Samsung and LG Smart TVs Lay the Groundwork for Korean-Style FAST... "Content Competitiveness Must Be Enhanced"

First On-Site Dialogue to Gain a Foothold in the Global FAST Market

To explore strategies for the global expansion of Free Ad-Supported Streaming TV (FAST) services, key players including Samsung Electronics, LG Electronics, and major broadcasters gathered under the leadership of the Broadcasting, Media and Communications Commission.

Kim Jongchul, Chairman of the Broadcasting, Media and Communications Commission, is delivering opening remarks at a corporate meeting held on the 4th at Samsung Electronics Innovation Museum in Suwon, Gyeonggi Province, to strengthen the global competitiveness of the 'Free Ad-supported Streaming TV (FAST)' service. Photo by Noh Kyungjo

On June 4, the Broadcasting, Media and Communications Commission held a corporate meeting at the Samsung Electronics Innovation Museum in Suwon, Gyeonggi Province, to strengthen the global competitiveness of FAST services.

The event aimed to listen to the challenges faced by domestic companies seeking to gain a foothold in the rapidly growing FAST market in North America and to discuss future development strategies. The global FAST service market, which was valued at 18 trillion won last year, is expected to grow to 47 trillion won by 2030. The compound annual growth rate is projected to reach 20.9%.

The meeting was attended by 25 representatives and executives, including Kim Jongcheol, Chairman of the Broadcasting, Media and Communications Commission; platform operators (Samsung Electronics, LG Electronics); channel operators (New ID, Smart Media Lab, CJ ENM, and three others); broadcasters (KBS, MBC, SBS, and six others); content production companies (A Story); and artificial intelligence (AI) technology firms (Hudson AI, ESTsoft).

Prior to the meeting, attendees observed a service demonstration by Samsung Electronics and listened to a presentation by Samsung Electronics President Lee Wonjin on future business operation strategies. Subsequently, they discussed the role of Samsung Electronics in fostering the "K-FAST" ecosystem.

During the meeting, Samsung Electronics and New ID each introduced the current status and future strategies of their global platform and channel operations, while Hudson AI presented a case study on the localization of broadcast content using AI technology.

Participants evaluated that the growth of the FAST service could present new opportunities for domestic broadcasters and content producers. However, they analyzed that, despite global interest in Korean content, low viewership in the FAST market is mainly due to simply rebroadcasting older content without significant updates.

To enhance content competitiveness, they recommended a strategic approach that involves carefully analyzing the preferences and demands of North American viewers and planning and programming content based on these insights. Accordingly, they unanimously agreed that government or platform operators should make active investments to plan customized content linked to advertising using viewership data and to produce content exclusively for K-FAST.

Chairman Kim Jongcheol emphasized, "For the domestic broadcasting and media industry, which is struggling with declining advertising revenue due to rising production costs and lower viewership, it is essential to actively utilize global distribution platforms such as FAST to find new growth avenues. It is important to create an environment in which Korean media and content can be expanded to global audiences, leveraging the 600 million smart TV units we have distributed worldwide and our world-class broadcasting content production capabilities."

He added, "The Broadcasting, Media and Communications Commission will work swiftly to establish the K-FAST ecosystem and enhance the distribution competitiveness of domestic broadcasting and media companies through close cooperation with relevant ministries. We will also do our best to ensure that on-site feedback is reflected in policy."

This content was produced with the assistance of AI translation services.