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Netflix and SK Broadband Battle Over Who Pays in South Korea thediplomat.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thediplomat.com Daily Mail and Mail on Sunday newspapers.
Netflix original drama Kingdom was a global hit, driving K-zombie hype across the US and Europe.
Global streaming giant Netflix Inc. has become a leading platform in South Korea, boasting around 4.1 million paid subscribers and earning over 500 billion won ($453 million) in 2020, up 108% from the previous year, as the company is marking all-time highs for both its number of subscribers and subscription fees.
On Jan. 19, app and retail data provider Wiseapp reported that Korea residents spent 517.3 billion won on Netflix last year, with the December amount reaching a fresh monthly high of 58.7 billion won.
The US-based over-the-top (OTT) service has solidified its position in Korea, just five years after its foray into the country. Netflix rolled out its Korea-based services in January 2016, with Chief Executive Reed Hastings saying that viewers would be able to enjoy movies and TV content everywhere in the country through its platform.
Walt Disney Co. has said it will launch its flagship streaming service Disney+ in South Korea next year, a move that could intensify competition between local and global streaming giants in the country. Disney said in a tweet for its investor day presentation on Thursday that South Korea is among the major markets, including Eastern Europe and Hong Kong, in which Disney+ will roll out next year.