Broadcasting vs. Streaming Evolution: How Traditional Media and New Streaming Giants Redefine the Market
Terrestrial dramas have long here been established as popular TV shows, produced and broadcast through major network broadcasting stations. In contrast, Over-the-Top (OTT) services are digitally distributed streaming platforms, with Netflix, regional streaming services, and Wavve being representative examples. As audience preferences evolve, competition between network-produced series and digital streaming platforms has become fierce. Consequently, each platform is developing original productions and employing adaptive strategies to maintain relevance.
Differentiation Strategies of Terrestrial Dramas
Terrestrial dramas focus on providing stories with widespread popularity while maintaining time-honored formats. In particular, they actively highlight celebrity performers to boost ratings and produce dramas that resonate with a diverse demographic, thereby securing a consistent fanbase. Additionally, leveraging their historical credibility and network legacy, they continue to deliver time-tested formulas, ensuring consistent success. This allows audiences to have multiple options to engage with long-standing formats through various distribution channels.
Differentiation Strategies of OTT Services
OTT services are expanding their subscriber base by employing tactics distinct from traditional terrestrial broadcasting. Firstly, they actively incorporate unconventional narratives and experimental formats, prioritizing artistic direction and cinematic quality over mainstream success. Secondly, they curate personalized selections that meets the needs of niche preferences, targeting unique fan bases. Lastly, they focus on producing international releases aimed at the expanding international scene, allowing them to grow their fanbase not only domestically but also on a global scale. Through these methods, OTT platforms are redefining the market in ways unlike conventional TV networks.
Competition and Collaboration Between Platforms
As legacy media companies increasingly penetrate the OTT market, competition has become fierce. For instance, KBS and MBC operate their own streaming platforms, 'KBSon' and 'wavve', respectively, making available their existing produced series on digital platforms. This initiative helps maintain the influence of legacy networks while engaging modern audiences. Meanwhile, the rise of alternative digital platforms is reshaping viewing habits towards more flexible viewing options.
Conversely, streaming providers are also expanding their dominance by collaborating with traditional TV networks. A leading global streaming giant has gained massive international recognition with K-content hits like 'Squid Game' and the supernatural dystopian sensation, leveraging the storytelling expertise of Korean TV networks. This synergy helps both parties leverage their advantages, fostering a more dynamic industry. As a result, the boundaries between network TV and streaming continue to blur.
Ultimately, terrestrial dramas and OTT services are both fighting for dominance and seeking collaboration through their respective unique approaches. network-produced content maintain established storytelling and mass appeal, whereas OTT services provide genre-defying and cross-border content. As collaboration and cooperation between these platforms continue to expand, audiences can expect a wider-ranging and enhanced entertainment experience in the future.