정책연구13-63.hwp

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12 8 111 FCC TV PP (TV+) (TV+) TV TV TV (2012) (2012) (2012) (2012) VOD (2012)

13 PP PP MPP PP PP MPP PP (2012) (2012) PP (2012) (2012) TV (2012) TV PP MSP PP (2012) 180

14 ( ) ( ) (2012) TV (2012) ( ) ( ) ( ) (2012) (2012) (2012) (2012) 250

15 HHI (2012) HHI (2012) KT MSO PP CJ TV (2013) KT OllehTV (2013) SKYLIFE (2013) CJ (2013) KT (2013) ARPU OECD ARPU () (2013) SO (2011) (2011) OTT (2013) (2012) (2012) PP MPP PP MPP 324

16 MPP MSP MPP MPP (2012) PP/ PP PP/ PP MSO PP SO-PP TV PP MPP PP MPP (+) 408

17 (,, PP ) (,, PP ) TV vs (,, PP ) TV vs PP () PP () TV () TV () TV ( vs ) TV ( vs ) TV (TV+) TV 105

18 TV TV (2005 ) TV SO ( ) PP PP (2012) PP PP ( ) (2012) (2012) HHI HHI ( ) HHI HHI ( ) 221

19 () () (, 2012) (, 2012) () () (, 2012) (, 2012) HHI (200712) HHI (200712) HHI (2012) HHI (2012) KT HHI (2012) KT OTS KT key () key (KT ) (OX) (2 ) 284

20 KT (200212) KT OTT OTT OTT OTT TV OTT TV () , PP PP (2012) PP MPP ( PP ) MPP MPP 328

21 MPP PP PP PP HHI MPP HHI PP MPP MPP (2012) (2012) HHI SO MSO PP MSO PP PP

22 % % (+PP) (+PP) ( PP ) HHI

23 A MPP (+) 409

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26 일러두기 , 2. TV,,, 3.,,, ( ( 2013

27 ( ) IPTV. (market definition),

28 (S-C-P: Structure-Conduct-Performance),,. 1) 1, 2 36,,, 3 3 ( ),,,,, 4, 1),,,

29 , 5 25,,, 6,, ,,,,,,, 2012 DMB , IPTV 1 3 DMB SK , % %,, PP ( + PP) 2)

30 PP ( % % %) PP(24%) 15.5%p PP ( % % %) PP (16.6%) 30.3%p PP, TV PP 76.2% 71.5%. PP TV 64.6% % PP, PP % %, % % 2012 TV PP 3) 2 7, %, TV 1 1,150, 1 6,079 PP 2011 TV %, TV 40.9% TV PP 2) DMB 3) PP, PP, VOD PP

31 PP (52.1%) PP ( % % % %) , % ) 63.5%, IPTV 27.9%, 16.2%, OTS 7.6% ( % %), (OTS ) ( % % % %) IPTV (OTS ) % %, OTS % 7.6% (TV+) 3 9, % KBS 1 5,040, MBC ( MBC ) 7,836, SBS 7, KBS SBS 6.2%, 4.8%, MBC( MBC) 9.6% 4) IPTV OTS 100%

32 TV , % % TV 2009 TV 2012 KBS 1 4,700, MBC 7,191, SBS 7,001, OBS 375, MBC 2,884, (OBS ) 2, TV KBS 8.8%, SBS 8.0%, MBC 2.7% 2012 TV 1 9, % KBS TV KBS 6,048, MBC 4,423, SBS 4,724, OBS 274, MBC 2,118, (OBS ) 1, (KBS, MBC, SBS) 57% 1 KBS MBC % % 2012 TV 1 1 1, % % TV KBS 3,424, MBC 2,766, SBS 3,577, OBS 176, MBC 371, (OBS )

33 467 29,, 2012 MBC 28.70%, SBS 19.67%, KBS 10.34% MBC: % %, SBS: % %, KBS: % % VOD % KBS KBS 2.50%, MBC 6.41%p 1.90%, SBS 6.11%p 5.37%.,,, IPTV % 3 6,585 () , % () IPTV KT 25.2%

34 (VOD PPV ),, ,504, 69.7% () , %, 14.3%, IPTV 27.6% 2012 ( Pre-IPTV ) 2,332 ( ) % () % %, % 1 KT (OTV Skylife ) % 602, 2.4%p 25.8% 2 CJ 332, %p %p ( 914, 2012 ) 24.6% 1,369, KT SO ( 517) 44.0%, MSO 21.5% 21.9% 0.4%p. (PP) 2012 PP 5) 2 2, % 5) PP, PP, VOD PP PP PP

35 PP 28.7% (2011 3, ,011 ) PP 8.9%% ( , ,484 ) PP 56%, 22%, 4% %p, 1%p, 1%p 2012 PP PP, PP PP (2007: : 180) 2012 CJ MPP PP 2009 CJ CJ MPP 9 (2008: ) PP 2 (2008: ) CJ MPP tvn, CGV,, Catch On, OCN, TV, NGC(National Geographic Channel), TV , , % 0.28%p 2000 ( % %),

36 PP 2012 (++ ) (9,692 ) 66% 1 6, CJ MPP PP 2012 PP CJ 5,898, SBS 1,209, MBC 718, KBS 1,120, (YTN) 139, t-broad PP CJ 5.1%, SBS 1.7%, MBC 5.6%, KBS 3.9%, (YTN) 9.6%, t-broad 23.5% PP (JTBC 217.5%, TV 105.8%, A 153.7%, MBN 66.8%) 3.., PP

37 ( ) ( ), 33 (, //VOD/ PP ) ,742, (2.1%) 3 3,332, 58.1% 3 ( ) , ,744 (8.4%)., 3,, % () 3 10% 6.4%, 3 3

38 ,, 3 PP, 3 () () (), () () () TV, TV 2.8% vs. 3.1% 2009, PP 2010 (3, PP) 3 3, ( + PP), MPP CJ MPP PP,, 3

39 3 PP 3 3( ) 35, MPP 3, 3 MPP,. 1) 2012 MBC 23.2%, SBS 22.1%, KBS 21.2%, CJ 11.4%, % % ( 4.7%p) MBC %, % %( 4.6%p) SBS % %, KBS % % % % CJ % % %, 3 KBS

40 HHI 2,000, 2012, 1,637.7, (1,500 ) HHI , , ,000, p HHI , ,500, ,320.9 PP, 3 MSO 2) 2012 SBS, (KBS, MBC ), (55), 80.0%, 54.5% (55), (66.6%) TV 14.2%( ), 19.2%

41 , (65), 37 38%(25), 64% PP (KOBACO), (55), 25.5% ( 36.4%), 27.3%( 21.8%) 3) MBC SBS, KBS ( ) MBC 2008 (1.0%), %, % % SBS %, %, %, % 2012 MBC 5.1% KBS %, % 2012 KBS 2.5% PP 3.9% CJ 11% %

42 SO PP % 2012 TV TV IPTV TV 4) 3 (), 3, PP 3 PP 2012,. 3 1) 2012 MBC( MBC ) 34.9%, SBS( ) 32.8%, KBS 32.3% MBC KBS

43 2012 : MBC 29.3%, SBS 34.4%, KBS 36.3% 3 3,300, 39 HHI 3,337.2 (60.4p), HHI 3,359.6 (24.8p),,,, PP,, MMS PP, 3 2) 2012 SBS, (KBS, MBC ), (55),

44 %, 54.5% (55), TV 19.2% ( 14.2%) (KOBACO), (55), 25.5% ( 36.4%), 27.3%( 21.8%) 3) ( ) 2012 MBC( MBC ) (8.0%) 2.3%, SBS( ) (11.9%) (6.0%) MBC KBS 3 (2.5%) 2011 (4.5%) ,

45 4) , MBC KBS 41, ( ), 2012 ( ) 4.., 220 ( ) (Pre-IPTV DMB ) , , ,480, 379, IPTV

46 () , % ,504, 2 2,377. 1),, ( TV, TV, IPTV, ) 50% TV 2) ) 2012 KT 25.8%, SO 63.5% KT 44.0%, SO 37.8%

47 , 77 HHI 4,943 4, HHI HHI 14 : (5), (1), (2), (1), (1), (1), (2), (1) HHI HHI , ,405, , ,001 ( KT ) 16 HHI, 2011(32), 13 KT KT KT 65 6, HHI 9 KT HHI 9 : (4), (1), (1), (1), (2), KT 24, HHI 13 KT 2) () 2 1, %(378) 44.0%, 32.1% % 2011(35.2%)

48 () 1, %(426) 34.3% () 2011 (44.5%), 46.6%(737) 49.7% ( ) 1, % /, 2012 () 1, %, 2012, 3) 2012 SO 112.9%, SO (ARPU) ARPU ,000, % U + TV 1 5,881, SO C&M 1 5,591 ARPU ,209, % U + TV 1 2,233, SO C&M 1 626

49 Informa (2013) 2012 OECD ARPU ARPU ARPU , ) +(),,,, + (OTS) OTS KT, 2010, IPTV OTS 2010 IPTV %, OTS 442.1% 203 KT ( )

50 ( key service ) ( key ) ( %) (key ) key, KT ( ) 2 KT ( ) KT IPTV ( ) KT ( ) KT 0.76( ), 0.82() KT 5) OTT OTT,,,, 2013

51 ,, %, TV(49.3%) TV(43.0%) 6) ,, HHI KT 2009, IPTV KT,, 5.. () ()

52 () ( ) 1) PP % (2011: 3, : 5,011 ) 2) 3 5 MSO CJ 3 10 C&M, CMB 4 t-broad HCN. 1) 510% (, ) : : :

53 (, ) 49 2) 1) 3 :, :, (KBS2, MBC, SBS) : 3 (KBS2, MBC, SBS) () (KBS2, MBC SBS ) 3 2),

54 ) 2012 CJ, MBC, SBS MPP 37.2%, 7.4%, 5.9% CR3 50.5% 5.6%p 2012 MPP CJ 1, %, PP 37.2% CJ 2011 ( % % %) 2012 ( % %) CJ (37.2%) (18.5%) (34.4%) (2009 1, , ,150) HHI 1 CJ 439 1,589 2) PP 2012 PP 1 7, % CJ PP , ,002 45%, ,294

55 51 () CJ 47.3% KBS 40.3%, MBC 38.5%, SBS 37.5% 3) 2012 PP 3.9% (1.3%) ( % % 1%p ) 3 CJ MPP, MBC MPP, SBS MPP 5.1%, 5.6%, 1.7% 4) ( ) PP 19 PP 1 2 CJ 3 OCN(0.35%), CGV(0.32%), SUPER ACTION(0.28%) CJ

56 ( ) PP 11 PP 1, 3 3 SBS ESPN, MBC SPORTS+, KBSN PP MBC MBC SPORTS+(0.250%), 23 SBS SBS ESPN(0.247%) KBS KBS N(0.246%) ( ) ( PP ) 2,263, JTBC 642, (MBN) 628, 513, A ( PP ) 1,926 1,710, , JTBC 520, 452, A 398 MBN % %, TV 0.27% 1.21%, JTBC 0.42% 1.01%, A 0.30% 0.95% ( PP ) 3,291 1,213, 1,996, TV 10.8%, PP 17% ,

57 67%, 106%, A %, JTBC 218% ( ) PP 6, (2 5,748 ) 17.6% HHI 1,992, ,000 HHI 2, CJ 12.9%, GS 13.3%, 20.1%, 11%, NS 17.3%, 10.2% 5) 2011, 1 CJ, 2, 1, 1) 6) KBS2, MBC, SBS

58 , 2) (N=82) MBC, MBC 25.24% KT (IPTV+) 602, CJ 332, t-broad 314, 6)

59 (N=1,711) 68.4%, 55 MBC 56.1%, KBS2 58.9%, SBS 60.8% 3), 4),,, 3 MSO,

60 ( ) , PP 19 ( ) 2012 PP 7,823 5,668 38% ,739 4, % PP ,084 1, %

61 . 1) () (monopsony power) 57 (monopoly power) () : :, ( ) : : () ( ) (, )

62 ). 1) 2012 (48%) 1, 10 27(4.7%) 3 (3 PP) % %p 2012 HHI 1, , ), (,, )

63 59 3) 43% % 40% 4) 3 PP 3 PP

64 IPTV,,, 1. HHI , ,590, HHI , ,001 PP 2011 (38%) (2011 5, ,823 ) HHI , ,579

65 , 61 3 ( % %, PP : % %). TV (37.7%) ( , ,229 ) IPTV SO ( % %) SO ( % %), IPTV, SO ( % %) 4.

66 ,,, TV TV % %, PP 75.6% 71.3% TV % %, PP TV 76.2% 71.5% 2011 TV %, TV 40.9% TV PP PP (52.1%) , OTT IPTV

67 63., IPTV 2013 N-Screen TV

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71 ( ) IPTV,, 7) (KISDI) 2012, ) 22 1

72 FCC Ofcom Communications Market Report CRTC Communications Monitoring Report. FCC 1934 (the Communications Act of 1934) Section 628(g) FCC (the market for the delivery of video programming) 1992 (the Cable Television Consumer Protection Act of 1992),, FCC (multichannel video programming distributors), (broadcast television stations), (OVD: online video distributors) 8), 8) MVPD (subscription fee), (air). OVD (

73 1 69,,,,,,,,, 14 OVD OVD 111 FCC : MVPD : Top5 MVPD : : FCC(2013) : : Digital channel-only HD, VOD DVR TV Everywhere. Ofcom Communications Market Report Ofcom (TV,, / ) )

74 70 Ofcom, TV,,,,, TV TV / (, BBC TV, ),, 5, (,,, ),, 5. CRTC Communications Monitoring Report CRTC (Statistics Act), (Telecommunications Act), (Broadcasting Act) (Statistics Canada) CRTC, CRTC CRTC,,,,,,,, TV,,, (, VOD, PPV ), (, ),,, (, IPTV, ),,,, TV,, TV

75 1 71. () 1973 ( ) 2 1, ICT ICT 2,,,,,,, NHK,,, NHK,,, TV ),,,,,,

76 72 2),,, 1 OTT 2, 3 1, ( : 1,711) (: ) 2, OTT, ( : 1545) ( : ) 3,,, ( : 1,583) ( ) 100,, (: ) 82,,, (: ) 3),. 1) (market definition)

77 1 73, 2) (The Hypothetical Monopolist Test) 1982 (1982 US Merger Guidelines) (), (Small but Significant and Non-transitory Increase in Price) SSNIP(Small but Significant and Non-transitory Increase in Price) 3) (CLA: Critical Loss Analysis) SSNIP, X%( 5% 10%) (CSL: Critical Sales Loss), (X=, M=) 9) CSL=X/(X + M)

78 74, (ASL: Actual Sales Loss). 1) (S-C-P: Structure-Conduct-Performance),, 2) (),,, () 9),.,,.. =,

79 1 75, 50% ( ) 40% (), CRn( n ), HHI(Herfindahl-Hirschman Index) HHI HHI, 0 10,000 HHI (1 100(%) 100(%) = 10,000, 0 ) DOJ 2010 Merger Guidelines 1,500, 2,500 (),,,,,,, 3) () () (cooperation) (collusion), ( ), ( ) ( ) ( ) ( ) (

80 76 ) 4), 2 1..,,,,,,,,, 121 : (2011)

81 1 77 (PP) SO (silo regulation) 2000 IPTV SO (, SO )

82 78. 1), IPTV SOIPTV, OTT 2)

83 1 79 SO,, IPTV SO SO, OTT,,, OTT,,,.

