The Broadcasting and Media Commission (BMC) is taking steps to establish a Korean-style FAST (Free Ad-supported Streaming Television) ecosystem aimed at enhancing the global competitiveness of the FAST service market.
On June 4, the BMC held an industry meeting at the Samsung Innovation Museum in Suwon, Gyeonggi Province, to discuss strategies for strengthening the global competitiveness of FAST services. FAST allows viewers to enjoy real-time channels and content for free in exchange for watching advertisements, and it has been rapidly growing, particularly in North America. According to market research firm Mordor Intelligence, the global market size for FAST is estimated to reach $14.33 billion this year and is projected to grow to $31.29 billion by 2031, with an average annual growth rate of 16.91%.
The meeting was attended by 25 participants, including BMC Chairman Kim Jong-cheol, representatives from Samsung Electronics and LG Electronics, channel operators such as NewID and Smart Media Lab, broadcasters like KBS, MBC, and SBS, content producers, and AI technology companies like HudsonAI and Eastsoft.
Before the meeting, attendees observed a service demonstration by Samsung Electronics and heard from President Lee Won-jin about future business strategies.
During the meeting, Samsung Electronics and NewID presented their current status and future strategies for global platform and channel operations. HudsonAI shared examples of localizing broadcast content using AI technology.
Participants agreed that the growth of the FAST market could provide new revenue opportunities for domestic broadcasters and content producers. They shared challenges and tasks necessary for securing competitiveness in the global market, discussing reasons why Korean content has not met viewership expectations in the global FAST market. They noted that current FAST channels primarily repackage and broadcast previously produced content, failing to adequately reflect local viewer demand.
To enhance the competitiveness of Korean content, they suggested a strategic approach that analyzes North American viewer preferences and demands to plan and schedule content accordingly. Discussions also included the K-FAST initiative, which aims to develop customized content planning linked to advertising based on viewer data.
Chairman Kim emphasized, "For the domestic broadcasting and media industry to find new avenues, it is essential to actively utilize global distribution platforms like FAST. The BMC will closely collaborate with relevant departments to foster the K-FAST ecosystem and enhance the distribution competitiveness of domestic broadcasting and media companies."
* This article has been translated by AI.
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