Naver’s upcoming live streaming platform, Chzzk, set to launch officially next month, has recently announced the addition of a short-form feature. This strategic move aims to swiftly engage viewers with highly relevant, bite-sized content. Meanwhile, Afreeca TV, maintaining its position as South Korea’s leading live streaming platform, is gearing up to expand into Southeast Asian markets such as Thailand in response to Chzzk’s emergence. With a focus on securing a dominant viewership abroad, Afreeca TV aims to surpass Chzzk’s impact.
Twitch, once a dominant force in the Korean market, withdrew in February 2023 amid disputes with telecom operators over internet fees, leaving a vacuum now contested by Chzzk and Afreeca TV. This competition marks a significant shift in the Korean live streaming landscape, no longer confined to niche markets. Both platforms see potential not only domestically but also internationally, fueled by the growing global interest in Korean content. Statista predicts the global live streaming market to reach $137.7 billion by 2027, growing at 8.3% annually.
Chzzk, launched its beta service in December, has experienced rapid growth. Mobile Index reports a surge to 2.27 million monthly active users last month, up from around 1.3 million at the beta’s onset. Chzzk’s strategy mirrors Twitch’s, targeting a similar demographic, primarily teenagers keen on gaming broadcasts.
Afreeca TV relies on its loyal user base to fortify its position. While both platforms boast similar monthly usage days per user, Afreeca TV leads in average usage time, with 15.9 hours compared to Chzzk’s 9.8 hours. Leveraging content favored by users, such as sports broadcasts, Afreeca TV caters to an older demographic, primarily in their 30s and 40s.
The competition between Chzzk and Afreeca TV is poised to escalate further as both companies innovate to attract viewers. Chzzk aims for synergy by integrating with various Naver services like community, shopping, and payment, while Afreeca TV, now rebranded as SOOP, focuses on service enhancements and revenue diversification. With exclusive global esports broadcasts and the recruitment of popular game streamers, Afreeca TV also seeks to broaden its audience base and solidify its foothold in the evolving live streaming landscape.
