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South Korea’s Mobile App Market Surpasses $761 Million Milestone

Webtoons and OTT services drive a 25% surge in consumer spending
South Korea
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South Korea’s mobile app market has achieved a remarkable milestone, surpassing 10 trillion won ($761 million) in size, as revealed in Data.ai’s 2024 Mobile Status Report. This report offers a comprehensive analysis of the global mobile app market’s performance in the previous year.

The global app market witnessed a steady growth, with consumer spending reaching $171 billion, a 3% increase from the previous year. Leading the charge were China, the United States, and Japan, dominating the market with their respective consumer expenditures.

South Korea emerged as a formidable player, ranking fourth globally. The country experienced a significant 25% increase in consumer spending, rising from $6.29 billion to $7.86 billion. This growth outpaced other top ten countries in the app market, highlighting South Korea’s rapidly expanding digital footprint.

A key factor behind this surge is the rising popularity of webtoons. Domestic webtoon apps saw an impressive 72% increase in consumer spending, reaching $286.7 million. Leading platforms such as KakaoPage and Naver Webtoon, only surpassed by YouTube, underscored the cultural and economic impact of webtoons in South Korea.

Another major contributor to this growth was the over-the-top (OTT) media services segment, which recorded a 53% increase in consumer spending. Tving, a prominent OTT app, emerged as the top choice among consumers.

The mobile gaming sector continued its upward trajectory, contributing significantly to the market’s expansion. Consumer spending in mobile game apps rose by 20% to $6.34 billion, reinforcing the strong presence and ongoing popularity of gaming in the South Korean digital landscape.

This report not only showcases South Korea’s growing influence in the global app market but also reflects the diverse and dynamic nature of its digital economy, driven by innovative content and technology.

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