84 EC(European Commission) EU 1998 EC - (, 2004), 10) Ofcom (Ofcom, 2010),, 10) (2011)

85 1 81, 122 : (2013). 11) 11),,,

86 82 ( 23),, 12) SO,, IPTV, 12) (3), (5), (6)

87 1 83 (1), (2) 13) MSP, SO-PP 2. 1, 2 2 1,, TV, TV, 2 24, (SO,, IPTV), (PP),,,, 36,,, 13) (EC) (EC, 2008)

88 84,,,, ( ),,,,, 4,, 5

89 1 85,,, 6,, 7

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93 ) ,,,,,,, 2012 DMB , IPTV 1 3 DMB SK (: ) DMB DMB IPTV : 14).

94 : 2,, ( ) CJ, t-broad, C&M KT CJ E&M ( ) (. ) ( ) , % % 3.9%, DMB 7.8%, SO 8.4%, 22.2%, 9.3%, DMB 36.9%, PP 16.1%, IPTV 56.4% ( DMB ) , 2012

95 2 91 SO,, IPTV, PP DMB,, DMB 213 (: ) CAGR(%) 3,397,073 3,256,399 3,649,683 3,914,473 3,957, % DMB 15,991 11,020 14,516 16,897 11, % 1,679,519 1,804,719 1,928,473 2,116,851 2,316, % 11,720 12,106 9,284 5,375 4, % 349, , , , , % DMB 119, , ,372 95,380 18, % PP 3,053,732 3,300,369 3,960,170 4,717,690 5,548, % IPTV 220, , , , % 8,627,194 9,088,779 10,439,341 11,856,715 13,198, % : CAGR (4), IPTV (3) CAGR. : ( + PP) 15), PP % %, PP(,, PP ) 31.1% 36.5% PP 2012 (36.5%) PP (35.7%) PP % % 10.0%p PP, 2009 (36.5%) (36.9%) 15) DMB

96 (,, PP ) (: %) : PP PP, (TV, )PP PP, DMB,,, (DMB ), IPTV : 212 (,, PP ) : PP PP, (TV, )PP PP (SBS ), DMB,,, (DMB ), IPTV :,, PP ( + PP) 16) PP ( % % 16) DMB

97 %) PP(24%) 15.5%p PP ( % % %) PP (16.6%) 30.3%p. TV 17) (,, PP ) 2012,, PP PP TV 5 8, %,, PP TV TV PP 213 TV vs (,, PP ) : 1) KBS, MBC, SBS, EBS, OBS, 9, MBC 18 TV 2) PP KBS, MBC, SBS PP 3) PP PP, PP, DP PP : TV TV % 3 ( % % % 17) TV TV PP(,, PP )

98 %) 2012 TV 3 ( % % % %) TV 18) 3 1, % 214 TV vs : 1) KBS, MBC, SBS, EBS, OBS, 9, MBC 18 TV.,, DMB 2) PP KBS, MBC, SBS PP 3) PP, PP, DP PP : PP, TV PP 76.2% 71.5%. PP TV 64.6% % 18) PP, PP, PP, VOD only PP PP

99 TV PP. PP % % % % 215 PP () : 1) (06:0012:00, 16:0024:59), (06:00 24:59), 24 2) PP KBS, MBC, SBS, EBS(EBS 1/2, EBS English), OBS(OBS W) PP 3) PP : AGB PP % %, ( PP ) % %

100 PP () 90.0% 85.6% 81.1% 77.2% 80.0% 70.0% 74.0% 69.3% 69.2% 67.4% 65.2% 65.1% 64.0% 63.6% 100.0% 90.0% 80.0% 89.3% 86.5% 83.7% 81.6% 78.6% 77.9% 77.4% 76.1% 75.8% 74.6% 72.6% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 14.4% 18.9% 22.8% 26.0% 30.7% 30.8% 32.6% 34.8% 34.9% 36.0% 36.4% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 10.7% 13.5% 16.3% 18.4% 21.4% 22.1% 22.6% 23.9% 24.2% 25.4% 27.4% 0.0% % 지상파채널 유료방송채널 지상파 + 계열 PP 유료방송채널 ( 지상파계열제외 ) : 1) (06:0012:00, 16:0024:59), (06:00 24:59), 24 2) PP KBS, MBC, SBS, EBS(EBS 1/2, EBS English), OBS(OBS W) PP 3) PP : AGB 2012 TV 501, 281, 220 1, , TV 190, 108, 82 8, , 67 12

101 TV () (: ) 지상파채널 유료방송채널 지상파 + 계열 PP 유료방송채널 ( 지상파계열제외 ) : 1) PP KBS, MBC, SBS, EBS(EBS1/2, EBS English), OBS(OBS W) PP 2) 3) PP : AGB 218 TV () (: ) 지상파채널 유료방송채널 지상파 + 계열 PP 유료방송채널 ( 지상파계열제외 ) : 1) PP KBS, MBC, SBS, EBS(EBS 1/2, EBS English), OBS(OBS W) PP 2) 3) PP : AGB TV % 1%p

102 98 + PP 66.1% 1.8%p 219 TV ( vs ) (:, %) 80.0% 70.0% 60.0% 71.6% 66.4% 63.1% 60.9% 61.0% 60.9% 58.5% 56.4% 57.2% 55.1% 56.1% % 80.0% 70.0% 76.6% 73.5% 71.5% 70.7% 72.0% 70.5% 69.8% 68.7% 69.5% 67.9% 66.1% % % % 30.0% 20.0% 10.0% 0.0% 41.5% 43.6% 42.8% 44.9% 43.9% 39.1% 39.0% 39.1% 36.9% 33.6% 28.4% % 40.0% 30.0% 20.0% 10.0% 0.0% 23.4% 26.5% 28.5% 29.3% 28.0% 29.5% 30.2% 31.3% 32.1% 33.9% 30.5% 지상파 + 유료방송채널합계지상파채널유료방송채널 지상파 + 유료방송채널합계지상파 + 계열 PP 유료방송채널 ( 지상파계열제외 ) : 1) PP KBS, MBC, SBS, EBS(EBS 1/2, EBS English), OBS(OBS W) PP 2) 3) PP : AGB 2110 TV ( vs ) (:, %) 80.0% 70.0% 73.5% 68.9% 65.4% 63.2% 62.8% 62.6% % 80.0% 77.1% 75.3% 73.8% 71.6% 73.4% 71.3% 71.0% 69.8% 69.2% 68.4% % 60.1% 57.7% 58.8% 57.5% 56.8% % 64.7% % 40.0% 30.0% 20.0% 10.0% 0.0% 39.9% 42.3% 41.2% 42.5% 43.2% 36.8% 37.2% 37.4% 34.6% 31.1% 26.5% % 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 22.9% 24.7% 26.2% 28.4% 28.7% 26.6% 29.0% 30.2% 30.8% 31.6% 35.3% 지상파 + 유료방송채널합계지상파채널유료방송채널 ( 홈쇼핑 PP 제외 ) 지상파 + 유료방송채널합계지상파 + 계열 PP 유료방송채널 ( 지상파계열 ) : 1) PP KBS, MBC, SBS, EBS(EBS 1/2, EBS English), OBS(OBS W) PP 2) 3) PP : AGB

103 2 99 TV % 0.7%p + PP 64.7% 3.7%p 4. TV 2012 TV PP 19) 2 7, %, TV 1 1,150, 1 6,079 PP 214 TV PP (: ) TV 8,167 8,487 8,697 7,037 9,409 9,569 11,150 PP 2,975 3,944 4,829 5,060 7,146 10,209 16,079 11,142 12,431 13,526 12,097 16,554 19,778 27,229 : 2011 TV %, TV 40.9% TV PP PP (52.1%) PP 2012 ( % % % %) 19) PP, PP, VOD PP

104 TV : 1) KBS, MBC, SBS, EBS, OBS, 9, MBC 18 TV 2) PP KBS, MBC, SBS PP 3) 2011 PP, DP PP(TV, PP) : , % (: ) :, (OTS), IPTV(OTS), OTS : 2007, 2008

105 ) 63.5%, IPTV 27.9%, 16.2%, OTS 7.6% ( % %), (OTS) ( % % % %) IPTV(OTS) % %, OTS % 7.6% 2113 : (= + (OTS ) + IPTV(OTS )OTS) : 2007, (TV+) 3 9,572 20) IPTV OTS 100%

106 % KBS 1 5,040, MBC ( MBC ) 7,836, SBS 7, KBS SBS 6.2%, 4.8%, MBC( MBC) 9.6% 221 (TV+) 3 (:, %) KBS 12, , , , , MBC 7, , , , , SBS 5, , , , , , , , , , EBS , , , MBC 3, , , , , , , , , , , , , , , , , , , , , , , , , :,, KBS 5 MBC

107 SBS (TV+) (: ) 16,000 14,000 12,000 12,624 12,720 13,618 14,157 15,040 10,000 8,000 6,000 4,000 2,000 8,359 7,702 7,424 6,486 5,831 5,380 9,500 9,339 8,623 7,349 8,672 7,836 6,650 7,021 7, KBS MBC SBS 기타 : EBS, MBC,, :,,,,,, , %, (+) 2 5, % , ,376, % %

108 (TV+) (:, %) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , :,. TV TV , % % TV 2009 TV 2012 KBS 1 4,700, MBC 7,191, SBS 7,001, OBS 375, MBC 2,884, (OBS ) 2, TV KBS 8.8%, SBS 8.0%, MBC 2.7%

109 TV (:,%) CAGR(%) KBS 10,501 10,531 13,340 13,701 14, % MBC 6,471 5,677 6,569 7,759 7, % SBS 5,153 5,092 6,283 6,638 7, % EBS ,142 1,217 1, % OBSTV() % MBC 2,955 2,615 3,036 3,054 2, % (OBS) 1,668 1,785 1,835 1,935 2, % 27,736 26,776 32,512 34,640 35, % : TV TV :, 222 TV (: ) 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, ,700 13,340 13,701 10,501 10,531 7,759 7,191 6,471 6,569 5,677 6,542 7,001 6,320 5,611 6,838 5,476 6,283 6,638 5,153 5, KBS 서울MBC SBS 기타 : EBS, MBC,, OBS TV :,. TV 2012 TV 1 9, % KBS TV KBS 6,048, MBC 4,423, SBS

110 106 4,724, OBS 274, MBC 2,118, (OBS ) 1, TV (:,%) CAGR(%) KBS 5,734 5,048 4,974 5,637 5,774 6, % MBC 5,535 4,979 3,956 4,628 5,387 4, % SBS 5,063 4,586 3,952 4,827 5,010 4, % EBS % OBS TV() % MBC 2,786 2,613 2,222 2,465 2,678 2, % (OBS ) 1,786 1,592 1,370 1,411 1,604 1, % 21,213 19,164 16,897 19,523 21,053 19, % : TV TV(DMB ) : 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3, TV (: ) 5,535 5,063 5,734 4,882 5,048 4,979 4,586 4,550 4,974 3,956 3,952 5,637 4,827 4,015 4,430 4,628 5,774 5,010 4,883 5,387 6, KBS 서울MBC SBS 기타 4,724 4,423 4,175 : EBS, MBC,, OBSTV : (KBS, MBC, SBS) 57% 1 KBS

111 MBC % % (: %) KBS KBS MBC SBS : AGB MBC(4.67%) YTN(0.65%) (: %) 1 KBS KBS SBS MBC EBS YTN MBC MBN 0.55 : 24, 06:00 24:59:59 : AGB

112 108 PP TV TV ( % % %) 2000 ( % % % %) 224 : 1) (06:0012:00, 16:0024:59), (06:0024:59), 24 2) PP KBS, MBC, SBS, EBS(EBS 1/2, EBS English), OBS(OBS W) PP 3) PP : AGB TV 1 1 1, % % TV KBS 3,424, MBC 2,766, SBS 3,577, OBS 176, MBC 371, (OBS ) 467

113 TV 5.6% 3 TV KBS 1.7%, MBC 6.3%, SBS 7.6% 227 TV (: ) CAGR KBS 315, , , , , , % MBC 203, , , , , , % SBS 247, , , , , , % EBS 25,157 30,355 26,013 38,901 30,890 36, % OBS 26,099 17,493 17,959 17,530 17, % MBC 31,089 32,401 29,997 32,970 35,395 37, % (OBS) 25,944 29,587 21,259 22,813 29,217 46, % 848, , , , ,899 1,115, % : 4.,,, ( , ,760 )

114 TV (2005 ) (: ) : GDP deflator(2005=100) 2005 :, TV 2012 MBC 28.70%, SBS 19.67%, KBS 10.34% MBC: % %, SBS: % %, KBS: % % VOD

115 TV : % KBS KBS 2.50%, MBC 6.41%p 1.90%, SBS 6.11%p 5.37% % 1.04% 2.95% 1.56% 3.78% 4.17% 1.34% KBS 1.31% 3.76% 7.34% 1.63% 1.03% 4.51% 2.50% MBC+ 0.06% 2.00% 2.00% 0.90% 7.93% 8.01% 2.34% SBS % 6.85% 2.41% 4.81% 2.63% 11.86% 5.96% MBC 1.35% 3.05% 0.57% 0.91% 8.15% 8.31% 1.90% MBC 2.13% 0.16% 6.55% 4.06% 7.55% 7.40% 3.21% SBS 9.47% 5.11% 0.91% 2.79% 0.63% 11.48% 5.37% % 11.52% 6.45% 10.37% 12.80% 13.00% 7.79% : 3 MBC MBC

