Competition in the Broadcasting Market
The broadcasting market is experiencing intensified competition between broadcasting service providers and online video streaming services (OTTs). The influence of OTTs has grown, leading to a decline in domestic content production demand and a significant drop in the broadcasting advertising market.
Key Points
- Paid Broadcasting Market: Subscriber and revenue growth have slowed due to market saturation and OTT competition.
- Broadcast Channel Trading Market: Revenue increased by 9.3% in 2023, but viewing time continues to decline.
- Broadcast Video Content Trading Market: Domestic content production demand has decreased, while global OTTs continue to increase their demand for Korean content.
- Broadcast Advertising Market: The market saw an 18.5% decline in 2023, with digital advertising continuing to grow.
The Korea Communications Commission (KCC) has released these findings as part of its annual evaluation to ensure a fair and competitive media environment.
The Korea Communications Commission (KCC, Chair Jin-sook Lee) and the Korea Information Society Development Institute (KISDI, Acting President Jung-eon Kim) announced on the 26th the findings of the “2024 Broadcast Market Competition Evaluation”, reporting them to the National Assembly. The evaluation draws on financial and operational data from broadcast operators in 2023, relevant industry reports, and a 2024 survey of users, producers, and advertisers.