Netflix is deepening its foothold in South Korea through partnerships with local broadcasters and platforms, intensifying competition as domestic streaming giants Tving and Wavve prepare to merge next year.
The global streaming leader recently signed a strategic partnership with SBS, a major South Korean broadcaster, to offer a range of popular content, including dramas, variety shows, and educational programs. Beginning in January, Netflix will stream hit SBS titles such as “Running Man,” “Unanswered Questions,” and “The Penthouse: War in Life.” Select new SBS dramas slated for release in the second half of 2025 will also debut globally on Netflix.
Industry experts see the partnership as a win-win: SBS gains global exposure for its content, while Netflix secures a broader library to bolster its appeal against local rivals. The deal is also expected to boost SBS’s drama production, with annual output projected to rise from fewer than 10 series to at least 13 starting next year, aided by Netflix’s investment.
In another major move, Netflix began offering its ad-supported Standard plan for free to Naver Plus membership subscribers in late November. This follows the announcement that Naver will end its membership partnership with Tving on March 1, opting instead to align with Netflix.
Analysts suggest that Netflix is leveraging these partnerships to lower entry barriers and increase its appeal to Korean users. “Netflix is reducing costs through its collaboration with Naver while adding everyday appeal through terrestrial TV content,” said Lee Sung-min, a professor at Korea National Open University’s Department of Media Arts & Sciences. “This strategy positions Netflix to evolve from a platform for blockbuster hits to a service integral to everyday viewing, similar to YouTube.”
This approach mirrors moves by Disney+, which recently partnered with MBC to broadcast its original hit series “Moving” on South Korean terrestrial TV.
The alliances with Netflix and Disney+ pose challenges for Wavve, a domestic streaming service partly owned by South Korea’s three major terrestrial broadcasters—SBS, KBS, and MBC. Wavve, which has maintained a steady monthly active user (MAU) base of around 4 million by distributing local TV content, faces growing pressure as its parent broadcasters expand partnerships with global platforms.
The upcoming merger of Tving and Wavve, expected to create South Korea’s largest domestic streaming service, will be closely watched. Tving has been ramping up its offerings, including baseball broadcasts and mobile-optimized short videos, to compete with Netflix. The merger is expected to stabilize access to terrestrial content for the combined entity.
However, industry experts caution against overestimating the merger’s impact. “Combining two platforms doesn’t guarantee a doubling of users,” said a media industry expert, speaking on condition of anonymity. “Content providers will increasingly weigh scalability, such as global distribution, when choosing partnerships, setting the stage for intense competition next year.”
Netflix remains the dominant player in South Korea, with 11.6 million MAUs as of November, according to data from IGAWorks’ Mobile Index. Tving follows with 7.3 million, while Coupang Play has 6.3 million and Wavve trails at 4.25 million. Disney+ has around 2.6 million MAUs.
