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Omdia: South Korea Emerges as Asia鈥檚 Next FAST Powerhouse, Driven by Global K-Content Boom

LONDON--(BUSINESS WIRE)-- South Korea is rapidly establishing itself as one of the world鈥檚 most dynamic markets for Free Ad-Supported Streaming TV (FAST), . 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.

South Korea will be one of the top 12 markets for FAST

Speaking at the International Streaming Festival in Busan, , said: 鈥淜orean 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.鈥�

Market Momentum in Korea

Since the launch of Samsung TV Plus in 2015, South Korea鈥檚 FAST market has developed at pace. Today:

• Wavve leads the sector, followed by Samsung TV Plus and LG Channels.
• LG U+ and Diva (formerly D鈥橪ive) are also gaining ground.
• FAST has become mainstream: Samsung TV Plus ranks as the 5th most-watched video service on connected TVs in Korea, with LG Channels in 10th place.

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:

• It offers over 8,000 Korean titles in South Korea - more than Amazon, Apple TV+, and Disney+ combined.
• Squid Game remains Netflix鈥檚 most-watched show ever, with 1.65 billion hours viewed.
• K-pop-inspired productions like K-Pop Demon Hunters are breaking records as top-performing films globally.
• K-pop continues to dominate platforms such as Spotify and TikTok, extending cultural reach to younger audiences.

鈥淣etflix is the global ambassador for K-content,鈥� added Rua Aguete. 鈥淎s we saw with Spain鈥檚 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.鈥�

Government Backing the Next Korean Wave

The Korean government has pledged 鈧�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.

鈥淭he government sees FAST as the next chapter of the Korean Wave,鈥� Rua Aguete noted. 鈥淜orea now has the perfect storm: a thriving presence in both pay and free TV markets, supported by global demand and local investment.鈥�

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Fasiha Khan: [email protected]

Source: Omdia