iWorld
Global appetite for K-content surges as TV commissions slump
MUMBAI: Audiences worldwide are consuming more South Korean content than ever, but the number of new TV commissions is shrinking, according to research from Ampere Analysis.
The share of international viewers who say they watch Korean series or films “sometimes” or “very often” rose from 22 per cent in early 2020 to 35 per cent in the first quarter of 2025. The supply of K-content on global streaming platforms grew 55 per cent between 2021 and 2024.
Yet commissions are falling fast. Ampere reports that overall South Korean TV commissions dropped 20 per cent between the first halves of 2023 and 2025. Global streamers slashed their orders by 43 per cent, while local players cut back 20 per cent as they struggle with rising production costs. Scripted projects—the crown jewel of Korea’s global success—took the biggest hit, with commissions down 39 per cent.
Netflix is the outlier. It has kept commissioning volumes steady and accounts for 88 per cent of global SVoD announcements in South Korea this year. But even it has shifted emphasis from scripted to unscripted originals, part of a broader industry pivot towards acquisitions and cheaper formats.
“Despite continued demand for K-content, TV show commissions from local and global players have declined,” said Mariana Enriquez Denton Bustinza, analyst at Ampere. “This leaves the export market open for South Korean commissioners, especially as Netflix considers introducing caps on actors’ fees.”
For Korea’s content makers, the paradox is clear: global demand is booming, but the economics of production and shifting streamer strategies risk leaving fewer shows for audiences hungry for more.
Gaming
MTG gaming chief Benninghoff joins NODWIN board as esports firm primes for IPO
The Gurugram-based esports firm is pursuing a public listing, has returned to profitability and is growing revenues by 42 per cent
GURUGRAM: NODWIN Gaming is moving fast. The Gurugram-based gaming and esports company has launched a pre-IPO fundraising round, appointed UBS as lead adviser for both the round and a subsequent public listing, and landed a heavyweight board director, all in one go.
The new board member is Arnd Benninghoff, executive vice president of gaming at Stockholm-listed Modern Times Group (MTG), who has overseen the group’s strategic investments and portfolio growth since 2014. He is no stranger to building things: Benninghoff has founded and built fifteen companies, served as chief digital officer at ProSiebenSat.1 Media AG, managing director of SevenVentures, and chief executive of Holtzbrinck eLAB. He began his career as a journalist at Deutsche Presse Agentur and various TV networks, holds a Diplom-Kaufmann in business and administration from the University of Münster, and previously sat on the board of Edgeware AB.
The numbers back the ambition
NODWIN is not pitching a story without substance. The company has returned to EBITDA profitability and posted a 42 per cent year-on-year revenue surge, reaching $58.5m in the first nine months of FY2026. The pre-IPO round will combine a primary issuance to fund global expansion through organic growth and acquisitions, alongside a secondary sale to give existing shareholders some liquidity.
Akshat Rathee, co-founder and managing director of NODWIN Gaming, said Benninghoff understands “the entire lifecycle of the gaming and media ecosystem, from the boots-on-the-ground reality of building startups to the strategic complexity of managing multi-billion dollar global portfolios.”
Benninghoff, for his part, said the company “sits at the intersection of sports, entertainment, and technology, making it one of the most exciting players in the global gaming landscape today.”
A portfolio built for the global south
Founded in 2014 by Rathee and Gautam Virk, NODWIN has quietly assembled one of the more compelling esports portfolios outside the Western hemisphere. Its properties include DreamHack India and Comic Con India, and it recently acquired StarLadder, the Ukraine-based tournament organiser behind premier events in CS:GO and Dota 2. The company also serves as a long-term strategic marketing partner for the Evolution Championship Series (EVO), the world’s most prominent fighting game tournament, helping push it into new geographies.
Its geographic focus spans South Asia, Central Asia, Southeast Asia, the Middle East and Africa. Backers include Nazara Technologies, KRAFTON, Sony Group Corporation, JetSynthesys, and the founders’ investment vehicle Good Game Investments.
What comes next
With UBS running the books, a board freshly reinforced with European media and gaming expertise, and revenue heading in the right direction, NODWIN is laying the groundwork deliberately. The esports industry has burned investors before with big promises and thin margins. NODWIN’s return to profitability, combined with a real portfolio of owned intellectual properties across gaming, music and youth culture, gives it a more credible runway than most. The IPO clock is now ticking.
