2024-03-23 01:00:17
IT·Science
Entered 2024.03.23 10:00 Modified 2024.03.23 14:46
Netflix is number one in the industry.
Content success such as pyramid game and transit love
The British BBC also received favorable reviews of “New Squid Game”
‘Lock-in strategy’ to secure loyal customers
MAU grew by 132% within 3 years of independent launch
/Photo = Getty Image Bank 502 minutes. This is the average viewing time per person on the local online video service (OTT) ‘Tving’ last month. This is 80 minutes more than Netflix’s average viewing time per person (422 minutes) during the same period. This is the first time that TVING has exceeded the average viewing time of the ‘absolute powerhouse’ Netflix. Even in the OTT industry, there is talk that Tving’s recent movements are unusual.
○Competition against Netflix’s stronghold
According to Mobile Index, a big data analysis platform, on the 23rd, TVING ranked first among domestic OTTs in average viewing time per person last month, ahead of Netflix. This is a 7% increase from February of last year (469 minutes). During the same period, Netflix decreased by 14.1% from 491 minutes to 422 minutes. So far, Tving’s key indicators have never surpassed Netflix’s. The atmosphere has changed since this year. Tving’s monthly active users (MAU) last month reached an all-time high of 6.61 million. Following the record of 6.56 million, a 12.6% increase from the previous month in January, it increased further by 0.8%. The growth rate of daily active users (DAU) is higher. Last month, Tving’s DAU also reached 1.65 million, the highest ever. The DAU growth rate compared to the previous month was 20.8% in January and 5.1% in February. Both MAU and DAU broke their highest records for two consecutive months since last January.
Netflix’s MAU has been declining since 13.06 million in December last year. This year, there were 12.82 million people in January and 12.52 million people in February, down 1.8% and 2.3% respectively from the previous month. During the same period, DAU also decreased from 3.16 million to 3.07 million to 2.82 million. Compared to the previous month, DAU decreased by 2.8% in January and 8.1% in February this year. Teabing internally also evaluates this change as exceeding expectations. Since its independent launch in October 2020, TVING has grown its presence by an average of more than 33% each year for three years. Tving’s MAU last month increased by 132% compared to March 2021, at the beginning of its independent launch.
○Original content success… Secure loyal customers
Teabing’s beginnings were not glamorous. TVING was officially launched as CJ Hello Vision’s cable TV Internet service in June 2010. It was a web-based offering of real-time broadcasting channels and related video on demand (VOD). The concept of ‘TV Everywhere’, which was popular in the United States at the time, was introduced to Korea. Since then, it has established itself as a platform for viewing CJ ENM-related TV content such as tvN and Mnet online.
It was transformed into a proper OTT in October 2020 when it was launched as an independent corporation through a physical spin-off from the TVING division within CJ ENM. Major shareholders include CJ ENM (48.85%), KT Studio Genie, Media Growth Capital No. 1, SLL JoongAng, and Naver. A TVING official said, “We recognized the importance of ‘fandom’ from the start of the independent corporation and established a strategy to create fans of popular original content, which is analyzed as a growth factor.” TVING has consistently produced ‘well-cultivated’ original content. It is evaluated that it has secured loyal customers by fostering ‘franchise IP (intellectual property rights)’ by releasing original content with artistic quality and popularity on a seasonal basis. Starting with the first original ‘Girl’s Chili Club’, ‘Drinker City Women’, ‘Yumi’s Cells’, and ‘Transit Love’ are considered representative franchise IPs.
The original content ‘Pyramid Game’ and ‘Lee Jae, I’m Dying Soon’ that TVING introduced this year also attracted attention in the global market. ‘Pyramid Game’ is a drama based on the popular Naver webtoon of the same name. Recently, it was the only K content to be invited to France’s ‘Series Mania’. The British BBC analyzed the reason why the work is attracting worldwide attention, saying, “‘Pyramid Game’ is a new ‘squid game’ that shows painful reality.” ‘Lee Jae, I’m Dying Soon’ was ranked in the top 2 in the global overall ranking of TV shows, including those in the English and American regions, on Prime Video.
In addition, ‘transit love’ is mentioned as a major player in the dating reality syndrome. This year, the third series, ‘Transit Love 3’, was released and attracted a lot of attention. As of the 6th week of release, the total viewing time was calculated to be 25% more than last year’s ‘Transit Love 2’. In the future, we plan to attract sports enthusiasts as our main user base. On the 4th, Tving signed a contract with the Korea Baseball Organization (KBO) for the wired and wireless broadcasting rights of the KBO League for 2024-2026. To watch KBO league games online, you must use TVING. An OTT industry official analyzed, “Interest in native OTT has increased significantly,” and “There is a change in the domestic OTT market, which was centered on global OTT.”
Reporter Jeong Ji-eun [email protected]
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