Subscription-Video-on-Demand (SVoD) market in South Korea
Subscription-Video-on-Demand (SVoD) services have become a global trending topic, with a continuously rising number of SVoD users worldwide. This is equally true for the number of SVoD services using households in South Korea.SVoD services offer a variety of content available to consumers for a regular, mostly monthly, subscription fee. While the subscription is running, consumers can access all content on the provider's platform without advertisements being shown. There are also models in which companies offer more expensive subscriptions for earlier access, multiple accounts per subscription, or other benefits.
Although the average acceptance of advertising in online videos in South Korea was higher than the global average, the majority of South Koreans were subscribed to at least one SVoD service. The most well-known and most popular SVoD service, both globally and in South Korea, is Netflix.
Consumer behavior
While most consumers liked to watch SVoD service content via the services’ homepage or application, computers and mobile devices, such as smartphones, are not the only devices being used for streaming. As online video services become more popular and more people invest in Smart Home technology, installing online video applications on a Smart TV or video game console has become an industry standard.In 2020, due to the coronavirus pandemic (COVID-19), most South Koreans stayed at home more to follow social distancing measures to prevent the spread of the virus. That year, the majority of consumers used SVoD services daily, with an average online video watch time of more than three hours.
