January 20, 2021 11:33
Netflix earned more than W500 billion in Korea last year as more and more people signed up for the streaming service in lockdown (US$1=W1,104).
According to app tracker Wiseapp on Tuesday, Koreans spent W517.3 billion on Netflix last year, double the previous year's W248.3 billion.
Card spending on Netflix peaked at W58.7 billion last month, when the lockdown was tightened again, and the number of users also peaked at 4.1 million.
People in their 20s accounted for 35 percent, followed by those in their 30s (26 percent), 40s (20 percent) and 50s (19 percent).
Netflix had 7.58 million subscribers in Korea as of the end of last year, far outpacing domestic rivals Wavve (2.69 million) and Tving (2.37 million).
Competition is expected to heat up this year as Disney Plus and HBO Max are set to enter the Korean market.
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