Following Twitch’s closure in South Korea, the streaming giant may have inadvertently set the stage for new rivals to challenge its dominance in the global streaming market. According to recent reports, South Korean streaming services AfreecaTV and Naver are planning to launch global platforms later this year, potentially threatening the streaming crowns of Twitch and other established platforms. AfreecaTV, currently the leading streaming service in Korea with over 100 million hours watched in the first quarter of 2024, is rebranding as SOOP and introducing an English-language beta version. Meanwhile, Naver, known as the Korean equivalent of Google, is preparing to launch its streaming platform CHZZK in May, which has witnessed consistent growth in viewership in recent months. The rise of these Korean streaming platforms coincides with Twitch’s ongoing battles against formidable competitors such as YouTube, Kick, and other emerging services. Twitch’s decision to shut down its South Korean operations has left a significant void in the market, providing an opportunity for AfreecaTV and CHZZK to expand their reach beyond their domestic borders. Interestingly, both AfreecaTV (as SOOP) and CHZZK have identified the ‘Just Chatting’ category as a key focus, mirroring its popularity on Twitch. This strategic move suggests that they are aiming to attract streamers and viewers from Twitch’s vast audience. As Twitch continues to grapple with intense competition in the global streaming landscape, the entry of SOOP and CHZZK adds another layer of complexity to the already competitive market. Only time will tell how these new Korean platforms will fare against their well-established rivals and whether they can capture a significant portion of the global streaming audience.
Twitch Shutdown Sparks New Rivalries in the Streaming Landscape
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