116 (KBS, MBC, SBS) 1,028 43% KBS 2012 MBC SBS 31.8%, 50.2% KBS SBS (: ) KBS MBC , SBS ,802 1,028 EBS MBC ,453 1,995 : OBS : ) SO 92, 1, IPTV 3

117 () ()t-broad, ()C&M TV JCN() SO SO IPTV : : 2) SO SO, MSO SO SO, t-broad CJ C&M HCN CMB GS MSO SO SO SO : 1) t-broad() ) HCN CJ()TV, ) ()C&M TV JCN() / C&M 1 :

118 SO ( ). 1) (),,, () SO 73.3% IPTV () , % () Skylife IPTV TV(OTV) KT 25.2%

119 (2012) (A) (B) A/B (: ) t-broad 5, % 8.5% 7, % CJ 5, % 14.5% 9, % C&M 4, % -3.4% 5, % HCN 2, % 11.9% 2, % CMB 1, % 13.6% 1, % MSO 19, % 7.7% 26, % SO 3, % 19.4% 4, % SO 23, % 9.4% 31, % Skylife 4, % 33.6% 5, % OTV 4, % 34.4% 237, % KT 9, % 34.0% SKB TV 2, % 40.3% 24, % LG U + TV 2, % 32.0% 109, % IPTV 8, % 35.3% 371, % 36, % 17.5% 408, % : IPTV IPTV Live VOD : 2013,, IPTV IR 2) () ,680 () SO 7,089, 641, IPTV () 23.7% SO 30.6% 12.8% IPTV % ( ) SO 30% % %, % 2011, 2012

120 (2012) (A) 2011 (B) B/A (A) 2012 (B) (: ) t-broad 5,384 1, % 5,842 1, % CJ 5,031 1, % 5,763 1, % C&M 4,741 1, % 4,582 1, % HCN 1, % 2, % CMB 1, % 1, % MSO 18,133 4, % 19,537 6, % SO 3, % 3, % SO 21,169 5, % 23,163 7, % Skylife 3, % 4, % OTV 3, % 4, % SKB TV 1, % 2, % LG U + TV 1, % 2, % IPTV 6, % 8, % 31,137 6, % 36,585 8, % : IPTV IPTV Live VOD : SO, 2012, IPTV 2013 B/A 3) () (VOD PPV ),, () , % () , % 14.3%, IPTV 27.6% () IPTV KT 28.6%, t-broad 14.4%, CJ 13.9% KT, IPTV 14.3%

121 (2012) (: ) (A) (B) A/B t-broad 3, % 1.1% 5, % CJ 3, % 7.6% 5, % C&M 3, % 4.2% 4, % HCN 1, % 3.8% 2, % CMB % 3.0% 1, % MSO 12, % 1.4% 19, % SO 2, % 17.0% 3, % SO 14, % 3.7% 23, % Skylife 3, % 10.8% 4, % OTV 3, % 4, % KT 7, % 9, % SKB TV 1, % 2, % LG U + TV 1, % 2, % IPTV 7, % 8, % 25, % 36, % : IPTV = + PPV, VOD + + :, 2012, IPTV ) (),, VOD, () , % () , % 15.8%, IPTV 30.2% () IPTV KT 31.8%, t-broad 14.2%, CJ 11.8%

122 (2012) (: ) (A) (B) A/B t-broad 3, % 2.7% 3, % CJ 2, % 3.4% 3, % C&M 2, % 8.2% 3, % HCN 1, % 1.2% 1, % CMB % 2.8% % MSO 9, % 2.1% 12, % SO 2, % 13.9% 2, % SO 12, % 0.4% 14, % Skylife 3, % 10.2% 3, % OTV 3, % 3, % KT 7, % 7, % SKB TV 1, % 1, % LG U + TV 1, % 1, % IPTV 6, % 7, % 22, % 25, % :, VOD PPV :, 2012, IPTV ) VOD () 2012 VOD 2,847 () IPTV 3 VOD 1,997, SO 850 () VOD 12.7% IPTV % SO 7.0% VOD ( ) SO VOD % 1%p, ( 2.7%p )

123 VOD (2012) (: ) (A) VOD (B) B/A (A) VOD (B) B/A t-broad 3, % 3, % CJ 2, % 2, % C&M 2, % 2, % HCN 1, % 1, % CMB % % MSO 10, % 9, % SO 1, % 2, % SO 12, % 12, % OTV 3,217 3,574 1, % SKB TV 1,046 1, % LG U + TV 1,049 1, % IPTV 5,312 6,756 1, % 17,336 22,377 2, % : 1) SO VOD VOD 16 2) 2012 IPTV PPV VOD : 2012, 2012, VOD, IPTV () 2012 ( Pre-IPTV ) 2,332 ( ) 8.1% () % %, % (OTS) IPTV KT OTS(TV)

124 (: ) 20,382, % 21,579, % 23,320, % 24,303, % 14,859, % 14,777, % 14,798, % 14,843, % 11,482, % 10,592, % 9,629, % 9,141, % 3,376, % 4,185, % 5,169, % 5,701, % 2,825, % 3,260, % 3,789, % 4,005, % IPTV 3,072, % 4,553, % 6,505, % 7,487, % OTS 374, % 1,011, % 1,772, % 2,032, % : + + IPTV Live - OTS Live. OTS Live OTS Live IPTV : 2013,, OTS, IPTV KT (:, ) t-broad 3,510 3,233 3,246 3,220 3,468 3,426 3,234 3,137 3,139 3,126 CJ 1,719 2,493 2,818 2,975 3,001 2,952 3,002 3,405 3,322 3,549 C&M 1,957 2,378 2,460 2,511 2,590 2,728 2,639 2,697 2,449 2,470 HCN ,293 1,298 1,480 1,351 1,338 1,312 1,423 1,284 CMB 1,669 1,172 1,280 1,353 1,230 1,287 1,286 1,346 1,350 1,338 MSO 9,723 10,120 11,096 11,356 11,769 11,744 11,499 11,898 11,683 11,767 SO 3,771 3,897 3,310 3,425 3,259 3,398 3,360 2,880 3,116 3,076 SO 13,495 14,017 14,407 14,781 15,029 15,142 14,859 14,778 14,799 14,843 KT 1,841 1,896 2,017 2,131 2,302 3,466 4,178 5,059 6,024 6,431 OTV Live 1,009 1,727 2,810 4,007 4,458 Skylife 1,841 1,896 2,017 2,131 2,302 2,457 2,826 3,261 3,790 4,006 (OTS live) 375 1,012 1,773 2,033 B tv Live ,445 1,727 U + TV Live ,053 1,302 IPTV ,741 3,072 4,553 6,505 7,487 15,336 15,913 16,424 16,912 17,332 19,341 20,382 21,580 23,321 24,303 : 1) SO 2004, ) t-broad, CJ, C&M GS SO 3) KT OTV + OTS Live, IPTV OTV + B tv + U + TV, SO + KT + B tv + U + TV : 2013,, OTS, IPTV

125 , 78.2%, 77.9%, (53.1%), (54.0%), (55.4%), (56.9%), 2310 (:, ) (A) IPTV(live) (B) (C) OTS(live) (D) (A + B + CD) ,777,993 14,798,725 4,553,363 6,505,300 3,260,579 3,789,597 1,011,963 1,772,629 21,579,972 23,320,993 2,992,918 2,958,012 1,111,287 1,312, , , , ,003 4,380,109 4,498,412 1,194,398 1,214, , , , ,091 83, ,037 1,559,582 1,714, , , , ,317 59,346 78,597 24,571 48,997 1,021,214 1,086, , , , , , ,926 55,390 93,940 1,095,328 1,205, , ,757 99, ,621 46,193 57,992 16,753 31, , , , , , ,001 50,526 58,424 17,270 28, , , , ,025 76, ,753 44,896 63,586 23,876 44, , ,558 2,846,272 2,853,933 1,091,028 1,809, , , , ,776 4,505,397 5,150, , , , , , ,084 54,110 87, , , , , , , , ,112 35,997 61, , , , , , , , ,781 56,693 97, ,606 1,061, , , , , , ,264 48,083 79, , , , , , , , ,137 50,851 93, , , , , , , , ,756 51,567 98,422 1,229,112 1,325,730 1,227,502 1,260, , , , , , ,583 1,692,474 1,833, , ,324 65,642 88,585 41,320 46,515 20,442 31, , ,216 : 2013,, OTS, IPTV MSO 21.5% 21.9% 0.4%p CMB 27.1%, t-broad 25.9%, HCN 22.0%, C&M 21.5%, CJ 16.8% %p

126 122 MSO (ROA) 8.3%, CMB 17.6% CMB t-broad, HCN, CJ 12.2%, 9.0%, 6.0% EBITDA 21) SO 30%, MSO(32.9%) SO(18.5%) SO CJ(18.8%), MSO 33.0%(HCN) 43.2%(C&M) 3 IPTV 2311 (: ) EBITDA t-broad 1,799 2, % 25.9% 1,557 1, % 12.2% 40.1% 41.1% CJ 1,572 1, % 16.8% 977 1, % 6.0% 42.4% 18.8% C&M 1,166 1, % 21.5% % 3.9% 44.8% 43.2% HCN % 22.0% % 9.0% 44.1% 33.0% CMB % 27.1% % 17.6% 40.5% 36.3% MSO 5,283 5, % 21.5% 3,579 4, % 8.3% 42.4% 32.9% SO % 10.2% % 5.0% 28.4% 18.5% SO 5,640 6, % 19.9% 3,841 4, % 7.8% 40.4% 30.8% % 12.2% % 9.0% 21.1% 23.5% KT 16,659 10, % 5.7% 12,891 7, % 2.7% 24.2% 22.4% SKBroadband % 3.0% % 0.9% 19.2% 18.2% LG U + 2,778 1, % 1.2% 809 (626) 0.7% 0.6% 16.5% 13.5% : 1) = /, = /, EBITDA = EBITDA /, EBITDA = ) KT, SKB, LG U + :,, 2012, IPTV (IPTV 2011 : ) 21) EBITDA,, ( ) EBITDA (EBITDA )

127 (PP) PP 22) 2 2, % PP 28.7% (2011 3, ,011 ) PP 8.9%% ( , ,484 ) 241 PP (: ) : 1) 2005 PP PP PP(DP) PP 2), VOD ),,,, : 22) PP, PP, VOD PP PP PP

128 PP (CAGR) 20.0% % 241 PP PP PP PP (: ) ,206, % 432, % 773, % ,580, % 609, % 971, % ,047, % 773, % 1,273, % ,336, % 998, % 1,338, % ,736, % 1,246, % 1,490, % ,959, % 1,406, % 1,553, % ,204, % 1,290, % 1,914, % ,773, % 1,612, % 2,161, % ,430, % 1,855, % 2,574, % ,265, % 2,236, % 3,028, % CAGR (200312) 17.8% 20.0% 16.4% : 1) PP,,,,,,,, 2) PP PP VOD only, PP, PP PP :. PP 56%, 22%, 4% %p, 1%p, 1%p 23)

129 PP (2012) : 1) 2005 PP PP PP(DP) PP 2), VOD ) : (2013), 2013 PP PP 19% % %, % % IPTV SO ) IPTV, SO SO 25% PP PP 23) 2009 PP 13.7% (8,747 7,548 ) 18.2% (2,808 3,318 ) 24) KT , SK Broadband LGU IPTV

130 PP (: ) : 1) 2005 PP PP PP(DP) PP 2), VOD ) : PP PP, PP PP (: ) () : 1) (SBS, CBS,, TBN, TBS,, EBS, ), DMB 2(DMB, YTN DMB), 1(KT) 2) PP PP 1, PP 4 3) DP SK Broadband, KT,,, TV :

131 2 127 PP ( ) PP PP MPP 2012 CJ MPP PP 2009 CJ CJ MPP 9 ( ) PP 2 ( ) CJ MPP tvn, CGV,, Catch On, OCN, TV, NGC(National Geographic Channel), TV 2012 t-broad MPP 10 4 PP t-broad ( ) CJ 2 t-broad MPP,, FX, MPP PP MPP (: ) PP PP PP PP PP PP CJ t-broad MBC SBS KBS : 1) 2008 CJ (30, ) 2) PP PP, DP PP 3) t-broad t-broad 2006 MPP 4) :

132 128 MBC MBC, MBC SPORTS PLUS, MBC KBS KBS Drama, KBS N Sports, KBS Joy SBS SBS, SBS GOLF, SBS ESPN , PP (: ) : VOD only, PP, PP PP : 2011, , % 0.28%p 2000 ( % %),

133 ( ) (: %) : 1),, SO / ( ) 2) :0011:59:59, 16:0024:59:59, :0024:59:59 3) 24 : AGB,,,, PP, 2011 YTN 3 SBS (: %) MBC MBC MBC MBC MBC MBC MBC MBC SBS KBS SBS KBS YTN MBC

134 OCN 4 SBS SBS KBS KBS SBS KBS SBS 5 YTN 6 OCN KBS YTN YTN YTN SBS MBN KBS CGV OCN SBS YTN YTN tvn tvn A KBS KBS YTN OCN Champ tvn SBS SUPER 7ACTION 8 YTN JEI TV Champ OCN OCN CGV OCN CGV JEI 9 TV JEI TV CGV CGV tvn CGV OCN CGV SUPER ACTION SUPER ACTION XTM CGV E TV mbn JTBC tvn TV MBC MBC 10SPORTS + SPORTS + XTM tvn XTM MBC every1 KBS JOY : AGB TV OCN 3. PP 2012 (++ ) (9,692 ) 66% 1 6, CJ MPP PP 2012 PP CJ 5,898, SBS 1,209, MBC 718, KBS 1,120, (YTN) 139, t-broad 531

135 PP (: ) CJ 136, , , ,777 t-broad ,530 56,863 53,062 KBS 6,909 40,923 68, ,021 MBC 37,366 53,816 41,500 71,775 SBS 28, , , ,890 10,651 5,925 7,823 13,943 JTBC 14,530 99,403 TV 5,120 90,067 A 10,372 64,265 MBN 11,290 75,902 PP 401, , ,186 1,607,921 : 1) 2011 MBN MBN MBN 2) PP PP PP, PP PP DP PP 3) TV, A, JTBC, MBN : PP CJ 5.1%, SBS 1.7%, MBC 5.6%, KBS 3.9%, (YTN) 9.6%, t-broad 23.5% PP (JTBC 217.5%, TV 105.8%, A 153.7%, MBN 66.8%)

