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| Disney's main entertainment studios and film and TV libraries / Korea Times file |
By Kim Bo-eun
LG Uplus is widely projected to be Disney's initial Korean partner, as the entertainment giant on Wednesday made official the launch of its over-the-top (OTT) media services set for Nov. 12.
LG Uplus CEO Hwang Hyeon-sik implied a day earlier that the company will likely become the local network operator for Disney Plus.
"We are engaging in last-stage negotiations given Disney's launch date is approaching, and I believe things will work out," Hwang told reporters during a government event held at COEX in southern Seoul, Tuesday.
LG Uplus and KT are known to have been in discussions with Disney over the launch of its OTT service here, but the LG affiliate appears most likely to become Disney's first partner. Projections are that KT could sign up later to offer Disney's OTT content.
This would be similar to the case of Netflix, which partnered exclusively with LG first and then later had KT offer its content as well.
LG Uplus' share price closed at 14,450 won, Wednesday, up 0.35 percent from the previous day's close.
Disney Plus' launch here is expected to shake up the local OTT market, which is currently dominated by Netflix with roughly a 40 percent share. Netflix had over 9 million monthly active users as of July, which is about triple the second player Wavve's 3.2 million.
Disney will offer an extensive range of content with its affiliates including Pixar, National Geographic and Marvel Entertainment. Disney Plus will also feature original content, including content produced here.
Disney ended its contract to provide Disney and its affiliate Fox's content through Kakao Page last month, ahead of Disney Plus' launch.
"With the rising sophistication of consumers, we look forward to bringing Disney's unparalleled storytelling, creative excellence and endless entertainment to audiences in Korea," said Jay Trinidad, general manager of The Walt Disney Company APAC.
"As home to an iconic suite of brands and franchises, Disney Plus will give everyone access to the world's most original stories, told by the world's most talented creators," Walt Disney Company Korea Managing Director Tom Oh said.
Disney Plus has seen rapid global growth, with the number of its paid subscribers surpassing 60.5 million since its launch in November 2019.
Disney Plus will be available for 9,900 won a month, or 99,000 won for an annual subscription.
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