OTT ְ ڴ? ø

ϰ 尡 ۾ ̱ ֽ ڿ ο Ÿ ö. Z ؿֽ 翡 484 翡 ް żϰ ϡ 20.9% ϸ 1 ߴ. 

FANG(Facebook, Amazon, Netflix, Google) ϳ ̵ ϴ ˷ ø ½ α. ֱ 5Ⱓ ְ 100޷ ٹ濡 ӹ Ⱦ ϴ ۳ ÷ ǥ ȭϰ Ȱߴ. ġ ѹ ޴ ũμƮ (Azure) Ŭ 1 ö ϵ ο ϸ鼭 ġ ̴. 

׵ ø ߴٰ OTT(Over The Top) ϴ ÷ ϸ ø Ằ ߴ. OTT ͳ ȭ, , ť پ ϴ 񽺸 ĪѴ. KB濵Ҵ OTT Һ񿡼 ҿ ð ȭǰ ȣ ߰߰ ۷ιȭ ٰ ߴ. ɵ Һϱ Һ ̿ ׿ ȣ Ÿ ̸ OTT÷ õ ִ. ø <Ͽ콺 ī> յ ȣ ö м ū ŵ . ļ Ҵ̶ 鼭 ս ٸ ȭ ǽð ϰ Һ Ʈ尡 ȭǴ ͵ OTT÷ Ȯ强 ش. 



÷ ÷ ÷ ΰ ø  

OTT÷ ̹ ַ ŷǴ ̶ DZ ø 濵ϴ . <Ͽ콺 ī> 󸶰 ǥ ᰡڸ ÷ Ȯ߰ ٽ ִ ȯ . 츮󿡼 <>, <ŷ> ø ޾ ø ۵Ǿ ϱ⵵ Ѵ. ø 븸 ص 75޷ ˷. ø ڻ ÷ α ִ κ . 2019 3 Ȩ Ͽ 1000 ö ִ. 

̷ ø տ ÷ OTT÷̴. Ʈ ŸƮ BAMTech μ OTT ESPN+ OTT÷̴. 

÷ Ǹ ٸ ڰ . Ʈũ ȿ ȿ(lock-in ȿ) ڴ ɼ . ׷ ÷ ǥ ø ְ . ϴ ÷ ű ̱ ڿ ̴. 

dz ´. ϴ ۻ ABC, ä ESPN , 2006 Ȼ, 2009 ڹͽ, 2012 ī ʸ, 2017 20, 2018⿡ 21 μߴ. <ƹŸ>, <̾ȷҵ> Ʈ۵ 21 . ̹ ۰ սų ִ ̴. 

׵ 迴 Ͽ ø ڷμ, ÷ ڷμ ϰ ƴ. ġ ̼ ڿ Ǿ׷(peer group) ̸ 迡  ƴ. 

÷ ÷ ̵, Ʃ پ ι ó  

ϴ 15000޷ ø 밡 ޾ ÷ ؼ OTT÷ 忡 ̴. ø 񽺵Ǵ Ⱓ Ǵ ȸ ̴. 

̹ 21 μ OTT÷ 2 Ƿ 100% Ȯϱ⵵ ߴ. ÷ 11 ø յΰ ִ. 1⿡ ȭ 500, TVø 7500 濵 ȹ̴. 

ϰ OTT÷ ±⸦ ִ پ ι ó ִ. ι ̵, ׸ũ, Ʃ, DTC/DTI(OTT÷), 21 5 ̷ ִ. 

ä ߽ ϴ ̵ ι ûڰ ϰ OTT ű ÷ ̵ϴ ڵĿ(cord cutting) ߴ. ׷ ̵ ι ؼ ä ijͳ α׷ ͼ Һڶ ÷ OTT÷ ð ʰ ִ. Ϸ ׸ũ 湮 Ͽ οƼ Һڵ鵵 OTT÷ ߰ α׷ ûϰ ȴ. 



ݰ dz ÷  

÷ ̴. ø 8.99޷ӿ ÷ 6.99޷ ϱ ǥߴ. ̹ ۵Ǿ ִ ڻ ü ۿ ϴ ߸ ִ ̴. ̹ ü ɷ Ź 21 μ ϰ ƴ. 

