Korean Content Captures 50% Of Asia SVOD Viewing In 2023 First Half; ‘The Glory’, ‘Taxi Driver’ Among Top Shows – Report
Korean content accounted for 50% of SVOD viewership and 42% of freemium viewership across Asia in the first half of 2023, according to a report released by Media Partners Asia (MPA).
MPA also found that the number of VOD users streaming Korean content reached a record-breaking 58 million in the first quarter of 2023, driven by shows including Netflix’s The Glory and Physical: 100, as well as Taxi Driver, which Viu streamed in Southeast Asia.
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The reported credited “a large domestic audience combined with massive reach” for the success of Korean content. Shows originating in Korea had the highest daily engagement rate across the nine Asian markets tracked by the report, ahead of U.S. and fast-growing Chinese, Thai, Indian and Japanese content.
“Netflix is the major driver of SVOD Korean content demand in the region, while Viu leads significant freemium demand in Southeast Asia,” the report stated. “Other notable platforms with Korean content investment and growing reach include Tving and Wavve in Korea, and global services Disney+ and Amazon Prime Video.”
The report added that the top two dramas – The Glory and Taxi Driver – benefited from platform exclusivity, star power and local dubbing. They also tapped into popular drama elements such as revenge and vengeance plots and, in the case of The Glory, a strong female lead. Reality formats like Physical: 100 are also contributing to growing reach.
Previous spikes in viewership of Korean content in the region were driven by Squid Game from the second quarter of 2021, and Extraordinary Attorney Woo from the second quarter of 2022.
MPA head of content insights Dhivya T said: “While romance and comedy have historically been definitive Korean drama genres, growing investment from VOD platforms seeking to differentiate and elevate their K-offering has allowed for the rise of crime, thriller, sci-fi and fantasy genres and unscripted formats, expanding the audience for Korean content.
“We expect Korea to maintain its stronghold as the top-traveling content category online in the region as total online video investment in Korean content is estimated to top US$1.9BN in 2024.”
Beyond Korea, the report noted that strong engagement with Chinese and Thai content in the region is promising, “pointing to potential further diversification in impactful Asian entertainment with regional travelability.”
The report is based on data collected by MPA’s AMPD Research division across nine markets tracked from January to June 2023 – including Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam.
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