An over-the-top (OTT) platform on a tablet. (Yonhap)
SEOUL, June 8 (Korea Bizwire) — The e-commerce industry is scrambling to bolster over-the-top (OTT) platforms or create web video series to attract customers.
South Korean e-commerce giant Coupang Inc. has recently been focusing on securing exclusive video content for new streaming service Coupang Play for its Wow Membership subscribers.
In addition to sports, the company has reportedly been preparing to release exclusive variety shows and series.
Naver Corp., the country’s top internet portal, allowed its Plus Membership subscribers to access Tving, an online video streaming platform run by entertainment giant CJ ENM, since March.
Members can access some 70,000 television series and variety shows, excluding movies, without paying additional fees.
The two companies are focusing on securing exclusive video content to increase membership benefits and maximize the ‘lock-in effect’ by keeping customers active on the platform.
Keeping them on the platform raises the chance that they will also purchase products through the companies’ shopping portals, raising customer loyalty.
Coupang, with a monthly subscription fee of 2,900 won (US$2.60), and Naver, with a subscription fee of 4,900 won, offer a wide variety of services including OTT platforms, making them a more affordable choice than other OTT services.
Ashley Song (ashley@koreabizwire.com)
