Tving Challenges Netflix with 'Reunion', Kim Tae-ri Effect Changes OTT Landscape

A strong challenger has emerged to Netflix, which had held a dominant position in South Korea's OTT market. It's Tving, spearheaded by the drama ‘Jeongnyeon: The Star is Born’. With a production cost of 33.6 billion won, the mega-production ‘Jeongnyeon’ launched amidst both apprehension and anticipation. However, it achieved great success, recording a peak viewership rating of 18.8% in the final episode. Starring Kim Tae-ri, this work transcends a simple drama and is shaking up the landscape of the OTT market.

Source: tvN DRAMA youtube

Tving's Counterattack Targeting Netflix

Until now, Netflix has held a dominant position in the South Korean OTT market, showcasing various hit works. However, Tving, with ‘Jeongnyeon: The Star is Born’, is fiercely pursuing Netflix and has clearly demonstrated its presence. The success of ‘Jeongnyeon’ has resulted in a significant increase in Tving's MAU (monthly active users), going beyond the success of a single drama.

According to Mobile Index data, Tving's October MAU was recorded at 8.1 million, a 44.2% increase year-on-year. This is a result that solidifies its position as the second-largest domestic OTT service, surpassing Disney+, and has narrowed the gap with Netflix by almost half.

'Reunion' rehearsal scene / Source: tvN DRAMA youtube

The Secret to ‘Jeongnyeon’s’ Success: Unique Subject Matter and Stellar Performances

‘Jeongnyeon’ is based on a webtoon of the same name and features the unique subject matter of female-only traditional Korean theatre (Guggeuk). Not only is Guggeuk an unfamiliar topic, but the fact that all the main roles are played by women represents a differentiated approach compared to existing K-dramas. This, combined with the talented actresses Kim Tae-ri and Shin Hye-sun, delivered a moving story and immersive experience.

Starting with a 4.8% viewership rating in its first episode, ‘Jeongnyeon’ gained popularity with each episode, recording a nationwide average viewership rating of 16.5% and a peak of 18.8% in the final episode. Internationally, it garnered significant attention, topping the Asian TV show rankings in Taiwan, Singapore, and Hong Kong through Disney+. In Japan, despite the unfamiliar subject matter of Guggeuk, it received praise and was hailed as "a must-see drama this autumn."

The Synergy Between Tving and Studio Dragon

'Reunion' rehearsal scene / Source: tvN DRAMA youtube

Tving's success with ‘Jeongnyeon’ has also positively impacted production company Studio Dragon. Studio Dragon's stock price, which had been declining due to losses in recent quarters, rebounded by over 10% in a few days following the broadcast of ‘Jeongnyeon’.

Studio Dragon has expressed its intention to diversify its content supply structure, which was previously centered on Netflix, to include platforms like Disney+. This presents a new collaborative model between domestic content producers and OTT platforms, and is expected to inject vitality into the competitive OTT market.

Changes in the OTT Market, the Message Left by ‘Jeongnyeon’

‘Jeongnyeon’ has proven that diverse content with unique subjects can garner significant audience approval. Amidst fierce competition among OTT platforms, Tving has strengthened its competitive position by using this work to curb Netflix's dominance.

Whether Tving can continue to produce blockbusters like ‘Jeongnyeon’ and what strategy it will employ to compete with Netflix remains to be seen.

Streaming

South Korea: Tving, Disney+

USA: Hulu

Worldwide: Disney+

Performance of female traditional Korean opera (guggeuk) / Source: EBS Knowledge Channel e youtube / Work Source: Jeong Eun-yeong

What is Guggeuk?

Female Guggeuk (女性國劇) is a form of traditional performing art that developed in South Korea from the mid-1940s. Its most significant characteristic is that all performers are women. It was influenced by Pansori and Guggeuk, traditional Korean theatrical forms, and established itself as a unique stage art performed exclusively by women. Unlike traditional theatre, where men predominantly appeared, this genre showcased new artistic value through female actors playing even male roles.

Characteristics of Female Guggeuk

1. Connection with Traditional Theatre

Female Guggeuk is based on traditional Pansori and Korean music elements. Like Changgeuk (唱劇), it combines singing and acting, incorporating familiar elements of traditional Korean culture for the audience.

2. All-Female Cast

All roles are played by female actors, with female actors also playing male roles. This element significantly contributes to the unique charm of Female Guggeuk.

3. Spectacular Costumes and Stage Direction

Guggeuk maximizes the visual enjoyment of the audience through traditional costumes and props, and stylish stage direction. These elements are particularly refined and delicate in Female Guggeuk.

4. Women's Liberation and Cultural Role

Female Guggeuk provided a stage for women to showcase their creativity and acting skills, breaking away from traditionally limited roles. This presented new cultural possibilities for women of the time.

History of Female Guggeuk

• Origins
  Female Guggeuk emerged after Korea's liberation from Japan in 1945, along with a new understanding of women's social roles. At the time, it served as an important artistic and social outlet for women in an arts world with limited female participation.
• Golden Age
  The 1950s and 1960s were the golden age of Female Guggeuk, with active performances centered around the "Women's Guggeuk Troupe." During this period, it gained widespread popularity, attracting large audiences.
• Decline
  However, from the 1970s onwards, the popularity of Female Guggeuk gradually declined due to the development of mass media such as television and film. Currently, it continues as a small-scale activity focused on preservation.