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KCC Chairman Kim Hong-il |
Korea Communications Commission Chairman Kim Hong-il pledged to provide policy support for South Korean over-the-top (OTT) streaming services as they venture into overseas markets and implement a series of price hikes during a meeting with OTT representatives.
During Tuesday’s meeting with industry representatives, Kim called the OTT industry “the foundation for creative and competitive content production capabilities” and “an important distribution channel for Korean pop culture content worldwide,” and promised government support in exchange for suppressing any price hikes, requesting that the public “not be inconvenienced” by them.
Representatives from major Korean OTTs, including Tving Co., Content Wavve Corp., Coupang Play, and Watcha, Inc. were at the meeting, where they emphasized the principle of “minimum regulation, maximum promotion” for regulatory changes. They added that they required “more proactive support” to expand overseas as the market remains unstable.
OTT services are also raising their prices after Netflix hiked its subscription price. Tving raised its annual subscription fee by up to 23.8 percent in May 2024 and Coupang Play effectively raised its price as its parent platform Coupang raised the monthly membership fee to 7,890 won ($5.78) from 4,990 won in April.
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