Hyundai Card has revealed five key trends which are shaping Koreans’ spending habits on digital content. The result is based on the company’s 2017-2019 analysis of its consumer transaction data at ten digital subscription service providers such as Netflix and YouTube Premium.
The three-year analysis was a part of an effort to better understand Korean digital content subscribers by Hyundai Card, Korea’s major credit card company.
It has developed an artificial intelligence-based chatbot, adopted blockchain for its system and built an advanced algorithm to offer more personalized customer services and benefits.
The backdrop is that ranging from K-pop sensation BTS and Oscar-winning “Parasite”, Korean pop culture appears to be having its moment. Combined with ultrafast internet and 5G-powered smartphones, the growing popularity of Korean movies and music has led to an expansion in the country’s digital content consumption.
The five trends are:
1. Korea’s digital content market grows much faster than global trends;
2. video streaming services prompt explosive consumption in digital content;
3. no more piracy: Koreans more willing to pay for digital content than ever before;
4. in a rapidly aging society, the Korean elderly emerge as key consumer group;
5. credit cards for streaming subscriptions gain popularity among Koreans.
