SEOUL -- CHZZK, a video content streaming platform operated by South Korea's web service giant Naver, is preparing to open its purse to attract more content creators to its service. The new livestreaming platform's move is aimed at filling the gap created in South Korea's $4-million games livestreaming market, caused by the recent exit of Twitch, Amazon's video live-streaming service, from the domestic market.
Game livestreaming services can be easily explained as online broadcasting services for gamers. Hosts share their gameplay in real time while communicating with fans through their unique channels. Fans can make donations of digital money if they enjoy the show. The types of content on such platforms are not limited to games. Many channel hosts focus on areas of entertainment including music and arts, while some hosts simply chat with their fans on a variety of topics.
In December 2023, Twitch, with about 140 million monthly active users (MAUs) worldwide, announced that it would pull the plug on its business in South Korea, citing expensive network fees as the main reason. Twitch CEO Dan Clancy said, "Our network fees in Korea are still 10 times more expensive than in most other countries," adding that Amazon's livestreaming service had been running its business in South Korea while sustaining significant losses." According to the Twitch CEO, the Amazon game streaming service will exit South Korea in late February.
CHZZK, which is a Korean onomatopoeia for radio static, was launched on December 19, 2023, three days after Clancy's announcement on Twitch pulling out of the South Korean market. The livestreaming service platform operator soon aggressively absorbed millions of South Korean content creators and viewers from Twitch.
CHZZK said in a statement on February 6 that the platform operator will spend five billion won ($3.7 million) to support content creators. Two billion won will be spent to provide support money of two thousand won for each selected streamer. Three billion won will be spent on the hosting of streamer-centric events and promotions including event promotions held in Naver.
"We hope this creator support program encourages streamers to produce high-quality content. CHZZK will continue to provide support to create an environment where both streamers and platform can thrive," a Naver official told Aju Business Daily.
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