Broadcasters embrace global streaming platforms to survive

IU, left, and Byeon Woo-seok, center, in a scene from MBC's "Perfect Crown" / Courtesy of MBC

When MBC's "Perfect Crown" premiered on April 10, two very different audiences tuned in simultaneously — those who switched on their television sets the traditional way, and others who pressed play on Disney+.

The series, featuring two Korean stars — IU and Byun Woo-seok — had become the most-watched Korean series on the streaming platform worldwide.

On Sunday, MBC said the fourth episode aired on Saturday night recorded its highest ratings yet with 11.1 percent. The response on streaming platforms tells a similar story. The show has held the No. 1 spot on Disney+ Korea's Top 10 since its release, and, as of April 18, ranks fifth globally on FlixPatrol's Disney+ Top 10 TV chart.

The drama is set in a fictional Korea that operates as a constitutional monarchy rather than the republic it is today. The series centers on Sung Hee-joo (IU), a chaebol heiress who has wealth and ambition but finds herself held back by her status as a commoner. Her path crosses with Grand Prince Ian (Byeon), a royal, the king’s second son. The show airs on MBC every Friday and Saturday and is available globally on Disney+.

The series' dual presence on a major broadcaster and a global streaming platform at the same time is no accident. It reflects a broader shift in how Korean broadcasters are trying to stay relevant in a media landscape that has changed faster than most anticipated.

For years, major broadcasters such as KBS, MBC and SBS were seen as rivals to streaming platforms. That is no longer the case. Falling advertising revenues and rising production costs have pushed broadcasters to seek partners rather than fight competitors.

The deals have come quickly. In 2024, SBS aired "The Judge from Hell" and "The Fiery Priest 2" on both its broadcast channel and Disney+ at the same time. Later that year, SBS signed a six-year agreement with Netflix covering nearly all of its new dramas, entertainment shows and documentary programming, with the streaming platform also agreeing to co-invest in new productions.

The reverse has also occurred. In December 2024, MBC broadcast Disney+'s original Korean series "Moving" on its own channel, the first time a major Korean broadcaster aired content that was originally made for a streaming platform.

MBC also signed a deal with CHZZK, the video streaming service run by local internet company Naver, to livestream popular programs including "Infinite Challenge," "I Live Alone" and "High Kick!" The move is aimed at reaching younger viewers who rarely tune into scheduled broadcasts.

The trend goes beyond drama. The SBS-Netflix agreement covers entertainment staples like "Running Man" and long-running investigative programs such as "Unanswered Questions."

In February, Netflix livestreamed BTS's Gwanghwamun comeback concert to 18.4 million viewers in a single day, reaching a massive audience that only major TV networks could have achieved in the past.

Actors Byeon Woo-seok, right, and IU in a scene from "Perfect Crown" / Courtesy of MBC

“Perfect Crown” is the result of long-term planning. The script spent three years in development after winning MBC’s drama screenplay competition in 2022. For this ambitious project, MBC teamed up with Kakao Entertainment for production, while Disney+ managed global distribution and marketing.

Notably, the show was first unveiled at a Disney+ showcase in Hong Kong in 2025 before its official release. Such early international promotion is rare for a local broadcaster, proving the global interest in the series even before its premiere.

Whether this partnership lasts depends on both sides continuing to benefit from each other. For now, however, the numbers show it is a success. A show that airs in Korea on Friday night is already being watched around the world by Saturday morning. This is a global reach that a traditional TV channel alone would not be able to achieve, emphasizing that collaborating with international streaming platforms has become an essential tool to access a broader audience.

“The experience of having fans, the general public, locals and overseas audiences all enjoy a performance together at Korea’s most iconic location is culturally rare,” Yu Dong-ju, head of HYBE APAC, told reporters on March 20, a day before the BTS comeback concert at Gwanghwamun Square. “We decided that Netflix is the most suitable partner to spread that experience to a global audience.”