Netflix’s logo is displayed at its Seoul office on Dec. 16, 2022. (Yonhap)
SEOUL, Oct. 3 (Korea Bizwire) – South Korean consumers are spending close to 500,000 won per year on subscription services, according to a new report released on October 2.
The “Subscription Wars 2024″ report, presented by the British subscription bundling and payment company Bango at the M360 APAC conference in Seoul, reveals that South Korean consumers spend an average of $363 (approximately 480,000 won) annually on subscription services.
The study, which surveyed 2,000 South Korean consumers, found that the average user subscribes to 3.4 services. Video streaming platforms emerged as the most popular category, with 84% of respondents reporting subscriptions. Music streaming services and shopping platforms followed at 49% and 46% respectively.
In comparison to other East Asian countries, Taiwanese consumers subscribe to 4.2 services on average, spending about $35 monthly, while Japanese consumers use 2.8 services, allocating roughly $22 per month.
The figures for South Korea fall between those of the United States and Europe, based on Bango’s earlier survey conducted in February. U.S. consumers were found to use an average of 4.5 services, spending $77 monthly, while Europeans subscribed to 3.2 services at a cost of 58 euros per month.
As the subscription economy expands, bringing increased expenditure and management challenges, 71% of South Korean consumers expressed a desire for a service that could manage their subscriptions holistically. This demand outpaces that in Taiwan (66%) and Japan (56%), indicating a growing need for streamlined subscription management in South Korea.
Lina Jang (linajang@koreabizwire.com)