136 MPP (:, %) CJ 668,018 1,155,498 1,354,923 47,483 78,969 69, % 6.8% 5.1% t-broad 72,370 87,417 90,342 23,897 19,924 21, % 22.8% 23.5% MBC 181, , ,124 15,254 22,872 10, % 11.3% 5.6% SBS 248, , ,594 9,021 6,739 4, % 2.8% 1.7% KBS 125, , ,120 17,473 12,814 6, % 9.3% 3.9% 116, , ,896 11,941 18,400 11, % 14.8% 9.6% JTBC 8,338 64,222 37, , % 217.5% TV 6,906 51,344 11,471 54, % 105.8% A 7,977 48,000 31,040 73, % 153.7% MBN 61,372 62, , % 66.8% PP 2,952,845 4,437,790 5,014, ,151 59, , % 1.3% 3.9% PP ( ) 4,353,197 4,788, , , % 2.4% : 1) PP PP PP, PP DP PP 2) PP 2009 CJ 3) 2007 t-broad t-broad, 4) PP, VOD 5) 2011 MBN MBN MBN, :

137 2 133,, 2011 ( % %), PP 2%p ( % %) TV 3 5, % TV TV % 3 ( % % % %) 2012 PP TV 3 ( % % % %) 2011 PP TV 2012, PP (52.1%) TV : , ,150, PP : , ,079 ) PP,, 2012 PP 38.1% 37.7%, PP 26.8% 28.8% 2%p 2012 PP 25), 25) PP, PP, VOD PP PP

138 % 2 2,366 PP 2012 (9,692 ) 66% 1 6,079. IPTV 2009 IPTV MSO 1 2 IPTV %, (963) (2011 1, % ) % % 5%p 2009 IPTV 58.7%, HHI , ) ( 1, 1, IPTV 3), IPTV IPTV MSO MSO 17.5% %p ) SO 6

139 2 135,,,, PP,, PP PP. KT 2009 IPTV KT KT

140 %, 44.0% KT, 2007, +, + (, OTS) 3 5 MSO. PP PP MSP PP PP

141 2 137,,

142

143

144

145 , PP() () (), () () ( ) ( ),,,,,,

146 142 () SSNIP., PP,,,,,, () () 2012 () SBS 10, KOBACO KBS MBC PP () (Que-tone ): TV//IPTV PP IPTV SO SO ( ) KOBACO,

147 3 143 SO,. (), (3 ) ( ) 3, PP, MPP/MSP 2.. () ( ),,, (media mix) (awareness), (attitude) (GRP), GRP(gross rating point) = (reach) (frequency)

148 144 ( ), ( ),,, TV /, : 44.5% 36.9%, 33.9% 22.1%, 2.4% 22.1% () ( ) (captive audience),,

149 3 145 ( ) (, 2013c), TV 10% TV 3.0% ( 41) TV 52.1%, 5.4% TV 56.1%, 22.0% PP, PP, PP, (10% ) PP(30% ) PP 40% 1 60% ,796, 2 1,801 (60.9%) (2013 ),,,

150 146, % %,, Ofcom( ) TV ( ),, TV VOD TV, 27),,, ( ) 6.7%, VOD, 27) Ofcom( ) TV, TV

151 ( ) 3 ( ) ( ), (media mix) (target audience) ( ) 3,, ( ) / 3 ( ) 3 KOBACO, 3,,

152 148, (GRP),, 3 (), 2012 MBC % 40.8%, 43.3% /, () 3, %, MPP 1% ( %)

153 PP (: %) KBS KBS MBC SBS OBS EBS MBC KBS SBS Tooniverse YTN OCN tvn CGV E : 1) 24 2) OBS(200307) (itv) : AGB, DATABASE(ARIANNA) () , CJ E&M 2 3, % 3 (C) (, SSA), C 2012, 3 SA 61.3%, A 21.6%, B

154 %, C 4.8% 312 (2012) (: ) SA A B C KBS2 8,715 15,300 2,790 10, , ,070 MBC 7,905 13,605 2,790 9,150 1,665 8, ,745 SBS 9,120 13,200 2,850 9,720 1,260 5, ,950 EBS 450 1, , OBS 1,155 1, : 15 : KOBACO/ 313 (: ) SA A B C JTBC 3,348 8, MBN 3,750 7, : 15 : (JTBC , MBN ) 314 (: ) SSA1 SSA2 SSA3 SA A B CGV* tvn* OCN* KBS 1, MBC 1,500 1,250 1,000 SBS* 1, KBS MBC SBS* YTN News-Y : 1) 15 2) 1.52 : PP ( ), * CGV, tvn, OCN, SBS, SBS( )

155 (2012) (:, %) SA A B C KBS (, %) MBC (, %) SBS (, %) 379, ,155 75,389 25, ,025 (62.9) (20.4) (12.5) (4.2) (100.0) 366, ,073 97,823 31, ,645 (56.3) (23.8) (15.0) (4.8) (100.0) 310,998 94,084 39,390 26, ,565 (66.1) (20.0) (8.4) (5.5) (100.0) (, %) 1,056, , ,602 82,995 1,724,235 (61.3) (21.6) (12.3) (4.8) (100.0) : 3 (,, ID,,,, ) : KOBACO/ ( ) (, 2013c), TV 10% TV 2.8% ( 41) TV 27.1%( 3.5% + () 23.6%), 24.6%, 10% 3.1% 9.2% TV, 51.8%, 10% 6.4% 28.8% TV, 12.0%, 22.6% TV () 65.9%,

156 % 58.5%, 46.3% ( ) MBC MBC SBS KBS (), MBC MBC 50% KNN 9 SBS SBS 1 69%, 2 71%, 3 77% SBS, MBC/SBS KBS KBS () MBC/SBS MBC () (), ( MBCSBS) () ( ) MBC MBCSBS (EBS OBS) EBS OBS 3, PP EBS OBS 3

157 EBS 53.5% OBS 87.8% ( PP) MPP PP ()JTBC 7,555 51,995 ()A 5,311 26,824 () 52,815 55,550 () 5,914 36,612 PP 4 71, ,981 : ( TV(111) ) :, 2012 (: ) 4 1 MPP PP 10, 15 () PP SO, IPTV PP () 2012 SO 1,099 ( 3.1%, IPTV ), 145 ( 0.4%, IPTV ) SO, IPTV

158 154, TV// 3%(6 6) 3,,,,,, % () 3 10% 6.4%,

159 3 155,, PP, 3 () () (), () () () Whole Food (2008): 28) TV, TV 2.8% vs. 3.1%( % vs. 7.9%) 2009, PP 2010 (3, PP) 3, ( + PP) 28) FTC v. Whole Foods Markets, Inc., 533 F.3d 869(D.C Cir. 2008)

160 156,, MPP CJ MPP PP,, PP 3( ) 3 3, MPP, MPP, 3. ( ),

161 3 157 // ( ), PP, MPP/MSP 3 3 3(key station ), MPP MSP 311

162 ),, , , % (10.9%) , GDP % %, % (, ECOS) (:, %) (, %) TV 21,076 18,997 16,709 19,307 20,775 19,307 (19.8) 2,807 2,769 2,231 2,565 2,604 2,385 (2.4) (A) 23,883 21,766 18,940 21,872 23,379 21,655 (22.2) 17,801 16,581 15,007 16,729 17,092 16,543 (16.9) 4,841 4,804 4,388 4,889 5,236 5,076 (5.2) (B) 22,642 21,385 19,395 21,618 22,328 21,620 (22.1) 4(A+B) 46,524 43,151 38,335 43,490 45,707 43,258 (44.3) 6,793 6,395 6,248 7,494 8,448 9,105 (9.3) 4, 7,873 7,663 8,115 8,881 9,327 9,269 (9.5) TV(a) 8,297 8,600 7,794 9,649 11,741 13,218 (13.5) SO(b) (0.7) (c) (0.1) IPTV(d) (0.2) TDMB(A1) (0.2) 10,200 11,900 12,430 15,470 18,560 19,540 (20.0) (2.1) 18,706 20,762 21,133 26,343 32,124 36,046 (36.9) 79,897 77,971 73,831 86,208 95,606 97,706 (100.0) (a+b+c+d) 8,417 8,748 8,527 10,597 12,697 14,238 (14.6) (A+a+b+c+d+A1) 32,388 30,628 27,643 32,740 36,343 36,071 (36.9) :,

163 % ( ) % TV 2) 29) SOIPTV,, PP 3, 3, 3 SO KBS, MBC, SBS 3 KBS, 30) MBC 18, 31) SBS 9 29), TV/, (/PP ), //VOD/ PP 30) KBS ) MBC 18 MBC 50% (2011

164 160 () 3, MBC MBC SBS 32), (key station) 3 EBS OBS 322 (:, %) ,090,552 2,926,415 2,574,177 3,071,660 3,402,974 3,333,203 2,121,348 1,916,402 1,689,727 1,952,257 2,105,281 1,937,027 (, %) (68.6) (65.5) (65.6) (63.6) (61.9) (58.1) 3 2,090,384 1,881,848 1,647,439 1,896,854 2,045,164 1,874,355 (, %) (67.6) (64.3) (64.0) (61.8) (60.1) (56.2) DMB 3,133 4,064 5,082 7,737 8,910 7,545 11,810 9,695 11,348 15,605 12,234 14,498 DMB 2,137 4,094 3,300 4,510 1, , , , , , ,924 IPTV 3,476 12,361 13,594 15, , , , ,016 1,146,794 1,248,403 : 1) (%) 2),, /PP, //VOD/ PP : TV, IPTV PP MBC MBC MBC MBC 18 ) 32) () (KOBACO), 2012 () SBS

165 3 161 (, //VOD/ PP ) 33) , (2.1%) 3 3,332, 58.1%. 1) 323 (: ) , , , , , ,784 KBS PP 43,830 61,614 70,981 89,570 97, , , , , , , , , , , , , ,143 MBC PP 111, ,702 97, , , , , , , , , , , , , , , ,428 SBS PP 93,624 96,433 94, , , , , , , , , ,971 CJ 378, , , , , , ,339,043 2,161,597 1,910,335 2,224,758 2,421,437 2,213, ,717,705 2,489,152 2,153,283 2,549,692 2,803,670 2,594,482 3,090,552 2,926,415 2,574,177 3,071,660 3,402,974 3,333,203 : 1),, /PP, //VOD/ PP 2) CJ :, 3 MBC, SBS, KBS ( PP ) ,138 ( 8.6%) ) IPTV 3 VOD 2011 (/)

166 162, 2012 PP 3 PP , ,394 ( 9.8%) MBC , ,455, ,728 ( 18.3%) SBS , , ,360 ( 8.1%), KBS , ,050 ( 4.4%) CJ MBC, SBS, , ,807 ( 0.4%) 324 (: ) KBS MBC SBS 637, , , , , ,949 PP 43,830 61,614 70,981 89,570 97, , , , , , , , , , , , , ,310 PP 117, , , , , ,939 1,023, , , ,856 1,037, , , , , , , ,365 PP 97,846 98,219 98, , , , , , , , , ,772 CJ 407, , , , , , ,566,869 2,419,326 2,183,435 2,497,954 2,692,946 2,532, ,974,704 2,770,336 2,453,151 2,857,377 3,124,568 3,000,167 3,390,988 3,249,221 2,908,439 3,421,990 3,750,127 3,824,631 : 1),, /PP, //VOD/ PP 2) CJ :,

167 3 163, , , , ,328 ( 6.0%) 3 PP , ,806 ( 2.1%) 1 MBC , ,782 ( 15.4%) SBS , , , ,628 ( 4.4%) KBS , , ,912 ( 5.1%) 4 CJ , , ,680 ( 8.4%) 2) 2012, % %, 1, % %, %, 1, %

168 (2012) (: %) : 1), DMB,, DMB, SO, PP ( ) 2) ) (, MSP, MPP, MSO) :, (2012) (: %) : 1), DMB,, DMB, SO, PP ( ) 2) ) (, MSP, MPP, MSO) :, )

169 % 66.2% MBC 23.2%, SBS 22.1%, KBS 21.2% CJ 11.4% 3, CJ 26.1% 1 SBS 8.3%, MBC 8.1%, KBS 6.9%, SBS MBC 2011 CJ 28.2% % PP CJ PP PP, 3 CJ 3, CJ (2012) KBS MBC SBS + (%) + (%) + (: ) (%) + 604, , PP 100, , , , , , PP 118, , , , , , PP 120, , , , CJ 380, , : 1), //VOD/ PP 2) : 3( ) TV (PP,, EBS OBS ) :, 2012

170 166 4) 3, 3.9%(KBS 0.9%, MBC 5.5%, SBS 6.4%) 3 PP 5.4%(KBS MBC 0.7% SBS 12.5%) PP (55.4%) CJ (49.7%), PP %( PP 56.4%) CJ 26.2% KBS 42.8%, MBC SBS 61.0%, 61.4% KBS CJ MBC SBS 326 (2012) (: %) PP KBS MBC SBS

171 KBS MBC SBS PP PP KBS PP MBC PP SBS PP CJ : 1),, /PP, //VOD/ PP 2) 3 3) :, %, %, % % % 3 PP % % 1 MBC 7% % SBS 7% % (7.0%) 2012(6.6%) 2 KBS % % % 1 CJ % %

172 168 CJ PP PP ( %) % % 2.78% 327 KBS MBC SBS (: %) PP * PP * 7.98* 7.72* * PP * CJ : 1) KBS KBS2 2) 2008 CJ (2009 CJ ) 3) 19 (PP 24 ) 4) 5) * 1 : AGB, DATABASE(ARIANNA). ( ) itv OBS 2011 MBC 1 TV //VOD/ PP PP

173 PP 180 PP (SO), IPTV (: ) TV DMB DMB IPTV PP PP : 1), /PP, //VOD PP 2) 2007 PP 3), DMB,, PP 4) DMB TV : 2012 TV KBS, MBC, SBS EBS, OBS, KBS1 KBS2 32, MBC MBC 20 1 TV 2012 CJ TV PP 7( 18), MBC, SBS, KBS 3( 6), 6( 7), 1( 5) CJ PP PP PP 3

174 TV (2012) (: ) TV (32) KBS(+18 ) () MBC(18) ()SBS ()KNN () () (11) () () () () () ()(G1) OBSTV() : MBC 18(,,,,,,,,,,,,,,,,, ) MBC 2, 1 : 2013, ( ) 3210 TV PP (: ) MPP PP PP PP PP PP PP CJ MBC SBS KBS : 1) //VOD PP 2) CJ //VOD/ :

