Sina Science and Technology news Beijing time on September 27 morning news, South Korean operator LG U+ announced Sunday that it has signed an exclusive cooperation agreement with Disney to become the network operator of Disney+, Disney's streaming media video service in South Korea. Disney+ is scheduled to launch in South Korea on November 12, and the partnership will further strengthen LG U+ 's library of paid content on TV and mobile.
LG U+ and rival KT had previously said they were in talks with Disney about a Disney+ partnership. Therefore, the final outcome of the negotiations is of interest.
Under the partnership, Disney+ content will be delivered through LG U+ 's IPTV and mobile communications services, as well as LG Hello Vision's cable TV service. LG U+ said it plans to offer mobile plans that include paid content from Disney+.
LG U+ is looking to boost its share of the Paid content market in South Korea through new partnerships. Disney's streaming video service, which covers content from subsidiaries such as Pixar, National Geographic and Marvel Entertainment, will help LG U+ further diversify its content.
The partnership will also see Disney+ offer more original content, including shows produced in South Korea. In April, Disney struck a deal with Local content producer Studio & AMP; New signed a partnership to produce content over the next five years.
The launch of Disney+ in South Korea will also shake up the local streaming video market, which is dominated by Netflix with a 40 per cent market share. As of July, Netflix had more than 9 million monthly active users in South Korea, nearly three times as many as Wavve, the number two.
Disney+ is likely to be a strong competitor to Netflix, given that the company owns a number of well-known IPS. Disney+ will offer more than 7,500 TV shows and more than 500 movies from the past, as well as the latest content.
Worldwide, Disney+ is growing fast. It has more than 60.5 million paying users since its launch in November 2019.
On the tie-up, Chung Sue-hyun, head of LG U+ 's consumer business, said: "We expect synergy between LG U+' s media service capabilities and Disney's content." In Korea, Disney+ costs 9,900 won per month and 99,000 won per year.
In November 2018, LG U+ was also the first company to sign a partnership with Netflix in South Korea. Since joining forces with Netflix, LG U+ has risen from third to second place in the IPTV market in South Korea.
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