SEOUL, Sept. 23 (Korea Bizwire) — South Koreans spent a record high on Netflix last month, data showed Thursday, highlighting the video streaming giant’s popularity in the country amid growing competition.
Payments to Netflix in the country are estimated at 75.3 billion won (US$63.5 million) in August, a 78 percent on-year rise from the previous year, according to industry tracker WiseApp, which analyzed credit and debit card data of those aged 20 or over.
The number of people making payments to the video streaming platform reached 5.14 million last month, compared with 3.16 million the previous year, WiseApp said.
The latest data comes as Netflix has continued to win popularity recently on the back of new releases of exclusive Korean content.
Its military series “D.P.,” released on Aug. 27, has been one of the top shows on the platform in South Korea.
New Korean series “Squid Game,” which premiered earlier this month, has also topped the platform’s chart in not only South Korea but also other countries, including the United States.
Netflix faces heated competition with the launch of Walt Disney Co.’s flagship streaming service Disney+ in South Korea on Nov. 12.
As of June, Netflix had 7.9 million monthly active users in the country, while Wavve, a homegrown streaming platform run by major broadcasters KBS, MBC and SBS, as well as top mobile carrier SK Telecom Co., logged 3.88 million users, according to data from market tracker Nielsen Koreanclick.