175 , , , ,868, (a/a) (b/b) 3211 (: ) ,845 2,711 2,732 2,953 3,118 2,868 (A) 2,168 1,988 1,993 2,155 2,251 2,079 (B) 1,361 1,381 1,328 1,446 1,509 1,379 only (a) 1,484 1,330 1,404 1,507 1,609 1,489 only (b) : 1) 2) : AGB 2.. 1) 3 (, PP ) % 34) PP 3( ) % PP % % 1 MBC % 34) 3 75%

176 % % 2, 3 SBS %, KBS % % % % CJ % % %, %, 3 KBS % % YTN, 2011 MBN PP (111) 323 (: %) 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 30.5% 30.1% 25.2% 27.8% 27.8% 26.9% 24.4% 24.3% 23.5% 23.2% 24.2% 22.1% 22.1% 21.2% 21.3% 20.0% 19.8% 19.4% 11.4% 12.3% 11.2% 9.4% 10.6% 11.2% 7.9% 4.1% 2007년 2008년 2009년 2010년 2011년 2012년 KBS MBC SBS CJ 종편보도 :,, /PP, / /VOD/ PP :,

177 KBS MBC SBS (: %, ) PP PP PP CJ ( ) 3,090,552 2,926,415 2,574,177 3,071,660 3,402,974 3,333,203 :,, /PP, //VOD/ PP :, 2) % % PP % %, PP 7.7% % % MBC 1, % % SBS % %, KBS 20.1% 20.7% CJ 12.0% 12.2%, 3 KBS

178 (: %, ) KBS MBC SBS PP PP PP CJ ( ) 3,390,988 3,249,221 2,908,439 3,421,990 3,750,127 3,824,631 :,, /PP, //VOD/ PP :, 3) 3, 66% % 1 MBC (18.2%) 3, 2 SBS , ( %) KBS , % 1 CJ 14% %, % % 2 3.0% 8.8%

179 (: %) 년 2008년 2009년 2010년 2011년 2012년 KBS MBC SBS 씨제이 : 1) 2) KBS KBS1 3) 2008 CJ 4) : AGB, DATABASE(ARIANNA) 3214 KBS MBC SBS (: %) PP PP PP CJ : 1) (KBS1 ) 2) KBS KBS1 3) 2008 CJ 4) : AGB, DATABASE(ARIANNA)

180 176. (HHI) 35) 1), HHI 2, , 1,637.7, (1,500 ) 325 HHI 2, , , , , , , , , , , , , , , , , , , 광고 광고협찬 : HHI 2009 HHI, , HHI HHI ), HHI 1,600 (1,5002,500) 35) DOJ/FTC Horizontal Merger Guidelines, HHI(Hirschman-Herfindahl Index) 2,500 1,500

181 (1,636.0) , , 326 HHI 1, , , , , , , , , , , , , 년 2008 년 2009 년 2010 년 2011 년 2012 년 : AGB, DATABASE(ARIANNA). 1), 8( ), 9(), 17( ), PP 2001 PP, PP

182 178 2) (economy of scale) (economy of scope) 3 CJ PP, PP,, 36), PP () PP 55.4% 3( ) 3.7% 36) (, )

183 ), ( ) ( ) (MMS ), 3, 3, PP 4), PP, SBS SBS, PP

184 180 3 () MSP PP (downstream), MSP CJ MSO PP PP (upstream), 3 PP ( ) 3 PP, 3215 MSP PP (2012) (: ) PP SO 2012 CJ CJ() () () () CJ() () ()KM CJ() ()CJ CJ() CJ() ()CJ CJ() ()CJ ()CJ ()CJ ()CJ ()CJ ()CJ ()CJ () PP: 681,276,996 SO: 576,268,392 : 1,257,545,388

185 3 181 PP SO 2012 CJ (t-broad) KBS MBC SBS (SBS ) ()T ()E () ()t-broad ()KBS ()MBC ()MBC ()MBC ()SBS SBS() ()SBS ()SBS ()SBS ()SBS () CJ() ()CJ ()CJ ()CJ(19) ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad () ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad ()t-broad(22) PP: 85,787,169 SO: 584,159,862 : 669,947,031 KBS: 1,469,956,844 PP: 162,120,227 : 1,632,077,071 MBC: 1,007,492,800 PP: 189,832,957 : 1,197,325,757 SBS: 904,658,117 PP: 217,408,895 : 1,122,067,012 : 1) PP ( ) 2) MBC, SBS 3), PP //VOD/ PP 4) CJ, CJ, t-broad (), SBS : 2013

186 182 5) (two-sided market) (intermediary), PP, () 37) ( ) (), 3.. 1) KOBACO, 37) chicken and egg problem

187 KBS SA, SBS SA, (, 2013c), 80.0%, 54.5%( 55 ) ( ) (55) TV 19.2%, 14.2% 38) 3216 (: ) KBS MBC SBS SA C SA C SA C ,610 6,150 2, ,925 4,590 2, ,140 7,770 1, ,610 7,770 4, ,925 4,590 2, ,140 7,770 1, ,610 7,770 2,505 1,200 11,925 4,590 2, ,140 7,770 1, ,610 7,770 4,860 1,200 11,925 4,290 3, ,140 7,830 1, ),

188 184 KBS MBC SBS SA C SA C SA C ,960 5,439 5,220 1,080 12,330 7,500 3, ,145 7,125 1, ,215 5,580 5,475 1,020 12,570 7,500 3, ,700 6,360 3, ,250 9,075 4, ,605 6,885 4, ,200 6,915 3, ,250 9,075 4, ,605 6,885 4, ,200 6,915 2, ,250 8,505 4, ,605 7,905 5, ,200 6,915 2, ,250 8,715 4, ,605 7,905 4, ,200 8,910 2, ,300 8,715 5, ,605 7,905 5, ,200 9,120 4, : 15 : KOBACO/ PP PP, %, MBN SA 751 MBC SA, ( 65), 38%(25), 64%

189 (: ) SSA1 SSA2 SSA3 SA A B CGV tvn OCN KBS KBS MBC MBC SBS E! SBS : 1) 15 2) 2 3) MBC MBC : PP ( , ) 2) ( ) 3 TV % % MBC 22.0% 14.2%, KBS 26.5% 16.7% SBS % % % CJ %

190 % % 3 (50.8%), (66.4%) 3218 KBS MBC SBS (:, %) (%) (%) (%) (%) (%) (%) PP PP PP CJ , , , , , , : 1) PP (/ PP ) 2) TV (,,,, ) : 3), KOBACO 1988, 1, , , 1, KOBACO

191 3 187, 39) PP (),,, SO PP, 40) PP ( ). 1) 2012, SBS () 2011 KOBACO KOBACO,, () (KOBACO), 39) ( ), ( ), ( ), ( ), ( ) 40) ( )

192 188 (55) (, 2013c), 25.5% ( 36.4%), 27.3%( 21.8%) 2012 KOBACO %, 68.1%(TV, Radio, DMB ), 92 41) (MPP, PP ),, PP /PP 2) KOBACO,, PP TV,, 41) KOBACO

193 ) ( 2,100, AGB), ( ) 2012 KOBACO %(1 4.6%), 24.6%(TV, Radio, DMB ) 42), 3 PP, (), 4.. () ( ), MBC 2008 (1.0%) %, % % SBS %, %, % % 2012 MBC 5.1% KBS 2008, % 42) KOBACO

194 190, % 2012 KBS 2.5% PP 3.9% 3219 KBS MBC SBS CJ (: %) PP PP PP SO PP SO PP : 1) 2),, /PP, //VOD/ PP 3) IPTV :, CJ 11%, % SO CJ (PP) %, % 2012 KBS, MBC, SBS PP 3.9%, 5.6%, 1.7% CJ PP 2008

195 3 191 MBC 2008 (0.1%) % % SBS % % % KBS (0.1%) CJ , % % SO PP, 2012 SO PP 1.9% 3220 KBS MBC SBS CJ (: %) PP PP PP SO PP SO PP : 1) 2),, /PP, //VOD/ PP 3) IPTV :,

196 192. (KOBACO) ), TV, TV,, IPTV ( ) 44) TV TV, IPTV TV 97%, TV 76% 35%, IPTV 14%, 8% ( ) 79%,, 38%, 35% TV TV,, TV TV 157.4, TV 92.2, 75.2, IPTV , 29.0, TV TV IPTV TV TV 43) KOBACO ( ) ( ) : , 6,000, 44) 1 (, 3 1 )

197 (2.2%), % 36.9% ( 2013) 2012 (2.1%) 3 3,332, 58.1% (2013 ) MBC SBS ( PP ) ( 18.3%, 8.1%), 3 KBS (4.4%) 2012 MBC 7,728, SBS 7,360, KBS 7,050 CJ 0.4% 3, MBC 23.2%, SBS 22.1%, KBS 21.2%, CJ 11.4%, % % ( 4.7%p) MBC %, % %( 4.6%p) SBS % %, KBS % % % % CJ % % %, 3 KBS HHI 2,000, 2012

198 194, 1,637.7, (1,500 ) HHI , , ,000, p HHI , ,500, ,320.9 PP, 3 MSO SBS, (KBS, MBC ), (55), 80.0%, 54.5% (55), (66.6%) TV 14.2%( ), 19.2% 45), 45)

199 3 195 (65), 38%(25), 64% PP (KOBACO), (55), 25.5% ( 36.4%), 27.3%( 21.8%) 46). MBC SBS, KBS ( ) 47) MBC 2008 (1.0%), %, % % SBS %, %, %, % 2012 MBC 5.1% KBS %, % 2012 KBS 2.5% PP 3.9% CJ 11% 46), 47)

200 % SO PP % 2012 TV TV IPTV TV. 3 (), 3, PP 3 PP 2012, ) ,706 (TV/Radio/DMB) 22.3% ( 2013)

201 3 197, 14.6%, 22.1% 331 (: %) 45.0% 40.0% 35.0% 30.0% 39.7% 29.5% 지상파방송유료방송신문온라인 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 22.2% 20.0% 16.9% 14.6% 3.4% 2.7% :, 2) 3 (, //VOD/ PP ) ,332, % % 3( ) % % 3,

202 MBC 4.67%, YTN 0.65% (4.10, tvn) K(6.47, Mnet) 2010 K(15.06, Mnet) K(10.45, Mnet) (4.46, tvn) (, ) K(7.27, Mnet), JTBC (6.38, JTBC), (5.80, JTBC), 1997(4.67, tvn), (3.94, Mnet), (3.41, JTBC), (3.27, tvn), (3.03, MBN) : 3% : AGB, DATABASE(ARIANNA) 3 48) 3, 3 3) 3 48),

203 3 199 PP PP,, 3 PP 3 KBS, MBC, SBS 3 KBS, MBC 18, SBS 9 ( ) (:, %) : KBS, MBC, SBS ( ) : 3, MBC MBC SBS,

204 200 (key station) 3 ( ) , ,744, 3. 1) 3( ) ( 8.4%) 333 3( ) (: ) : KBS, MBC, SBS ( ) : MBC( MBC ) , , , % 6,541 MBC , % SBS( ) , ,322

205 , ,154 ( 6.9%) SBS 5.7% KBS , , ,774 2, % 6, (:, %) (, %) 3() 2,090,384 1,881,848 1,647,439 1,896,854 2,045,164 1,874,355 (96.8) KBS 573, , , , , ,784 (31.2) MBC+ 832, , , , , ,143 (33.8) MBC 553, , , , , ,309 (22.8) MBC 278, , , , , ,833 (10.9) SBS , , , , , ,428 (31.8) SBS 506, , , , , ,395 (24.4) KNN 35,413 31,821 27,765 28,859 32,104 29,596 (1.5) 28,391 25,360 21,787 22,090 24,459 22,729 (1.2) 22,890 20,481 18,070 18,562 20,608 18,689 (1.0) 19,944 17,981 15,403 15,674 19,909 15,924 (0.8) 13,511 11,924 10,070 10,428 11,265 10,527 (0.5) 13,767 11,976 9,961 10,329 11,102 10,385 (0.5) 14,077 12,319 10,315 10,612 14,364 10,716 (0.6) G1 18,233 16,072 13,648 14,112 15,302 14,132 (0.7) 12,417 11,307 9,991 10,403 11,286 10,335 (0.5) 2,121,348 1,916,402 1,689,727 1,952,257 2,105,281 1,937,027 (100.0) : () : 2) (), ( 60, ) 49) 49)

206 202, 3( ) , , ,516 ( 6.6%) MBC( MBC ) , , ,443 ( 16.6%) SBS( ) , , ,164 ( 5.3%) KBS , ,909 ( 5.4%) 333 3( ) (: ) ,307,450 2,132,358 1,909,630 2,160,646 2,304,378 2,151,624 KBS 637, , , , , ,949 MBC + 906, , , , , ,310 SBS , , , , , ,365 : KBS, MBC, SBS ( ) : 3) KBS () 2012 KBS 40.7% ( 39.4%), MBC 60.0% SBS 65.5% 3, KBS 1.0%, MBC 2.5%, SBS 3.0%, MBC ( 593, )

207 %, 10.8% 334 3( ) (2012) () (: %) KBS MBC+ MBC MBC MBC SBS SBS () : () :, (KBS1) % % KBS1, SBS 2012 MBC 5% (4.7%), KBS2(5.8%) KBS1(7.0%) (: %) KBS * 7.316* * 7.028* KBS MBC SBS * 6.711* : 1) 19 2) * 1 : AGB, DATABASE(ARIANNA)

208 204. ( ) DMB, (itv) TV(OBS), 2011 MBC MBC MBC (: ) KBS MBC MBC SBS : 1) MBC 18(,,,,,,,,,,,,,,,,, ): MBC 2) 9(KNN,,,,,,,, G1): SBS : 3 KBS, MBC, SBS 3,,, 3, , 2011 MBC TV KBS, MBC, SBS, 124, KBS1 KBS2 32, MBC MBC 20,

209 TV TV (2012) (10) (: ) TV (30) (+18 ) () MBC(18) ()SBS ()KNN () () () () () () () ()(G1) : MBC 18(,,,,,,,,,,,,,,,,, ) MBC 2, 1 : 2013, ( ) , ,000, , , (: ) ,845 2,711 2,732 2,953 3,118 2,868 2,168 1,988 1,993 2,155 2,251 2,079 1,361 1,381 1,328 1,446 1,509 1,379 only 1,484 1,330 1,404 1, only : 1) 2) : AGB

210 ) MBC, SBS, KBS( ), MBC( MBC ) 40%, % SBS( ) 32% % % KBS % SBS 3( ) % % 3 PP 810% (75.7% 66.4% ) (: %) 45.0% 40.0% 39.8% 40.3% 37.5% 37.4% 39.4% 35.0% 34.9% 30.0% 25.0% 32.8% 32.8% 27.4% 26.8% 32.3% 32.9% 30.2% 29.7% 32.3% 28.2% 32.8% 32.3% 20.0% 2007 년 2008 년 2009 년 2010 년 2011 년 2012 년 KBS MBC+ 지역 SBS+ 민방 9 :

