SEOUL — South Korea's television home shopping industry witnessed a significant decline in combined operating profits last year, falling by 39.6 percent compared to the previous year. The intense competition from social media and live-streaming platforms is cited as a primary factor behind this downturn.
According to Yonhap News Agency, the combined operating profits of seven TV home shopping channels totaled 327 billion won (approximately US$241 million) in 2023, down from 541.1 billion won in 2022. This marks the first time in thirteen years that their profits have dipped below 500 billion won. The channels experiencing these declines include CJ Onstyle, Lotte Homeshopping, and Hyundai Home Shopping. Additionally, combined sales for these channels decreased by 5.4 percent to 5.5 trillion won last year.