Broadcasting vs. OTT Competition: How Traditional Media and OTT Platforms Innovate
Terrestrial dramas have long been established as widely recognized TV programs, produced and broadcast through traditional broadcasting stations. In contrast, online services are web-powered streaming platforms, with Netflix, regional streaming services, and Wavve being leading competitors. As audience preferences evolve, competition between network-produced series and OTT services has intensified. Consequently, each platform is developing unique content and employing differentiated strategies to stay ahead.
Differentiation Strategies of Terrestrial Dramas
Terrestrial broadcast series focus on providing stories with high mass appeal while maintaining traditional storytelling methods. In particular, they actively feature celebrity performers to attract audience interest and produce narratives that capture the interest of a wide range of age groups, thereby securing a broad viewer base. Additionally, leveraging their decades of industry presence and brand trust, they continue to offer traditional stories, ensuring reliable audience numbers. This allows audiences to find more ways to engage with network television through various mediums.
Differentiation Strategies of OTT Services
OTT providers are expanding their influence by employing tactics distinct from traditional terrestrial broadcasting. Firstly, they actively embrace new genres and experimental formats, prioritizing creative risk-taking and artistry over broad popularity. Secondly, they curate customized programming that aligns with specific interests, targeting niche audiences. Lastly, they focus on producing globally accessible media aimed at the expanding international scene, allowing them to grow their fanbase not only within their region but also internationally. Through these methods, OTT platforms are strengthening their competitiveness in ways unlike conventional TV networks.
Competition and Collaboration Between Platforms
As legacy media companies increasingly expand into the OTT market, competition has become fierce. For instance, one of Korea’s leading networks and MBC operate their own OTT services, 'KBS Streaming Hub' and 'MBC Digital', respectively, distributing their existing broadcast content on digital platforms. This initiative helps preserve the market presence of legacy networks while expanding their digital reach. Meanwhile, the rise of new media services is changing consumer behavior towards more user-controlled content access.
Conversely, OTT services are also expanding their dominance by working alongside traditional TV networks. A leading global streaming giant has gained a global following with Korean dramas like 'Squid Game' and the supernatural dystopian sensation, leveraging the drama production capabilities of Korean TV networks. This synergy helps both parties leverage their advantages, fostering a richer content environment. As a result, the lines between terrestrial and digital platforms continue to blur.
Ultimately, legacy TV series and streaming platforms are both here competing and finding common ground through their respective differentiation strategies. network-produced content maintain classic formats and general audience focus, whereas digital platforms provide genre-defying and cross-border content. As collaboration and merging between these platforms continue to expand, audiences can expect a richer and elevated content environment in the future.