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Korean Content Powerhouse Shaping the complete Asian Video Landscape



Singapore, Sept 1, 2022 – (ACN Newswire) – The Asia Video Industry Association (AVIA) welcomed over 200 delegates from over the region because of its first ever Korean focused conference and its own first in market event since 2019, with Korea because, which occurred on 30 August at the Westin Josun, Seoul.

To create the scene, AVIA CEO Louis Boswell presented key highlights from AVIA’s Korea because 2022 Report. Ranking 10th on the list of world’s largest economies and 4th in Asia, South Korea had risen in one of the poorest countries on earth to a developed, high-income country in only one generation. The pay TV market continued showing growth of 2.7% each year, now dominated by IPTV, while streaming services were accelerating at breakneck speed, seeing paid subscribers increasing from 20.4% of the populace in 2020 to 34.8% in 2021.

In his opening speech, keynote speaker, Vice Chairman Ahn Hyoung-hwan of the Korea Communications Commission (KCC) shared that while OTT growth was a chance for this content industry to cultivate, it had been also producing a sense of crisis for existing legacy media. Hence the KCC was preparing the Audio-Visual Media Service Act and was pushing for innovative deregulation of the prevailing regulations on advertising and programming.

Your day spanned multiple conversations concerning the strength of Korean content and how that has been fuelling the success of both Korean streaming platforms in addition to international, with Marianne Lee, Chief of Content Acquisition and Development, Viu and Junbeom Jeon, Chief Leader, Wavve, both agreeing that investment in local content was the main element to survival. Such demand, however, was also clearly fuelling an instant increase in content costs even though Hyun Park, Senior Vice President, Global Division of Studio Dragon commented that from the Hollywood perspective Korea still presented great affordability, there would have to be a cap on costs before they got beyond control. He also noted, “We have been not at all at the peak of production, we have been only in the beginning.”

The roles of international and Korean streaming platforms were also examined with Esther Ahn, Vice President, Streaming, Korea, Paramount, explaining the recent introduction of Paramount+ to the marketplace together with CJ-backed TVING. The partnership spanned making Paramount content available within the TVING service in Korea in addition to co-producing Korean quite happy with a view to Korean and international audiences. TVING CEO Jay Yang also discussed the need to have the ability to take the very best Korean content overseas and deliver it by way of a Korean streaming platform, although he didn’t believe Korean content should only be on Korean platforms. But as just as Korean content was on international platforms, the Paramount+ deal also saw international content on a Korean platform. Ultimately streaming platforms wanted the very best content regardless of its origin.

The advertising market was also seeing the original markets of TV, Print and Radio declining but there’s been significant growth in digital. This is a chance that both Bong-Su Kim, Addressable TV Ad Team Leader, SK Broadband and Vijay Kunduri, Regional Vice President, OTT/CTV, APAC, PubMatic, felt would have to be exploited with the growth of ad supported VOD or streaming services, with both being confident that space would evolve quickly within the next 2 yrs in Korea.

Rounding up the day’s sentiments, Louis Boswell highlighted the significance of the Korean market not only due to the impressive growth it had seen for video content, but due to the influence Korean content has already established over the region, as well as the first stages of Korean streaming platforms seeking to enter other Asian markets. “It isn’t possible to check out the Asian video industry without considering Korea,” added Boswell.

Korea because is generously sponsored by Brightcove, BytePlus, Conviva, Google Cloud, Irdeto, NAGRA, Paramount and TV5Monde.

Concerning the Asia Video Industry Association:

The Asia Video Industry Association (AVIA) may be the trade association for the video industry and satellite ecosystem in Asia Pacific. It serves to help make the video industry stronger and healthier through promoting the normal interests of its members. The AVIA may be the interlocutor for these industries with governments over the region, leads the fight video piracy through its Coalition Against Piracy (CAP) and insight in to the video industry through reports and conferences aimed to aid a captivating video industry.

For media enquiries and extra background, contact:

Charmaine Kwan

Head of Marketing and Communications

Email: charmaine@avia.org

Website: www.avia.org

LinkedIn: www.linkedin.com/company/asiavideoia

Twitter: @AsiaVideoIA

Topic:News release summary

Source: AVIA


Sectors:Telecoms, 5G, Wireless, Apps, Broadcast, Film & Sat

http://www.acnnewswire.com

From the Asia Corporate News Network

Copyright 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


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