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SEOUL, Feb. 17 (Korea Bizwire) — Subscription-based services in South Korea saw significant growth in 2024, with generative artificial intelligence (AI) leading the surge, according to a recent analysis by KB Kookmin Card.
The financial institution reported that total subscription transactions increased by 12.9% in 2024 compared to the previous year, while spending on subscription services rose by 17.1%. The most notable growth came from generative AI services, which saw a staggering 299% increase in transactions year over year.
A deeper analysis of user behavior found that three in ten customers who engaged with generative AI services maintained their paid subscriptions for at least seven months, signaling strong retention in this rapidly expanding sector.
Beyond AI, other subscription categories experiencing notable growth included wellness and healthcare (up 59%), shopping and delivery memberships (34%), and news and magazine subscriptions (32%).
Demographically, consumers in their 30s represented the largest share of total subscription users, accounting for 24%, followed closely by those in their 40s (23%), 20s (22%), 50s (20%), and individuals aged 60 and above (11%).
A survey conducted by KB Kookmin Card among 800 consumers aged 25 to 54 in Seoul and the surrounding metropolitan areas found that 74% of respondents were paying for at least one subscription service.
Video streaming remained the most popular category, with 67% of respondents subscribing, followed by shopping and delivery memberships (61%), music streaming (40%), and digital books and comics (26%).
Consumers in their late 20s exhibited particularly high engagement with subscription services, averaging 7.3 active subscriptions. Notably, 43% of respondents in this age group reported maintaining at least seven subscriptions simultaneously.
KB Kookmin Card, which became the first credit card issuer in the industry to integrate generative AI services, received official designation as an innovative financial service provider in December 2024.
The company plans to launch an AI-powered financial consultation service this year, offering personalized credit card recommendations and interactive financial assistance based on users’ individual needs.
As South Korea’s subscription economy continues to evolve, the rapid adoption of AI-driven services highlights shifting consumer preferences and the growing reliance on digital solutions for everyday needs.
Kevin Lee (kevinlee@koreabizwire.com)
