South Korea’s KT Group said on April 6 that it will begin offering its signature IPTV (internet protocol television) content through third-party OTT (over-the-top) platforms, expanding beyond its own channels. The move marks a strategic shift for Genie TV, KT’s IPTV service, which previously kept key titles exclusive to its own platform.
The change kicked off with the premiere of the drama “New Recruit Season.3” on April 7, which is now also streaming on CJ ENM’s OTT service, Tving. This followed the earlier dual-platform release of the drama “Mother and Mom,” and next month, the variety show “Tastefully Yours” is set to debut on both Genie TV and Netflix.
South Korea’s three major terrestrial broadcasters—KBS, SBS and MBC—are also following suit, embracing a growing trend of simultaneously releasing content across multiple platforms.
KBS began airing its new drama “Kick Kick Kick Kick” on Tving in February and has made past hits like “Descendants of the Sun” and “Fight for My Way” available to Tving subscribers.
SBS, long known for keeping shows like “Running Man” and “Sandglass” exclusive to its own channels or Wavve, struck a six-year deal with Netflix this year to stream those titles globally.
MBC has also expanded access to its long-running variety show “Infinite Challenge,” which is now available on Coupang Play as well as on streaming platforms like Chzzzyzik and SOOP.
These moves represent a significant departure from past strategies, when South Korean broadcasters and pay-TV providers largely resisted sharing content with foreign OTT players such as Netflix.
Until recently, they maintained tight control over distribution in an effort to defend their market position. But now, facing rising production costs and waning influence over viewers, they are turning to wider distribution in hopes of shoring up profitability.
For years, most of the major broadcasters’ content was difficult to find outside Wavve, the domestic streaming service co-owned by KBS, SBS, MBC and SK Square. The rationale was to present a united front against global giants like Netflix.
But the landscape began shifting after the broadcasters’ exclusive content supply agreement with Wavve expired in November. SBS became the first to pivot, signing a deal with Netflix in December. KBS followed, partnering with Tving, and MBC has steadily expanded its licensing efforts as well, led by flagship titles like “Infinite Challenge.”
The decision to ease exclusivity comes as broadcasters contend with growing financial strain.
Production costs have soared while ad revenues have slumped, eroding profits across the board. KBS recorded a combined net loss of approximately 14.1 billion won (about $9.5 million) over the past three years.
nSBS posted an operating loss of $12.9 millio in 2023, its first deficit since 2016. MBC’s operating profit dropped sharply from $38.2 million in 2022 to just $4.4 million last year.
Pay-TV operators, including IPTV and cable providers, are facing similar pressures. KT Studio Genie, the content production arm of KT and the producer behind Genie TV’s drama series, reported a 16% decline in revenue last year to $304.9 million. Its operating profit tumbled nearly 74% to $8.1 million, as rising drama production costs cut into earnings.
“We had hoped to boost profitability by keeping content exclusive to our paid platforms,” a KT official said. “But market conditions have made that difficult.”
As more broadcasters release content across multiple platforms, a phenomenon known as “multi-homing” is gaining momentum.
From August to December last year, of the 1,455 programs available across six major domestic OTT platforms, 636—or 43.7%—were being streamed on at least two services.
Hwang Yong-seok, a professor at Konkuk University, said this reflects how traditional broadcasters and content producers are responding to the growing power of OTT platforms by actively expanding their content distribution footprint.
