Global online streaming service Disney+ is currently running a shocking 'half-price subscription fee' event, attracting attention to the background. Unlike leading companies Netflix and Tving, which are increasing subscription fees or expanding their user base through ad-supported plans, Disney+ has been promoting half-price subscriptions each time the user count decreases.
Disney+, which officially launched its services in South Korea in November 2021, has been noted as a 'rival to Netflix' under the 'content powerhouse' Walt Disney Company. However, after more than three years since its launch, it appears to be taking desperate measures due to its lack of notable performance.
Disney+ is offering a 40% discount event until the 31st, allowing access to the standard and premium annual subscriptions for 59,400 won and 83,400 won, respectively. This would enable users to access Disney+ content at exactly half the monthly membership subscription fee of 9,900 won, bringing the price down to 4,950 won per month. The premium plan, which supports video quality up to 4K (3840 × 2160 resolution) and allows for simultaneous access by up to four users, is available for 6,950 won per month.
The primary reason appears to be the impact of subscriber numbers that have yet to meet expectations despite the release of major titles. According to data platform company IGAWorks' Mobile Index, as of February this year, Disney+ had a monthly active user count (MAU) of 2,567,992, which is merely a third of that of Netflix, which leads the OTT market with 13,451,922 users, and significantly lower than Coupang Play and Tving, which hold around 6.8 million users.
This is in stark contrast to the figure of 4.3 million monthly users that shook the OTT market right after the release of 'Moving' in September of the same year.
To mark the third anniversary of its launch at the end of last year, Disney+ is hoping to turn things around with a strategy of rolling out 'tentpole content', guaranteed blockbuster titles, in 2025. Indeed, December of last year saw the release of 'Light Shop,' based on the work of popular webtoon artist Kang Pool, who validated his box office appeal with 'Moving,' and 'Trigger,' starring actress Kim Hye-soo, in January of this year. Nevertheless, MAU has not exceeded the 3 million mark.
Compounding matters, the highly anticipated project 'Knock-Off', starring Kim Soo-hyun, which was set for release in the first half of this year, encountered a significant setback. The production, which invested 60 billion won, has been delayed due to growing allegations that Kim Soo-hyun dated the late Kim Sae-ron when they were minors. Filming for Knock-Off Season 2 has also been put on hold.
'Knock-Off' tells the story of ordinary office worker Seong-jun (Kim Soo-hyun), whose life is turned upside down by the economic crisis of the International Monetary Fund (IMF), as he transforms into a 'counterfeit king', aiming for audiences both domestically and globally while spotlighting Kim Soo-hyun who validated his box office draw with the drama 'Queen of Tears.'
However, media insiders say that Disney+'s results should be monitored more closely. The domestic OTT market is poised for a restructuring involving Netflix, Coupang Play, Tving, and Wavve, presenting opportunities, as Netflix and Disney+ seem to have the capital to continue large-scale investments in the country.
From the perspective of supplying Korean content to the Asian market, there are analyses that suggest it has a significant role. Kim Jo-han, co-founder of global content distribution company NewID, noted, "While there may be concerns about the domestic market, there are many Asian countries that enjoy Korean content, which gives Disney+ a reason to continue substantial investments," adding, "As hit works like 'Moving' and 'Light Shop' are beginning to emerge, if a blockbuster comes out, there will be plenty of opportunities."
On the 19th, Disney+ showcased the medical thriller 'Hyperknife', starring actress Park Eun-bin and Sul Kyung-Gu, launching its bold price cut in tandem.
In addition, a mystery thriller titled 'Nine Puzzle', starring actors Son Suk-ku and Kim Da-mi, is set to be released in the first half of the year, while 'Fine: The Village Dwellers', directed by Kang Yoon-sung of 'Crime City' and 'Casino', starring actors Ryu Seung-ryong, Yang Se-jong, and Lim Soo-jung, is also forthcoming.