2. Market Analysis

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2.1 Korean Theatrical Market

2025 Performance

Indicator	2024	2025	Change
Total attendance	123.10 million	106.10 million	-13.8% ↓
Total box office revenue	KRW 1.19 trillion	KRW 1.05 trillion	-12.4% ↓
Korean film share	47.2%	41.1%	-6.1pp
Films with >10M viewers	3 titles	0 titles	For the first time since the pandemic

Problems in Korean theatrical market:

• Insufficient with theatrical revenue alone: production costs rise while attendance declines

• Polarized performance: only a few big titles break even; most small/mid titles run deficits

• Participation disconnect: interest drops sharply after 2 weeks post-release, with no monetization path afterward

Viber Opportunity:

Reduce reliance on box office revenue and introduce fan participation → ongoing revenue structure.

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2.2 OTT Market

Major Platforms and Metrics

Platform	MAU (Approx)	Characteristics
Netflix Korea	14.8 million	Global #1, reducing investment
Tving+Wavve	11 million+	Post-merger still at a loss
Coupang Play	8 million+	Bundled growth

Netflix Investment Reduction

• 2023–2026 cycle: $2.5B investment

• After 2026: shift to low-cost regions such as Thailand and Mexico

• Opportunity arises for Korean local platforms

TVING Reality

• 2Q 2025 revenue: KRW 99.5 billion, still operating at a loss

• Content mix: Korean dramas 48%, variety shows 27%

• Rising demand for behind-the-scenes/exclusive content → possible linkage with Viber membership

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2.3 Fan Platform Market

Bubble (DearU)

Metric	Value / Amount
3Q 2025 Revenue	KRW 22.3 billion (+26% YoY)
Operating Profit	KRW 8.7 billion (+37% YoY)
Overseas Share	70% (China 35%)
Subscription Fee	KRW 4,500 per artist per month

Insight: A direct connection between fans and artists generates revenue. This has been proven in K-pop.

Why does this not exist in film?

K-pop	Film
Bubble, Weverse, fan cafe	None
Direct communication with artists	Only actors’ SNS
Subscription revenue	Ends at movie ticket + OTT

Viber = Bubble for film + revenue linkage

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2.4 Limitations of Existing Attempts

Attempt	Problem
Wadiz film funding	Only sponsorship, not tied to box office revenue
Film NFTs	Brief spike in 2021; now treated as scams
Fan goods	One-time purchase, not sustained participation
OTT exclusivity	Platform captures revenue; fans do not participate

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2.5 Viber Positioning

The Gap We Enter

[Existing]
Fan → Buy movie ticket → End

[Viber]
Fan → Token staking → Vote / Participate → Film production
                                     ↓
                             Box office revenue
                                     ↓
                             Buyback & Burn → Token value ↑

Competitive Comparison

Category	Wadiz	Bubble	Viber
Participation	Sponsorship	Message	Vote / Governance
Revenue Linkage	❌	❌	✅ Buyback
Global Access	❌ Korea only	✅	✅ Crypto
Continuity	One-time	Subscription	Staking

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