Ÿ ȭ 10 ϴµ <: > ڽǽ 2 27޷ Ѹ ߴ١ 21 ȭ 12 Ѵ١ ߴ. 尡 ̹ ȭ dz ǰ ִ ̴. 5 <˶> ȭ 1 6 <̽丮4>, 7 <̴: Ȩ> <̿ŷ> ݿ ö. 

ϰ ִ Ϲʹ Ʃ ι ʹ OTT÷ ִ. 7 ڽǽ ƮϽƩ(21 ) 35.4% ߴ. ʺ 15.9% 2, Ϲ 13.3% ũ. 

ٸ ÷ ڸ ȭǴ Ǿ Դ. 200 Ƹ, HBO ǰ AT&T, ̽ õ ۷ι OTT÷ 忡 ڰ ִ. 

ø ÷ ȭ ߵ  

ʿ ÷ ø Ÿ . ֳϸ ø α ִ 10 ø ܼ OTT÷ ƴ ũͷ ڸűϰ ־ ̴. <⹦ ̱> < > 鼭 ̿ڵ 漺 ̰ ־. ۷ι Ʈ ʱ ܰ ٴ OTT Ȯ밡 ű â ȸ κ̾. 

׷ ̹ 2б ǥ 巯. 2б ø 492300޷, 7600 ޷ ǥߴ. 26%, 52% þ ̾ 鿡 ̴ ȸߴ. ̴ 492800޷, 493300޷ ߴ. 

ִġ 14.3% ұϰ 󺸴 270 ̴ 500 ȸ߱ ̴. ̱ ȭ ޷ 90% ϸ鼭 ȭ ݿ ̴. ؿܰ 283 ̾ ̴ 470 ū ȸߴ. OTT ޷ ƽþ ġ ֿ ̾. 

̺Ʈ λ ĸ Ǹ ڱ ȭ ƽþ ȭ ̱ ؿ ũ ߴ١ ƽþƸ ߽ ϴ ؿ ȸ ̴ ݰ ̼ ϱ ̶͡ ߴ. 

ѱ ְͺ(PER) 92迡 ŷǰ ִ ø ְ 缺强 ΰ ־ ְ Ѵ١ ø 3б Ʈ ӵ ȸ ȭ ڴ ɽ ʿϴ١ ߴ. Ϲݱ (9), (11), ʹ̵(2020), NBCU(2020) OTT ð ϰ ִ. 



ϴ OTT Ʈ  

2б ȸ . 202 32.9% þ ġ 214 ƴ. Ʃ ȭ <: >, <̽丮4>, <˶> ټ ۿ ұϰ ׸ũ ι ̱ ߱ ̴. б⿡ ̾ Ҽ ̾. 39 5.4% پ. 

3б⿡ ̾ ɼ . ܱδ OTT Ʈ þ ̸ 11 Ϲͱ ȭ ҵ ϴ. ٸ ϴ. 11 <ܿձ2> 12 <Ÿ: ī̿Ŀ> Ѵ. Ư 11 ̱ 6.99޷ ÷ ÿ 12.99޷ 鼭 ð ִ. 鼭񽺴 ÷, ESPN÷, Ƿ縦 񽺴. 

̱ ϳ 21 պ ǰ η Ȯϴ ۷ι Ȯ ̾١鼭 ξ 鿡 ֵDZ 1~2 ɸ ̶͡ ߴ. 

̼ δ ø Ŀ 

ְ ̼ δ ִ. 3 EPS ̳ʽ 7.5%. ̸ PER 22 򰡵Ǿٰ ִ. ø Ʈ ÷ 밨 ݿ ְ ũ ö ÿ ÷ ̴. 

׷ ϴ ְθ ִ . 8 15 290޷ ø ְ 1 10% . 7 380޷ ȸϴ ̴ٰ 2б Ǹ ֿ ߴ. 

ø ְ 5Ⱓ 350% ̼ DZ ְ ū ߵ ִ. ̿ ְ 1Ⱓ 17% ö.
 2б ǥ Ŀ ְ ϶ ũ ʾҴ. 7 146޷ Ű ǥ ̱ ܱݸ ޶ ģ Ŀ ְ 130޷ Ű ִ. 

輼ȯ KB ֱ 5 ũ ݸ ͷ( ) 18% Դ١ ø ͷ 56.5% 赵 ١ ߴ. 

[ ϰ Ǻ ] 



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