211 3 207 MBC( MBC ) % %, % SBS( ) % %, KBS % % % MBC( MBC ) 10% % SBS( ) % %, KBS 7.2% 6.2% 339 3( ) (: %) KBS (1) 3 MBC SBS (2) KBS MBC SBS KBS (3) MBC SBS KBS (4) MBC SBS : (1) 3, (2), (3), (4) :,

212 208 2) 3, MBC( MBC ) % % % % SBS( ) % % % KBS % % % % ( ) (1) 3 (2) (3) (: %) KBS MBC SBS KBS MBC SBS KBS MBC SBS : (1) 3, (2), (3) : 3( ) % % MBC( MBC ) 26.7% 19.5% SBS( ) 22.5% 18.7%, KBS

213 % 18.1% 3) 3 ( KBS1 ) 2007 SBS, 1 MBC 2007, KBS 36.3% 34.4% SBS 29.3% MBC % % 3 3 PP 10% (67.4% 60.6% ) (: %) 37.5% 35.8% 36.3% 35.5% 33.5% 35.6% 33.0% 33.6% 33.9% 34.4% 33.5% 33.5% 34.1% 33.5% 34.4% 31.5% 31.4% 32.5% 32.1% 32.4% 29.5% 30.7% 29.3% 27.5% KBS2 MBC SBS : KBS1 : AGB, DATABASE(ARIANNA)

214 (: %) KBS * (1) 3 MBC 35.56* * SBS * 34.39* 35.80* (2) KBS MBC SBS KBS (3) MBC SBS % : 1) (1) 3, (2), (3) 2) * 1 : AGB, DATABASE(ARIANNA). (HHI) 1) 3 HHI 3,300, MBC( MBC ) KBS HHI 60.4p 3,337.2 HHI HHI HHI HHI

215 HHI 3, , , , , , , , , , , , , , , , 년 2008 년 2009 년 2010 년 2011 년 2012 년 광고 광고협찬 : 2) HHI HHI 3,330, ,359.6 SBS MBC, KBS, HHI 24.8p HHI : AGB, DATABASE(ARIANNA)

216 212. 1),,,, ( ) 17( ) 10() 8( ) 40%,,,,,, 4( ) (PP ) 33% (MBC) 7% ( 5%), 10% 8( ) 3,, 10% : 3, 3, PP, 3 PP

217 3 213 PP PP, 3 2),,, KBS 1.0%, MBC 2.5% SBS 3.0%, MBC % % PP 2012 PP 55.4% 3),

218 214 3,,, (MMS) 3, 3, 3, 3,, 4)

219 3 215,, PP 3 3,,, SBS, SBS ( ) SBS, 3 PP 3 () 5) (intermediary) (two-sided market), KBS, KBS1 1994

220 216 (multi-product firm),, () ( ), (), ) 2012 KBS MBC, SBS 2011 KOBACO 2012 KBS SA, SBS SA ( )

221 3 217, (, 2013c),, 80.0%, 54.5%( 55 ) ( ) (55), TV 19.2%, 14.2% 2) ( ) TV KBS, SBS( ) 2012 SBS 3,577, KBS 3,424, MBC 2,766 SBS MBC SBS KBS 2010 SBS 2012, SBS 4,044, KBS 3,424, MBC 3,137

222 (: ) 400, , , , , , , , , , , , , , , , , , ,000 50, , , , , , ,991 31,089 55,687 32,970 46,707 29,997 35,395 37,094 25,944 32,401 21,259 22,813 29, KBS 서울 MBC 지역 MBC SBS 지역민방 : TV (,,,, ) : 3) , , ,, 50). 1) KOBACO 50) ( ), ( ), ( ), ( ), ( )

223 KOBACO,, () (KOBACO), (55) (, 2013c), 25.5% ( 36.4%), 27.3%( 21.8%) 2012 KOBACO %, 68.1%(TV, Radio, DMB ), 92 51) 3 2) KOBACO,, 51) KOBACO

224 220 3) ( 2,100, AGB ),, ( ) 2012 KOBACO %(1 4.6%), 24.6%(TV, Radio, DMB ) 52), () ( ) ( ) (: %) KBS MBC + MBC MBC MBC SBS SBS : : 52) KOBACO

225 3 221 MBC( MBC ) %, % % SBS( ) % % % % % KBS (1.6%, 1.0%) 2011 ( 4.5%) 2012 (2.5%) ( ), MBC % % % % SBS % % % KBS % % 339 3( ) (: %) 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% 10.8% 11.9% 11.1% 9.1% 9.8% 7.5% 9.0% 3.1% 7.2% 4.4% 7.6% 5.4% -0.5% 3.1% 0.3% -0.4% 2007년 2008년 2009년 2010년 2011년 2012년 -2.1% -6.0% KBS MBC+ 지역 SBS+ 민방 9 : 1) 2) KBS, MBC, SBS :

226 222. (KOBACO) 2012, TV, TV,, IPTV ( ) TV TV, IPTV TV 97%, TV 76% 35%, IPTV 14%, 8% ( ) 79%,, 38%, 35% TV TV,, TV TV 157.4, TV 92.2, 75.2, IPTV , 29.0, TV, KBS/MBC( ) SBS( )

227 % 32.8%, 2012 ( ),, EBS/OBS TV 68.1% 31.9% EBS OBS 2012 KOBACO (:, %) (, %) 3 2,090,384 1,881,848 1,647,439 1,965,440 2,045,164 1,874,353 (100.0) KBS 573, , , , , ,784 MBC+ 832, , , , , ,142 (67.2) SBS , , , , , ,427 (32.8) : 3 ( ) : 65.9% 34.1% PP 15.2% ( 0.01% ) 2012 PP, KOBACO PP SBS PP, KOBACO KBS/MBC PP 2013, KOBACO PP SO ( ), CJ, ( ),

228 (:, %) KOBACO (, %) (, %) () 1,517,841 ( ) 699,353 ( ) (TV/Radio/DMB) 1,517,632 (99.986) 698,431 (99.868) TV 1,313,831 (86.559) 607,392 (86.851) 209 (0.014) 922 (0.132) PP PP 209 (0.014) 724 (0.104) 198 (0.028) (, %) (, %) () 784,628 ( ) (TV/Radio/DMB) 665,331 (84.796) TV 616,840 (78.616) 119,297 (15.204) PP 119,297 (15.204) PP : = TV/Radio/DMB : KOBACO/., ( ) 3, 53), 2012 ( ), 53)

229 % 0.01% ( % ) SBS PP, KOBACO KBS, MBC 3 (PP SO) KOBACO KBS MBC, PP KOBACO SBS PP, KBS/MBC PP KOBACO 16( ), 20%, 70% (2013 KOBACO, KOBACO 14% 80% ),, %( TV 19.9%) ( 2013) , % (2013 )

230 226 MBC( MBC ) SBS( ) 6,541 ( 18.9% ), 6,154 ( 6.9% ), KBS 6,048 ( 4.8% ) MBC( MBC ) 34.9%, SBS( ) 32.8%, KBS 32.3% MBC KBS 2012 : MBC 29.3%, SBS 34.4%, KBS 36.3% 3 3,300, HHI 3,337.2 (60.4p), HHI 3,359.6 (24.8p),,,, PP,, MMS PP, SBS, (KBS, MBC

231 3 227 ), (55), 80.0%, 54.5% (55), TV 19.2% ( 14.2%) 54) (KOBACO), (55), 25.5% ( 36.4%), 27.3%( 21.8%) 55) ( ) 56) 2012 MBC( MBC ) (8.0%) 2.3%, SBS( ) (11.9%) (6.0%) 54) 55), 56)

232 228 MBC KBS 3 (2.5%) (4.5%) , , MBC KBS, ( ), 2012 ( )

233

234

235 4 : : 1 1..,,,, ()

236 232. 1) (),, IPTV () TV,, IPTV, TV TV TV ( ), VOD,, TV, VOD, VOD (differentiated goods), TV, TV,, IPTV 2) () IPTV( ) ( ) 2

237 4 : 233 OTS(TV ),, OTS OTS OTS TV IPTV, 2 +, ++, 3 + 1

238 , 3) OTT N OTT Netflix (cord-cutting) OTT, 2.. (),, IPTV () TV, TV,, IPTV (demand substitutability),,

239 4 : ) (differentiated consumer product markets),,, ( ),, (),

240 236 2) () TV, TV,, IPTV (),, (VOD), 4 (ACTV) TV, (), VOD, (DCTV/IPTV) TV IPTV (),, () TV IPTV, IPTV TV VOD 411 () TV HD () () VOD 4,00010, ,00025, ,00030, Near VOD IPTV 7,00022, : 3 OTS 9,00017, : ( )

241 4 : 237 3) TV IPTV, TV 4) (),,, VOD, 5 () 5 2 (),? VOD VOD TV VOD 5) (CLA: Critical Loss Analysis) 10%,?,? (own-price elasticity)?

242 238 (cross-price elasticity) () A A 1% A % () () B A A 1% B % () () (CLA: Critical Loss Analysis) () (CLA) x%( 10%),, () (CSL: Critical Sales Loss) (ASL: Actual Sales Loss), TV 10% 60.1% TV ASL 60.1% CLA () 2012

243 4 : () 77 (),, (),, 4..,, ( TV, TV, IPTV, )

244 240 50% TV,, (sub market),, ,,, IPTV SO 92, 1, IPTV 3 SO MSO SO ) ,332 ( ) 8.1%

245 4 : %, % %, % 1,369 IPTV KT OTS ) 1 KT (OTV Skylife ) % 602, 2.4%p 25.8% 2 CJ %p %p KT %, 517 SO (37.8%), SO %p %p (),, VOD, 1) % 3 6, ,163, 63.3% 1 KT 9,220, 25.2%

246 242 (25.8%) 0.6%p, 2011 (20.4%) 3.0%p 2) , % % 3.1%p SO 1 4, %, KT 7, %, %p 3) , % % 4.4%p, VOD SO 1 2, %, KT 7, %, %p 2.. IPTV 1) 2012 KT 25.8%, SO 63.5%

247 4 : t-broad 22.9% 20.3% 19.8% 19.0% 20.0% 17.7% 15.9% 14.5% 13.5% 12.9% CJ 11.2% 15.7% 17.2% 17.6% 17.3% 15.3% 14.7% 15.8% 14.8% 14.6% C&M 12.8% 14.9% 15.0% 14.8% 14.9% 14.1% 12.9% 12.5% 10.5% 10.2% HCN 5.7% 5.3% 7.9% 7.7% 8.5% 7.0% 6.6% 6.1% 5.5% 5.3% CMB 10.9% 7.4% 7.8% 8.0% 7.1% 6.7% 6.3% 6.2% 5.8% 5.5% MSO 63.4% 63.6% 67.6% 67.1% 67.9% 60.7% 56.4% 55.1% 50.1% 48.4% SO 24.6% 24.5% 20.2% 20.3% 18.8% 17.6% 16.5% 13.3% 13.4% 12.7% SO 88.0% 88.1% 87.7% 87.4% 86.7% 78.3% 72.9% 68.5% 63.5% 61.1% OTV 5.2% 8.5% 13.0% 17.2% 18.3% 12.0% 11.9% 12.3% 12.6% 13.3% 12.7% 13.9% 15.1% 16.2% 16.5% OTS Live 1.8% 4.7% 7.6% 8.4% KT 12.0% 11.9% 12.3% 12.6% 13.3% 17.9% 20.5% 23.4% 25.8% 26.5% SKB TV 2.1% 3.6% 4.1% 6.2% 7.1% LG U + TV 1.7% 3.0% 4.0% 4.5% 5.4% IPTV 9.0% 15.1% 21.1% 27.9% 30.8% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% : 1) SO 2) t-broad, CJ, C&M GS SO 3) KT OTV+OTS Live, IPTV OTV+SKB TV+U + TV, SO +KT +SKB TV+U + TV :,, OTS, IPTV 1 1, MSO CJ 19 1, 16 50% t-broad % C&M % 1 KT , 1 t-broad, CMB 1, SO 2, CJ, C&M, HCN 2011 SO 1 1** 1 (CMB SO) C&M SO 1

248 (2012) t-broad 40% (4) (16) 5** CJ(19) C&M(15) 2**, 서울 4** 40 50%(14) 5060%(20) 6070%(24) 70%(15) 1, 3, 9, 1 3**, 6**, 1** 1**, 9**, 7**, 8* 13, 6, 4, 1, 4, 6, 1 5, 2, 2, 2**, 4, 2 3 8, 5 10, 12, 5, 1, 3, 3 3, 7, 11, 14, 19, 20, 21 2, 5 1, 3, 7, 8 6 HCN(7) 18** 16 17, 1, 2 4, 2, CMB(5) , 1, 2 (15) 4**, 광주 1**, 2 1**, 1, 3, 3 : 1) IPTV (Live) 2, 3, 2, 1, 1 2) * SO. ** 3) 고딕체 울산 1, 2, 4 : 2013,, OTS, IPTV ()

249 4 : () % , % (2012) % (4) 4050% (14) 5060% (20) 5% (8) 2**, 4**, 서울 5**, 18** 광주 1**, 1, 2, 대구 4** 510% (6) 1015% 1 2 (4) 1520% (5) 2025% (9) 2530% (3) 30% 6**, 3, 8*, 1** 2, 3 9, 1 1, 4 9** 1 3, 2, 3 서울 1**, 3**, 7** 4, 3, 6, 1, 2 대구 1** 4, (42) 13, 16, 6, 5, 경남 2**

250 % (24) 70% (15) 5% (8) 510% (6) 1015% (4) % (5) 2025% (9) 2530% (3) 3 1 : 1) IPTV (Live) 30% (42) 서울 3, 7, 8, 서울 10, 서울 11, 12, 서울 14, 15, 17, 19, 20, 21, 5, 2, 5, 1, 3, 2, 3, 2, 1, 1 서울 6, 1, 2, 3, 4, 7, 부산 8, 2, 대구 5, 1, 2, 2, 울산 1, 2, 4 2) * SO ** 3) 고딕체 : 2013,, OTS, IPTV (, 2012) 1 12 : (), 12

