During the pandemic, consumers have been reluctant to visit cinemas to watch films, due to fears around being infected by COVID-19. Therefore, many new films have been launched via OTT services like Netflix instead.
In 2021, domestic companies including Samsung Electronics and LG Electronics are expected to increase their sales, benefitting from the consumer boycott movement against Japanese products. This is causing second- and third-placed companies Yamaha Music and Sony Electronics to lose volume sales and share.
Electronics and appliances specialist retailers will remain the dominant distribution channel in 2021, despite a continued decline in share. Smaller electronics and appliances specialists, such as those the at Youngsan and Nakwon malls, will see a particularly noticeable decrease because consumers visited these less frequently during the pandemic, fearing contracting COVID-19.
Home audio and cinema will post persistently shrinking sales over the forecast period due to the reducing demand for digital media player docks and audio separates. However, consumers now prefer to have simple speaker systems with developed sound technology, like soundbars.
Despite of Netflix’s strong presence, with over 10 million users in South Korea, more OTT services are continuing to produce new movies and TV series. Disney Plus, Apple TV plus, and HBO max by Warner Brothers will produce their own OTT service, as will SK Telecom, KT, CJ ENM, Watcha and Coupang Play.
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Understand the latest market trends and future growth opportunities for the Home Audio and Cinema industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Home Audio and Cinema industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Home Audio and Cinema research and analysis database.
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