“Squid Game”
May 28, 2025
Following the global success of “Squid Game,” “Big Mouth,” and “When Life Gives You Tangerines,” on Netflix, South Korea has become one of the streamer’s top content production hubs.
And while Netflix remains the No. 1 streaming platform in the country with 31% market share, the country’s remaining streaming platforms collectively represent a larger 40% share, led by Tving (16%), Coupang Play (13%) and Wavve (11%), according to new data from Omdia.
The London-based research firm says the performance of local platforms reflects a strong cultural alignment and strategic presence within South Korea’s streaming ecosystem. With K-dramas continuing to play a significant role in the global content market, platforms such as Tving are expected to expand their content libraries to strengthen competitiveness both domestically and internationally, according to Omdia.
CJ ENM, one of South Korea’s largest content producers and primary shareholder of Tving, is aiming to reach 15 million global subscribers by 2027. To support this, CJ ENM is spending an additional $106 million on content in 2025, on top of the $706 million budget announced last year.
The company also plans to collaborate with studios in the U.S., Japan, and Southeast Asia, which are the key markets for its global expansion. Tving’s international roll out is signaling a potential shift in its distribution approach that could influence competitive dynamics across global streaming markets, according to Kia Ling Teoh, senior analyst at Omdia.
“These are notable developments for the local video business,” Teoh said in a statement. “A potential game-changer could develop from the ongoing merger discussions between Tving and Wavve. If the deal proceeds, it could result in the formation of South Korea’s largest domestic streaming service, severely narrowing the gap with Netflix and further reshaping the competitive landscape.”
Coupang Play, operated by South Korea’s e-commerce firm Coupang, is currently the third-largest streaming platform in the country.
The service is available exclusively to subscribers of Coupang’s premium membership program. While its original content library remains smaller than Tving, Coupang Play has expanded its offering through securing major sports broadcasting rights, and through strategic content partnerships with Hollywood studios including Paramount and Warner Bros. Discovery.
These agreements provide exclusive access to popular international titles from Paramount+, HBO Max, and Warner Bros., differentiating the platform from competitors that focus more heavily on domestic originals, according to senior analyst Jun Wen Woo.
“As the market continues to evolve, both global and local platforms are adapting their content and platform strategies to meet changing consumer expectations,” Woo said. “While Netflix leads in terms of individual subscriber share, the collective momentum of domestic platforms, driven by strong local content, strategic investment, and platform innovation, positions them as key players in the future of South Korea’s streaming ecosystem and increasingly, the global market.”
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