251 4 : (, 2012) 1 12 : (), 12 2) KT OTV KT 44.0% SK LG IPTV 27.7% IPTV SO 37.8% %p SO 1.1%p t-broad CMB, C&M 2.3%p t-broad 7.3% 6.7% 6.6% 6.6% 7.5% 7.4% CJ 16.7% 11.8% 11.2% 10.9% 10.9% 11.3% C&M 15.7% 13.2% 12.4% 12.6% 10.3% 9.8% HCN 3.3% 4.3% 4.3% 4.1% 4.0% 3.8%

252 CMB 0.0% 0.4% 0.5% 0.5% 0.6% 0.7% MSO 43.1% 36.5% 35.0% 34.7% 33.2% 32.9% SO 2.4% 2.6% 2.9% 3.4% 4.5% 4.7% SO 45.4% 39.0% 37.9% 38.1% 37.8% 37.6% OTV 0.0% 14.6% 19.4% 25.6% 29.3% 29.4% 54.6% 35.7% 31.7% 29.7% 27.7% 26.4% OTS Live 0.0% 0.0% 4.2% 9.2% 12.9% 13.4% KT 54.6% 50.3% 46.9% 46.0% 44.0% 42.4% SKB TV 0.0% 5.8% 8.3% 8.0% 10.6% 11.4% LG U + TV 0.0% 4.8% 6.9% 7.8% 7.7% 8.6% IPTV 0.0% 25.3% 34.5% 41.4% 47.5% 49.4% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% : 1) t-broad, CJ, C&M GS SO 2) KT OTV+OTS Live, IPTV OTV+SKB TV U + TV, SO +KT + SKB TV+U + TV : 2013,, OTS, IPTV KT OTV KT , (t-broad) 2(CJ) 1 50% C&M 1 (12) 1, 50% (8) 1 CJ , 50% 7 1 t-broad SO 1 2, 1, LG U + 1 (5) 1,

253 4 : (2012) 40% (12) 4050% (19) t-broad(3) 서울 5**, 서울 13 8 CJ(10) C&M(12) 2**,4**, 9** 1, 경남 2**, 5 1** 5060% (30) 7, 5, 12 3, 6, 7, 11, 14, 20, 21 HCN(4) 16 2, 17, 4 (3) 1** 울산 1 2 KT (45) 18**,4, 1**, 3**, 5, 6** 1, 3, 6, 7**, 1**, 2, 5, 3, 4**, 3, 4, 1, 2 2, 8*, 9, 2, 1, 15, 1, 2, 2, 4, 6, 4, 1, 2, 1 : 1) IPTV (Live) 6070% (10) 3, 10, 8, , 2, 3 3, 2, 70% (6) 2, 3, 3, 1, 3, 1 2) * SO ** 3) 고딕체 , 11 KT 1 : 2013,, OTS, IPTV ()

254 () , % 1 50% 2011(58) (2012) % (12) 4050% (19) 5060% (30) 5% (7) 서울5**, 13, 3**, 5, 1** 1, 2** 510% (7) 4**, 서울 18**, 대구 1**, 6**, 4 경남 3, % (10) % (5) 2025% (9) 2530% (7) 30% (32) 서울 2** 9** 1**, 5, 울산 1, 3, 5, 6, 7** 2, 제주 1 16, 1** 8*, 4 2, 4, 1 20, 6, 7, 2, 2, 4 3 8, 서울 11, 서울 14, 4, 5, 2 4**, 대전 2 서울 3, 서울 6, 서울 7, 12, 15, 17, 21, 1, 2, 2, 9, 1, 1, 2

255 4 : % (10) 70% (6) 5% (7) 510% (7) 1015% (10) % (5) 2025% (9) 2530% (7) : 1) IPTV (Live) 2) * SO ** 30% (32) 서울10, 19, 1,3, 부산8, 3, 2, 2, 1, 3 1, 1, 전남3 3, 충남3, 2 3) 고딕체 : 2013,, OTS, IPTV (, 2012) 1 12 : (), 12

256 (, 2012) 1 12 : (), 12. 1), Cn( n ), HHI(Herfindahl-Hirschman Index) HHI HHI : HHI 0 10,000 HHI 1 100(%) 100(%) = 10,000, 0 Merger Guidelines 1,500, 2,500 Merger Guidelines: 2), HHI

257 4 : (+) HHI 1, , , ,149, ,176, ,286, , HHI 2,405 HHI HHI ,337, ,449, ,068, ,661, ,586, , HHI (200712) : 1) MSO, SO,, IPTV HHI 2) IPTV (Live) 3) KT HHI (OTS ) : 2013,, OTS, IPTV

258 254 3) HHI () 77 (HHI) 57) ( ) , ,590 ( ) , ,001 () IPTV HHI (200712) : SO MSO ( ) : 2013,, OTS, IPTV HHI ( ) HHI, HHI 4,0005,000 34, 3,0004,000 5,0006, ) 2011 HHI IPTV Live VOD. 2011

259 4 : 255 6,0007, , 7,000 (2011 1) HHI, HHI 7 HHI 14 : (5), (1), (2), (1), (1), (1), (2), (1) 427 HHI (2012) HHI 2,0003,000 (3) 3,0004,000 (17) 4,0005,000 (34) 5,0006,000 (17) 6,0007,000 (6) 4**, 9**, 18** 1**, 2**, 서울 5**, 3**, 4**, 6**, 3, 4, 1**,1, 4, 6, 7**, 8*, 9, 1, 1** 3, 서울 7, 8, 서울 11, 12, 13, 14, 15, 16, 17, 19, 20, 5, 6, 대구 1**, 인천 1, 2, 5, 3, 5, 1, 2, 3, 1, 2, 충남 2, 1, 2, 2, 3, 4, 1, 경남 2**, 3, 서울 6, 서울 10, 21, 2, 4, 7, 2, 2, 1, 대전 2, 2, 충남 3, 3, 1, 2, 3, 1, 1, 3, 부산 8, 대구 5, 울산 1, 4, : 1) *, ** 2) IPTV (Live) 3) KT IPTV HHI 4) 고딕체 2011 HHI : 2013,, OTS, IPTV

260 HHI (2012) : HHI ( ) HHI, HHI 3,0004,000 36, 4,0005, ,000 4, 6,0007,000 1, 8,0009,000 2, 9, HHI, 2011(32) HHI 16 : (5), (2), (1), (1), (1), (1), (1), (2), (2) KT

261 4 : HHI (2012) HHI 2,0003,000 (12) 3,0004,000 (36) 4,0005,000 (18) 5,0006,000 (7) 6,0007,000 (1) 8,0009,000 (2) 9,00010,000 (1) 2**, 서울4**, 5**, 9**, 13, 18**, 1**, 4**, 5, 6**, 4, 6 1**, 서울6, 서울7, 8, 서울11, 14, 15, 16, 20, 2, 5, 6, 7, 대구2, 3**, 2, 3, 4, 5, 광주1**, 1, 2, 울산1, 1, 2, 3, 5, 7**, 8*, 9, 1, 1, 1, 2, 경북1**, 1 3, 서울10, 12, 17, 19, 21, 3, 4, 부산8, 2, 2, 2, 2, 경북4, 2**, 경남3, 경남4, 1 부산 1, 1, 1, 3, 2, 1, 3, 2 충남 3, 3 전남 3 : 1) *, ** 2) IPTV (Live) 3) KT IPTV HHI 4) 고딕체 2011 HHI : 2013,, OTS, IPTV 4212 HHI (2012) : HHI

262 258 4) KT KT , HHI KT KT HHI 9 : (4), (1), (1), (1), (2) KT 24, HHI 13 KT KT HHI 13 : (5), (1), (1), (1), (1), (1), (1), (2) 429 KT KT 22.3% 24.6% 46.8% 44.0% HHI 1,286 1,313 2,586 2,405 KT % % % % KT 22.3% 24.6% 46.8% 44.0% KT % % KT 2.2% 2.9% KT HHI KT & HHI 9 13 : 2013,, OTS, IPTV

263 4 : KT HHI (2012). 58) 1),,,, SO, IPTV 5 58) (2011)

264 260 1/3, 1/3,,, 2), (variable or incremental cost) (up-front fixed cost) (first copy), (economy of scale), (window effect) TV IPTV, VOIP

265 4 : 261 3), SO, SO PP 2010 IPTV 2011 IPTV 4) PP SO PP SO PP % (21.5%), 20% ( %) % 30% 40.2%, % 1.2%p MSO

266 MSO PP (: ) (A) (B) (B/A) (A) (B) (B/A) (A) (B) (B/A) t-broad 3, % 3, % 3,172 1, % CJ 2, % 2, % 2,648 1, % C&M 2, % 2, % 2, % HCN % 1, % 1, % CMB % % % MSO 9,660 2, % 10,112 2, % 9,896 3, % SO 2, % 1, % 2, % SO 11,758 3, % 12,025 3, % 12,075 3, % 2,977 1, % 3,217 1, % 3,546 1, % 14,735 4, % 15,241 4, % 15,620 5, % : VOD PPV :, ),,, 1), CJ, 3 9%()11%() 59) 3,,,

267 4 : 263 IPTV KT OTV 5%(1)20%(3) 29%(1)71%(3), 3 (41%) (31%) 4211 CJ TV (2013) (, ) (%) HD () HD HD HD 117 (HD 47) 199 (HD 85) 213 (HD 92) 240 (HD 102) 4 16,600 13% 3 17,200 9% 2 17,800 6% 1 18,400 3% 19,000 0% 4 19,000 14% 3 19,750 10% 2 20,500 7% 1 21,250 3% 22,000 0% 4 21,400 14% 3 22,300 11% 2 23,200 7% 1 24,100 4% 25,000 0% 4 24,600 15% 3 25,700 11% 2 26,800 8% 1 27,900 4% 29,000 0% (, ) : CJ ( )

268 KT OllehTV (2013) 55 +(44,16,13, 15,15 ) ,000 20% 2,000 71% 10,000 41% 2 9,000 10% 3,000 57% 12,000 29% 1 9,500 5% 5,000 29% 14,500 15% 10,000 0% 7,000 0% 17,000 0% 3 9,600 20% 2,000 71% 11,600 39% 2 10,800 10% 3,000 57% 13,800 27% 1 11,400 5% 5,000 29% 16,400 14% 12,000 0% 7,000 0% 19,000 0% 3 12,800 20% 2,000 71% 14,800 36% ,400 10% 3,000 57% 17,400 24% 1 5,200 5% 5,000 29% 20,200 12% 16,000 0% 7,000 0% 23,000 0% 3 18,400 20% 2,000 71% 20,400 32% 2 20,700 10% 3,000 57% 23,700 21% 1 21,850 5% 5,000 29% 26,850 11% 23,000 0% 7,000 0% 30,000 0% : KT ( ) 5, 3, 3 0%(HD)50%()

269 4 : SKYLIFE (2013) PlatinumPlus HD Master HD Blue HD Green HD On HD EnglishWorld HD 191 HD 97, SD93, 3D 1 5+PPV HD97, SD93, 3D1 3+PPV2 192 (HD98, SD93, 3D1) 185 (HD93, SD91, 3D1) 178 (HD 88, SD 89, 3D 1) ,000 55% 0 30,000 57% 3 33,000 50% 0 33,000 53% 66,000 0% 4,000* 70,000 0% 5 23,000 53% 0 23,000 57% 3 25,000 49% 0 25,000 53% 49,000 0% 4,000* 53,000 0% 5 13,000 52% 0 13,000 58% 3 14,000 48% 0 14,000 55% 27,000 0% 4,000* 31,000 0% 5 11,000 27% 0 11,000 42% 3 12,000 20% 0 12,000 37% 15,000 0% 4,000* 19,000 0% 5 9,000 31% 0 9,000 47% 3 10,000 23% 0 10,000 41% 13,000 0% 4,000* 17,000 0% 5 12,000 14% 1,000 13,000 28% 3 13,000 7% 1,000 14,000 22% 14,000 0% 4,000 18,000 0% Combi HD** ,000 0% 4,000 14,000 : COMBI HD, COMBI HD 35 5/, : SKYLIFE ( ) 2)

270 CJ (2013) : CJ ( ) VOIP 0% 0% 0% 0% 0% 50% 0% 0% 0% 0% 0% 5% 15% 25% 35% 40% 0% 0% 0% 0% 0% 50% 10% 15% 20% 25% 30% 10% 20% 30% 40% 45% 10% 15% 20% 25% 30% 15% 25% 35% 45% 50% 50% 4215 KT (2013) VOIP / 15% 22% 28% 40% 13% 16% 18% 23% 17% 21% 25% 33% 19% 22% 25% 31% 14% 30% 32% 36% 17% 21% 24% 30% / 15% 22% 28% 40% 13% 16% 18% 23% 17% 21% 25% 33% : 19% 22% 25% 31% 14% 30% 32% 36% 81% 17% 21% 24% 30% + + / 15% 22% 28% 40% 13% 16% 18% 23% 17% 21% 25% 33% 19% 22% 25% 31% 14% 30% 32% 36% 17% 21% 24% 30% : KT ( )

271 4 : 267 CJ 3 25%, 40% OTV IPTV, 3 ( 40%) (23%),. 1) 2 :, :? ( ),, () 3, 2), 2 1, %(378) 44.0%,

272 % %, 2011(35.2%), 44.2% 2011(30.4%) 15.4%, 9.6% () 1, %(426) 34.3% : (2012, 2013)

273 4 : : (2012, 2013) 2011 (44.5%), 46.6%(737) 53.4% : (2012, 2013) 49.7%, 2012 (53.2%) 42.3%

274 : (2012, 2013) (), ( ) 1, % /, 2012 (), : (2012, 2013)

275 4 : 271 () 1, %, 2012, () : (2012, 2013) 4. () IPTV, (ARPU) ARPU 3,. IPTV

276 (A) 2011 (B) B/A (A) 2012 (B) (: ) t-broad 1,799 1, % 2,018 1, % CJ 1,572 1, % 1,547 1, % C&M 1,166 1, % 1,262 1, % HCN % % CMB % % MSO 5,283 4, % 5,804 6, % SO % % SO 5,640 5, % 6,278 7, % % % :, B/A 2012 SO 112.9%, SO % 14.5%p, 20.4%p,. (ARPU) ARPU,, ARPU

