1. South Korea to become 12th largest FAST market by 2030. 2. FAST revenue projected to double from $23 million to $48 million. 3. Korean content growth driven by Netflix's global popularity. 4. Government invests $720 million in K-OTT industry support. 5. Samsung TV Plus ranks as the 5th most-watched service.
As TTGT's Omdia division benefits from growing global FAST demand, similar to past trends in streaming growth across platforms.
The bullish sentiment for TTGT is reinforced by direct involvement in an expanding market, which aligns with their core business.
Sustained government support and market expansion suggest ongoing growth potential for FAST services over years.
South Korea is rapidly establishing itself as one of the world's most dynamic markets for Free Ad-Supported Streaming TV (FAST), according to new research from Omdia. The country is set to become the 12th largest global FAST market by 2030, with revenues projected to double from $23 million in 2024 to $48 million.
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South Korea will be one of the top 12 markets for FAST
Speaking at the International Streaming Festival in Busan, Maria Rua Aguete, Senior Director at Omdia, said: "Korean content has never been stronger - on FAST and subscription services - and Netflix has been the biggest amplifier of that story worldwide. This popularity in subscription video on demand is now driving the growth of Korean FAST channels globally."
Market Momentum in Korea
Since the launch of Samsung TV Plus in 2015, South Korea's FAST market has developed at pace. Today:
This growth positions South Korea as the third-largest FAST market in Asia Pacific, behind only Australia and Japan.
Netflix: A Global Catalyst for K-Content
Netflix has been instrumental in elevating Korean programming worldwide:
"Netflix is the global ambassador for K-content," added Rua Aguete. "As we saw with Spain's Money Heist, when one streamer leads, others follow. This rising global demand directly benefits FAST, where Korean series and formats are gaining ground on ad-supported platforms worldwide."
Government Backing the Next Korean Wave
The Korean government has pledged ₩1 trillion ($720 million) under its K-OTT Industry Global Competitiveness Strengthening Strategy to support domestic OTT services, including FAST.
Additionally, the Ministry of Science and ICT and the Korea Association for ICT Promotion have launched the Global K-FAST Alliance to expand Korean FAST channels internationally.
"The government sees FAST as the next chapter of the Korean Wave," Rua Aguete noted. "Korea now has the perfect storm: a thriving presence in both pay and free TV markets, supported by global demand and local investment."
ABOUT OMDIA
Omdia, part of Informa TechTarget, Inc. (NASDAQ:TTGT), is a technology research and advisory group. Our deep knowledge of tech markets grounded in real conversations with industry leaders and hundreds of thousands of data points, make our market intelligence our clients' strategic advantage. From R&D to ROI, we identify the greatest opportunities and move the industry forward.
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Fasiha Khan: fasiha.khan@omdia.com