BTS marks draw as OTT platforms jump into live content race

▲ K-pop boy band BTS is seen in this photo provided by Big Hit Music. (PHOTO NOT FOR SALE) (Yonhap)

SEOUL, April 3 (Yonhap) -- Online video service platforms are accelerating their push into live content, seeking new growth engines beyond on-demand streaming.

Global OTT giant Netflix successfully livestreamed K-pop supergroup BTS’ comeback concert across more than 190 countries last month, marking a milestone in the platform’s expansion into real-time content.

Having reshaped the media landscape with video-on-demand content centered on films and dramas, OTT services are now investing in live programming as a way to overcome stagnating subscriber growth.

◇ Sports leads the way as OTT tests live streaming

OTT platforms first entered the live content space through sports broadcasting starting in 2021, leveraging large-scale investments to attract global audiences.

Companies such as Apple and Amazon secured broadcasting rights to major leagues including the National Football League and began offering live coverage.

Netflix, which had previously refrained from sports broadcasting, joined the market in 2023 and has since acquired rights to events such as World Wrestling Entertainment and Major League Baseball, emerging as a major player.

In Korea, local OTT platforms are also expanding their live offerings. TVING focuses on baseball, Wavve on golf, and Coupang Play on soccer to strengthen their domestic market presence.

Live sports, backed by loyal fan bases and recurring seasonal schedules, have proven effective in encouraging regular platform visits and maintaining subscriptions.

Building on this success, OTT platforms have turned their attention to large-scale events and concerts.

Disney+ livestreamed the "2025 LoL KeSPA Cup" and the Academy Awards this year, while TVING, Coupang Play and Mnet Plus have streamed concerts by popular K-pop artists such as Lim Young-woong, TREASURE and ZEROBASEONE.

Netflix’s livestream of BTS’ Gwanghwamun Square concert, titled "BTS Comeback Live: Arirang," drew 18.4 million global viewers within 24 hours, marking the platform’s first live broadcast of a single artist’s performance.

▲ K-pop boy band BTS poses for a photo in Seoul on May 24, 2021, as the members take part virtually in the ceremony of the 2021 Billboard Music Awards, in this file photo captured from the group's official Twitter account. (PHOTO NOT FOR SALE) (Yonhap)

◇ Slowing growth, rising costs drive OTT shift

Industry observers cite slowing subscriber growth, stagnating viewing time, rising production costs and expanding advertising as key reasons behind the shift to live content.

According to Netflix’s fourth-quarter earnings report last year, the platform had 325 million paid subscribers. While it added 23 million subscribers in 2025, the growth slowed compared with 41 million additions the previous year.

Viewing time has also plateaued. Guggenheim Partners analyst Michael Morris told CNBC that although subscriber numbers grew at a near double-digit rate in the first half of 2025, total viewing time increased by only 1 percent, raising concerns about declining user engagement.

High production costs for films and dramas also pose a burden. Netflix’s flagship intellectual property "Squid Game" reportedly cost about 29 billion won for Season 1 and more than 100 billion won for Seasons 2 and 3 combined.

In contrast, "BTS Comeback Live: Arirang" demonstrated strong cost-effectiveness with a production budget in the 10 billion-won range.

Data from mobile analytics firm IGAWorks showed that Netflix recorded 136,400 new app installations during the week of March 16-22, nearly doubling from 70,322 the previous week, marking the first time this year weekly downloads exceeded 130,000.

Live streaming helped maximize subscriber acquisition in a short period, while also offering strong advertising potential through simultaneous viewer engagement.

◇ From on-demand to shared global viewing

Some experts interpret Netflix’s move into live content, including the BTS concert, as a step toward becoming a global broadcaster.

Ahn Jung-sang, chairman of the Korea OTT Forum and an adjunct professor at Chung-Ang University’s Graduate School of Communication, said Netflix had never attempted livestreaming concerts before and is now seeking to demonstrate its capabilities as a music platform.

Cultural critic Jung Deok-hyun said OTT services initially disrupted traditional broadcasting with on-demand viewing but are now facing growth limits, prompting them to adopt live formats that enable shared viewing experiences.

"They are moving beyond locally confined live broadcasts toward a global format where audiences around the world watch simultaneously," he said.

Analysts also expect OTT live content to expand further around major K-pop groups following BTS.

Lee Hwan-wook, an analyst at Yuanta Securities, projected that while Netflix’s annual content investment has remained around 20 trillion won since 2021, the share allocated to live content could rise from about 1 percent to 7-9 percent this year.

Netflix has also indicated plans to expand its live content strategy.

Brandon Riegg, Netflix’s vice president of nonfiction series and sports, said the company will continue investing in infrastructure for live content and is discussing additional live events in Korea.

"We will continue to present large-scale and meaningful live content," he said.

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