Key regions: United Kingdom, Germany, Asia, South Korea, Japan
The OTT Video market in South Korea has been experiencing significant growth in recent years, driven by customer preferences for convenience and flexibility in consuming video content. With the rise of smartphones and high-speed internet connectivity, more and more consumers are turning to OTT platforms for their entertainment needs.
Customer preferences: South Korean consumers have shown a strong preference for OTT video services due to their convenience and flexibility. The ability to stream video content on demand, anytime and anywhere, has become increasingly important in today's fast-paced society. OTT platforms offer a wide range of content options, including movies, TV shows, and original series, catering to the diverse tastes of consumers. Additionally, the availability of subtitles and localized content has made these services more appealing to South Korean viewers.
Trends in the market: One of the key trends in the OTT Video market in South Korea is the increasing adoption of subscription-based services. Many consumers are opting for monthly subscriptions to access a wide variety of content without the need for individual purchases or rentals. This trend is driven by the desire for cost-effectiveness and the convenience of having unlimited access to a vast library of content. Another trend in the market is the growing popularity of original content produced by OTT platforms. South Korean viewers have shown a strong interest in local content, including dramas and variety shows. OTT platforms have capitalized on this demand by producing high-quality original series and exclusive content, attracting a large number of subscribers.
Local special circumstances: South Korea has a highly developed internet infrastructure, with one of the highest internet penetration rates in the world. This has facilitated the growth of the OTT Video market by providing consumers with fast and reliable internet connectivity, essential for streaming high-quality video content. Additionally, the high smartphone penetration rate in the country has made it easier for consumers to access OTT platforms on the go.
Underlying macroeconomic factors: The South Korean economy has been steadily growing, providing consumers with higher disposable incomes. This has allowed more people to afford OTT video subscriptions and other entertainment services. Furthermore, the increasing popularity of K-pop and Korean dramas worldwide has created a global demand for South Korean content, leading to international expansion of OTT platforms and further growth in the market. In conclusion, the OTT Video market in South Korea is experiencing rapid growth due to customer preferences for convenience and flexibility, as well as the availability of high-quality original content. The local special circumstances, such as the advanced internet infrastructure and high smartphone penetration rate, have also contributed to the market's development. Additionally, the underlying macroeconomic factors, such as the growing economy and global demand for South Korean content, have further fueled the growth of the market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Traditional TV & Home Video and OTT (over-the-top) Services. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.Modeling approach / market size:
The market size is determined through a bottom-up approach. 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) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, number of internet users, and internet consumption.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, 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.
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