South Korea Over The Top (OTT) Market Research Report, 2028

In South Korea the OTT media service sector is undergoing intense competition because new service providers offer content at lower prices than current providers. Furthermore, service providers have begun to deliver new content they have created, which might become a disadvantage because the web series or movie may fail, and their money would be wasted. Additionally, the absence of technological specialists and qualified professionals in both developed and undeveloped nations would hinder the market's expansion. The high expenses associated with using and obtaining the services will slow down the market's expansion. Strong infrastructure facilities and poor internet service, which affect image and audio quality depending on the internet connection, are additional factors that have an impact on market growth. Additionally, the presence of cheaper alternatives like satellite or cable-based programming is projected to have a negative impact on the expansion of the trade during the forecast period. According to the research report, "South Korea over the Top (OTT) Market Research Report, 2028," published by Actual Market Research, the market is anticipated to add USD 12.32 Billion by the end of 2028. Due to the increase in the number of digital video consumers, media and entertainment dominated over-the-top market share during the forecast period. This will increase demand for OTT services in the media and entertainment industry. However, the communication industry is expected to grow at the fastest rate during the forecast period due to an increase in demand for over-the-top services in the telecommunications industry for video calling, voice, and messaging services. By Device type, SmartTVs and set-top boxes dominated the market share. Because of the larger screen and easy switching options between cable and OTT platforms. Furthermore, as smartphone penetration increased, smartphones became the second most popular device for streaming OTT platforms. They are also inexpensive, allowing people of all income levels to use smartphones and streaming platforms. During the forecasted period, subscription VOD is expected to manage the market. This is primarily due to an increase in the number of subscribers using over-the-top (OTT) platforms. Furthermore, due to the high demand for advertising videos for product and service promotion, advertisement-based VOD is steadily increasing. The market is divided into personal and commercial user types. The market is expected to be driven by the personal user segment. The growing use of smartphones and tablets, as well as easily accessible internet, raises the market's perception of OTT services for personal entertainment and knowledge. The South Korea total population was 51.32 million. South Africa had more than 650 million internet users At the start of 2022, South Korea's internet penetration rate was around 98.0 percent of the total population. In South Korea, approximately 1.03 million people did not use the internet at the start of 2022, implying that approximately 2% of the population was offline at the start of the year. In January 2022, South Korea had 46.81 million social media users. According to the investor earnings announcement for KakaoTalk users in South Korea, the platform had approximately 46.81 million monthly active users in South Korea at the beginning of 2022. According to Meta's advertising resources, Facebook had approximately 10.65 million users in South Korea. According to Google's advertising resources, YouTube had approximately 46.40 million users in South Korea. According to Meta's advertising tools, Instagram had approximately 20.65 million users in South Korea. According to LinkedIn's advertising resources, LinkedIn had approximately 3.20 million "members" in South Korea. According to Twitter's advertising resources, Twitter had approximately 7.20 million users in South Korea. Mobile broadband is expected to boost mobile data revenues in the near future, owing to high growth mobile messaging and value-added services (VAS). This, in turn, will create potential opportunities for OTT service providers, especially in markets where mobile broadband penetration is low. In emerging markets, witnessing a surge in the penetration of smartphones and mobile data services, lowering data plan prices can play a crucial role in the expansion of the subscriber base. Moreover, more flexible and creative options for users to consume and pay for data usage can prove to be profitable. Consumers gradually prefer long-form video content with average bitrate per user increasing. Internet service providers are compelled to provide high-speed internet at reduced prices, in order to cater to increasing demand and at the same time remain competitive in the highly competitive Indian market. In India, the average page load time for a broadband connection is 3.9 seconds and for mobile it is 6.9 seconds. This is expected to reduce further, creating room for more video content viewing. Streaming licensed content can act as a major revenue contributor and as a major restraint for players in the Over the top Market. This is due to the presence of the same licensed content across competitive platforms. In terms of global players, the license fee paid to the foreign licensor would be considered royalty and the OTT service providers would have to comply with regional tax regulations while making payments to content producers or aggregators. The definition of royalty between artists and OTT players over content withholds the production of original content. Considered in this report • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South Korea Over The Top (OTT) market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type: • AVOD (Advertising-based Video On Demand) • SVOD (Subscription Video on Demand) • TVOD (Transactional Video on Demand) • Others By Device Type: • Smartphones and Tablets • Desktops and Laptops • Smart TVs & Set-Top Box • Gaming Consoles & Streaming Devices By Content Type: • Video Streaming • Game Streaming • Audio Streaming • Communication By Service Verticals: • Media and Entertainment • Education and Learning • Gaming • Service Utilities By User Type: • Personal • Commercial By Component Type: • Solution • Services The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Over The Top (OTT) industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.