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Hyundai Card reveals five trends shaping way Koreans consume digital content

  • Neil Martin
  • June 8, 2020
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  • 1 minute read
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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.

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Neil Martin

Neil Martin is the editor of Next Money. He is a financial journalist who writes on fintech, financial services and automation. He also wanted to be a backing singer for a R&B band, but he can't sing, so took up road cycling instead. Please feel free to follow him on Twitter, LinkedIn, or Medium. And email him if you have a story, or thoughts on fintech in general: [email protected]

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