists of several parts, namely Books, Games, Music, Radio & Podcasts, Newspapers & Magazines and TV & Video. These markets encompass digital and traditional revenues.

Additional Information:

The market comprises revenues, users, average revenue per user, penetration rates and advertising spendings. Revenues are generated through purchases, subscriptions, consumer spending or ad spendings. Key players of the market are companies, such as Netflix, Spotify, Activision or Amazon.
Market numbers for all the digital markets can also be found in the Digital Media topic.

Traditional media with non-digital revenues from TV, radio, music, print, and video games
Digital media with digital revenues from OTT video, music streaming, video games, digital versions of Newspapers & Magazines with ePapers & eMagazines, and eBooks

Movie theater ticket sales
Public licence fees collected in form of a tax (e.g. income tax in the Nordic countries)
Demo/trial versions
Esports & gaming advertising revenues

The Media market in South Korea has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: South Korean consumers have shown a strong preference for digital media platforms, with online streaming services gaining popularity. This shift in preference can be attributed to the convenience and accessibility offered by these platforms. Additionally, there has been an increasing demand for localized content, leading to the rise of domestic production companies and an emphasis on creating content that resonates with the local audience.

Trends in the market: One of the key trends in the South Korean media market is the dominance of the K-pop industry. K-pop has gained a massive global following, and this popularity has translated into increased revenue for the industry. The success of K-pop has also led to the growth of related industries such as entertainment agencies, merchandise sales, and concert tours. This trend is expected to continue as K-pop continues to gain international recognition. Another trend in the South Korean media market is the rise of online gaming and esports. South Korea has a strong gaming culture, and this has fueled the growth of the esports industry. Esports tournaments attract a large audience both online and offline, and this has created new opportunities for advertisers and sponsors. The popularity of online gaming and esports is expected to continue growing, driven by advancements in technology and the increasing accessibility of gaming platforms.

Local special circumstances: South Korea has a highly connected population, with one of the highest internet penetration rates in the world. This has created a conducive environment for the growth of digital media platforms. The government has also been supportive of the media industry, implementing policies to promote the development of the sector and attract foreign investment. Additionally, the strong presence of local conglomerates, known as chaebols, in the media industry has contributed to its growth.

Underlying macroeconomic factors: South Korea has a strong economy and a high standard of living, which has contributed to the growth of the media market. The country has a large middle class with disposable income, enabling consumers to spend on media and entertainment. Furthermore, South Korea has a well-developed infrastructure and advanced technology, providing a solid foundation for the growth of the media industry. In conclusion, the Media market in South Korea is experiencing growth due to changing customer preferences, such as the shift towards digital media platforms and the popularity of K-pop and esports. The local special circumstances, including a highly connected population and government support, have also contributed to the growth of the market. Additionally, the underlying macroeconomic factors, such as a strong economy and high standard of living, have provided a favorable environment for the media industry to thrive.

Data coverage:

The data encompasses B2C enterprises. Figures are based on media spending (on traditional media as well as digital media). All monetary figures refer to consumer spending on digital goods or subscriptions in the respective segment. This spending factors in discounts, margins, and taxes.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet consumption. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

Online video streaming has visibly transformed the global media landscape and impacted viewing behavior around the world. Driven by rapid leaps in internet adoption, widespread availability of mobile devices, and the ever-increasing popularity of online video content, the global video streaming market has experienced unprecedented growth in the last decade. In 2023, the over-the-top (OTT) video revenue reached an estimated 288 billion U.S. dollars, with the United States accounting for the largest share of revenue worldwide. Considering that the list of international streaming services and the catalog of online video content continue to expand at a rapid pace, the number of OTT users worldwide is expected to reach new heights in the future.