[Opinion] The Fiercer OTT 'Muneobal Game' Than Squid Game

The saying "the greater the expectation, the greater the disappointment" feels uncomfortable to confirm in Korea's representative K-content. The dazzling success of the previous work must have been a burden. 'Squid Game Season 2' lacks plausibility, and while there are many new actors, there are no strong characters. If the nine episodes of 'Season 1' looked like a well-structured single film, 'Season 2' feels like watching a 7-hour-long trailer.

Completeness and box office success can be different matters. Despite many harsh reviews, there is also considerable praise. The success is unstoppable. Just two days after the release of 'Season 2,' it ranked first as the most-watched Netflix content in 93 countries worldwide, opening the door to 2025. Netflix, the king of OTT (over-the-top online video services), partnered with Naver and SBS last year to expand its influence domestically. Naver Plus Membership users can use the Netflix Standard plan for free. Naver, parting ways with the native OTT TVING, is decorating its Pangyo headquarters with Squid Game characters to boost the atmosphere. SBS supplies dramas and entertainment programs to Netflix. From the drama 'Sandglass,' featuring actor Lee Jung-jae from 30 years ago, to newly produced dramas, viewers can watch them for the next six years. The securities market estimates the partnership effect to be over 1 trillion won, with operating profits around 50 billion won annually. SBS's stock price has soared, hitting the upper limit repeatedly.

Netflix, centered on movies, dramas, and entertainment, is meaningfully strengthening live streaming. Last November, it exclusively broadcast Tyson's comeback fight and is preparing various live events. Sports broadcasts are content with high customer loyalty. They can produce dramas with enormous budgets without worrying about box office success.

Disney, turning 101 this year, has a massive fandom based on intellectual property (IP). It is the undisputed top in this field, seamlessly moving between online and offline. Disney's current focus is expanding its OTT domain. Looking deeper, it is not just about sharing the Korean market with Netflix. Half of the Asian content to be released this year is K-content. Disney chose MBC as its terrestrial partner and showcased its biggest self-produced hit, 'Moving,' on terrestrial TV. With its long history, Disney likely anticipates future potential profits over immediate gains with dramas like 'Moving,' which may seem outdated.

Coupang Play, called the 'industry's catfish,' is an OTT hot spot. It attracted the Major League Baseball opening game to Seoul, allowing fans to see Shohei Ohtani in person, and purchased exclusive broadcasting rights for the English Premier League for six years at 420 billion won, starting from the 2025-2026 season. Already owning broadcasting rights for the K-League, La Liga, and Ligue 1, Coupang Play has completed the equation 'Football is Coupang.' There is a reason it surpassed Netflix and TVING to become the number one downloaded app last year.

The fierce struggle of native OTT TVING is heartbreaking. Last year, it maintained a continuous upward trend as the second in monthly active users (MAU). Surpassing 7.3 million subscribers, it narrowed the gap with Netflix to the smallest ever. If you lose in 'overexpansion,' you must at least excel in 'pairing.' Combining two platforms does not double the users, but TVING, which will merge with Wavve this year, expects stable terrestrial content supply from Wavve. However, the reality is frustrating. Currently, the three terrestrial broadcasters hold 60% of Wavve's shares, which is fatal for Wavve, ranked fourth in user numbers. Terrestrial broadcasters, seemingly giving up competition with OTT platforms, have chosen to rely on giant corporations to increase content influence. Standing at the beginning of 2025, when a fierce battle is expected, the start for native OTT TVING and Wavve looks unstable.