277 4 : ARPU (: ) t-broad 12,745 14,302 15,507 9,071 9,618 9,716 8,339 8,660 8,421 CJ 11,909 12,312 13,911 8,062 8,067 8,561 6,469 6,264 6,391 C&M 13,220 14,648 15,591 9,461 10,075 10,626 7,601 7,869 7,958 HCN 10,353 11,660 13,239 7,305 7,932 8,355 6,078 6,402 6,576 CMB 6,711 7,070 8,012 4,754 4,705 4,553 4,582 4,567 4,427 MSO 11,683 12,701 13,936 8,209 8,536 8,818 6,998 7,083 7,059 SO 7,847 8,781 9,695 5,552 6,080 6,573 5,161 5,533 5,827 SO 10,815 11,937 13,043 7,608 8,057 8,346 6,583 6,781 6,799 OTV* 7,196 7,142 8,790 6,617 6,277 7,584 6,384 6,104 7,434 * 10,368 9,555 10,980 9,304 8,433 8,038 8,781 8,221 7,797 KT * 9,986 10,126 12,755 9,027 8,922 10,101 8,578 8,690 9,850 SKB TV 9,805 12,633 12,659 9,775 10,520 10,583 9,159 9,877 10,143 LG U + TV 11,510 14,701 15,881 9,234 11,273 12,233 8,004 10,159 11,260 IPTV 8,677 9,635 10,798 7,892 8,043 9,003 7,370 7,602 8,655 10,630 11,651 13,073 8,026 8,004 8,209 7,127 7,007 7,092 : KT OTS, 2012 OTV VOD. IPTV ARPU. :,, 2012, IPTV 2012, ) ARPU ARPU, ARPU ,000, % U + TV 1 5,881, SO C&M 1 5,591 2) ARPU ARPU, ARPU ,209

278 274, % U + TV 1 2,233, SO C&M ) ARPU ARPU ARPU ,092, % U + TV 1 1,260, SO t-broad 8,421. ARPU ARPU 4218 OECD ARPU () (: ) Australia US Israel New Zealand UK Canada Ireland Greece Spain Chile

279 4 : Italy Portugal Denmark Mexico France Sweden Belgium Czech Rep Japan Finland Switzerland Germany Austria Netherlands Slovenia Poland Slovakia Turkey Hungary : Informa 2012 ARPU : Informa OECD (, 2013 ) Informa (2013) 2012 OECD ARPU ARPU ARPU TV 3.18, TV 3.31, IPTV 3.37, OTS 3.34, 3.41 TV, IPTV

280 276, , (2013) IPTV OTS (/) /VOD * (2012) : 1) VOD ( ) 2) 5 (1=, 2=, 3=, 4=, 5= ) : 2012 (2013b) 5.. KT 1) 2009 IPTV % %, IPTV % % KT 25.8% (2012 ), 2 CJ(14.8%) 11.5%p 2011 KT 2.4%p KT KT

281 4 : KT 44.0%(, 2013f) KT KT SO IPTV SO SO IPTV IPTV 60) 4220 SO t-broad 313, , % 3,139, , % 3,125, , % CJ 3,405, , % 3,452, , % 3,549, , % C&M 2,697, , % 2,449, , % 2,469, , % HCN 1,311, , % 1,292,443 80, % 1,283,928 87, % CMB 1,346,152 61, % 1,349, , % 1,338, , % MSO 11,897,576 1,870, % 11,682,728 1,978, % 11,766,911 2,063, % SO 2,880, , % 3,115, , % 3,076, , % SO 14,777,993 2,153, % 14,798,725 2,341, % 14,843,365 2,439, % : : 60) (, 2013f) IPTV %, +IPTV, SO

282 278, (N=1,657) 2012(N=1,565) %(1) 10.6%(3) +0.8%p +IPTV 10.4%(2) 5.6%(8) +4.8%p + 9.0%(3) 12.2%(1) 3.2%p + 8.4%(4) 6.6%(5) +1.8%p +-IPTV 8.0%(5) 9.6%(4) 1.6%p +() 7.6%(6) 11.3%(2) 3.7%p +() 5.8%(7) 5.2%(9) +0.6%p +IPTV 5.3%(8) 2.6%(12) +2.7%p + 4.6%(9) 4.5%(10) +0.1%p + 3.8%(10) 5.8%(6) 2.0%p :, 2012 : (2013g) , KT +, + (OTS) 2, KT 2)

283 4 : %, 10% 4220 : 2013,, OTS, IPTV, () IPTV % % %,,,, 3) + (OTS) OTS KT

284 280, OTS KT OTS (: ) : KT OTS KT KT KT 3, (OTS ), IPTV(OTS ), OTS(+IPTV VOD/), % IPTV OTS 2010 IPTV %, OTS 442.1% 203, %, IPTV 32.4%, OTS 9.0%, 2012 IPTV 37.1%, 33.5%, OTS 29.4% OTS KT IPTV %, OTS 34.1% OTS KT

285 4 : KT (: ) : 4) KT ( ),,,, ( ) KT 77 SO KT KT ( key service ) (key service) ( %) 4223 KT key 54.5%, (69%)

286 key () : BASE : (2013e) (44.8%) (41.7%) key ( 4224 ), (KT 11.0%) KT IPTV key 77.3% IPTV (70.5%) 4224 key (KT ) : BASE : (2013e)

287 4 : 283 (KT ) key KT (key ) key, KT ( 4225 ) KT key (82.8%) ( 76.7%, IPTV 73.5%) 4225 (OX) : (2013e) ( ) KT KT 4225,,,

288 284, ( ) 2 KT key ( ) KT (65.8%), (66.4%), (64.4%) (68.5%,) IPTV (69.7%) 4226 (2 ) : (2013e) 2 KT 20.3% (11.8%) IPTV (12.7%) ( 4226 ) ( ) KT IPTV

289 4 : % 5 4() 5 ( ), IPTV ( %) 90.5%, 97.3% 4222 (2011) (: %) (1) (2) (3) (: %) (4) (5) (: 4.0 ) 3, , IPTV KT 1, SKB TV LG U + TV t-broad DCATV C&M CJ HCN Skylife :, 2011 KT IPTV 0.17, IPTV (0.58), (0.92) (0.20)

290 (2011) IPTV DCATV (: %) (: ) 3, , KT 1, SKB TV LG U + TV t-broad C&M CJ HCN Skylife :, 2011 (, VOD ) KT (KT ) KT (54.2%) (50.4%) IPTV (50.0%) 4227 : (2013e) ( )

291 4 : 287 ( 4227), KT,, KT OTS KT,, KT, KT 4228 KT (200212) : (2013f) ( ) 2010 KT

292 KT ( ) 0.78 ( ) 2012, 0.76( ), 0.82(), KT. OTT 1) OTT,,, Netflix,

293 4 : 289, 2013,, 2) , OTT, 3, 4224 OTT (2013) pooq 3 EBS TV VOD 02. TV TV TV 03. K KBS KBS KBS TV 04. MBCTV MBC MBC MBC TV 05. (tving) CJ TV/TV VOD 06. tvnow KT TV 07. BTV SKBroadband KBS/TV VOD 08. TV(SecondTV) LG U + TV 09. TV SK TV 10. TV TV 11. TV TV 12. TV TV UCC 13. TV TV UCC 14. TV UCC 15. () UCC :,,, 1 2 VOD

294 290 3 VOD, 3) 61.7%, TV(49.3%) TV(43.0%) 1 CJ (tving, 30.0%) (pooq, 29.4%), IPTV TV (21.6%) 4230 OTT : Base(N:1,545) : (2013e), 1 TV 29.9% ( seamless watching ) 2 TV 24.7% (22.3%) (time shift)

295 4 : (28.9%) (28.0%) (convenient search) (killing-time) 4231 OTT : (2013e) 1 (55.9%), /(54.8%), (31.7%), (27.4%), (6.2%), /(7.7%), (4.8%), (2.3%) 2 (44.7%), /(40.7%), (37.2%), 3 /(51.9%), / (23.4%) ( %, %)

296 OTT : (2013e) OTT TV TV 4233 OTT TV : (2013e) 1 ( 16.3%, 15.8% 32.1% ) OTT 1 (45.0%) ( 59.6% )

297 4 : (39.4%) 3(35.9%), ( %) 3(49.7%) 4234 OTT : (2013e) 6..,,, IPTV , 8.1% 2, ,316, 17.5% 3 6,585 1 KT (OTV Skylife ) % 602, 2.4%p 25.8% 2 CJ %p %p ( )

298 % 1,369, KT SO (517) 44.0%, HHI 4, (4,943) HHI (4,001) 2011(4,352), :, :? ( ),, () 3,

299 4 : 295 ( ). IPTV, 58.7%, VOD., KT, key KT, KT KT, KT ,

300 296, HHI KT HHI KT 8(CJ), 1(HCN), 4(CJ), MSO SKB 1, , IPTV KT,,

301

302

303 () () ( ) ( ). 1) 3 5 MSO CJ 3 10 C&M, CMB, 4 t-broad HCN

304 300 2) (PP) PP 3) MBC, SBS 61) )

305 5 301., 62) SSNIP test, () () () () A A,, A A B Ofcom(2010) () () 62) (, )

306 ) 510% (, ), ,

307 TV (: ) : AGB 513 (: %) : (2013a)

308 304 (34.5%) 62% 510% () (510%) 2),,, JTBC MBC SBS

309 5 305,,,, (++) , CJ PP (5,898 ) CJ(22), SBS(9), KBS(5), MBC(6), t-broad(10) % (15.5%), (: %) KBS1 KBS2 MBC SBS tvn SBS KBS MBC : (: %) TV JTBC A MBN : 2013,

310 (2012) (: %) KBS KBS SBS MBC EBS YTN MBC MBN KBS A SBS JTBC tvn IPTV VOD() TV OCN CGV Y Tooniverse Dramax 0.28 : 24, 06:00 24:59:59 : AGB (N=1,711)

311 % 30.9% 3.2% 2.8% 23.9% 28.5% 4.1% 2.6% 514 (: %) : (2013a), 27.9%, 12.5%, 33.1%, 27.6%,

312 %, 23.1%, 12.7%, 11.8% 515 () (N=1,711) : (2013a) 516, ((N=1,711)) : (2013a) KBS2 (=100) TV 45.4, JTBC 55.1, A 46.5, MBN

313 : (2013a) (,, ) (, ), ( ), 3),,,,,

314 310 (53.7%), (48.7%), (43.2%), (39.8%) (33.1%), (29.9%), (27.6%), (23.1%) 518 (: %) : (2013a),, 4) ()

315 5 311 ( ) (PP) () ( ). 1) 10% (, ),,,,, 3 (++) , , CJ PP,

316 % ( %) (: %) KBS1 KBS2 MBC SBS tvn SBS KBS MBC : (: %) TV JTBC A MBN : MBC YTN 7.2 (2012 ) 516 (2012) (: %) KBS KBS SBS MBC EBS YTN MBC MBN 0.55 : 24, 06:00 24:59:59 : AGB

317 5 313 CPS 3,360 63) CPS 2012 YTN (133 ) (2,158 ) YTN CPS 618 (N=1,711), 519 (: %) : (2013a) 63)

318 % 5110 : (2013a) (69.9%), 5.1% (58.4%), 3 30% 68.4% 3

319 % (,, ) (, ) ( ), 3 (510%) 3 2) 3 3 3, 3 3, (++) KBS 3,424,

320 316 MBC 2,766, SBS 3, (: ) KBS 223,554, ,957,707 9,896, ,408,355 MBC 120,273, ,304,980 2,028, ,606,137 SBS 165,024, ,400,409 2,244, ,668,876 : % KBS1 3 KBS2, MBC, SBS : (06:0012:00, 16:0024:59), (06:0024:59) : AGB

321 (CPS) 280, 280 (N=1,711) 3 KBS2 58.9%, MBC 56.1%, SBS 60.8%, KBS2 41.7%, MBC 38.2%, SBS 42.3% (: %) : (2013a) (single brand relevant market)

322 318 ( ) Ofcom(2010) Sky (Sky Movies) Ofcom (,,, ) Sky Movies (,,, DVD ) (PC OS) Microsoft Intel Compatible PC OS OS(Mac OS ) Window OS Intel Compatible PC OS OS HW/SW, SW, Mac application (NCAA ) (1984) NCAA NCAA NFL, ( ) International Boxing Club of New York (1959) 3) ( ) :,

323 5 319 :, (KBS2, MBC, SBS) : 3 () (KBS2, MBC SBS ) (5 10%) PP PP, PP PP ( ) PP PP

324 PP (: ) : 1) (SBS, CBS,, TBN, TBS,, EBS, ), DMB 2(DMB, YTNDMB), 1(KT) 2) PP PP 1, PP 4 3) DP SK, KT,,, : MPP 2012 CJ MPP PP 2009 CJ CJ MPP 9 ( ) PP 2 ( ) CJ MPP tvn, CGV,, Catch On, OCN, TV, NGC(National Geographic Channel), TV 2012 t-broad MPP 10 4 PP t-broad ( ) CJ 2 t-broad MPP,, FX, 3 MBC MBC, MBC SPORTS PLUS, MBC KBS KBS Drama, KBS N Sports, KBS Joy SBS SBS, SBS GOLF, SBS ESPN

325 MPP PP (: ) MPP PP PP PP PP PP PP CJ t-broad MBC SBS KBS : 1) 2008 CJ (30, ) 2) PP PP, DP PP 3) t-broad t-broad 2006 MPP 4) : , PP (: ) : VOD only, PP, PP PP :

326 322. PP 56%, 22%, 4% %p, 1%p, 1%p 64) 522 PP (2012) (: %) : 1) 2005 PP PP PP(DP) PP 2), VOD ) : 2013 PP PP 19% 64) 2009 PP 13.7% (8,747 7,548 ) 18.2% (2,808 3,318 )

327 % %, % % IPTV SO ) IPTV, SO SO 25% PP PP 523 PP (:, %) : 1) 2005 PP PP PP(DP) PP 2), VOD ) : 2.. 1) PP CJ PP, SBS 65) KT , SKBroadband LGU IPTV

328 324 PP, MBC PP 6 PP (12.4%) CJ PP , %, 6 (CAGR) 23.3% 2 SBS PP 1.1% 2,174 6 (CAGR) 23.3% 3 MBC PP 6.1% 1,898, 6 (CAGR) 5.5% JTBC 642, A 480, 628, MPP (:, %) CAGR(%) (0712) CJ 238, , , , , , , ,389 t-broad 19,919 34,051 52,905 71,323 85,527 85, KBS 53,994 82, , , , , MBC 144, , , , , , SBS 125, , , , , , ,026 96,799 87,009 95, ,434 98, MPP 920,590 1,043, ,385 1,131,367 1,305,605 1,434, MPP 1,093,464 1,832,930 1,117,177 1,422,773 1,608,309 1,901, PP 1,246,040 1,406,100 1,290,410 1,612,005 1,855,303 2,236, PP 2,736,448 2,959,438 3,204,428 3,773,620 4,430,151 5,265, : 1) 2006 PP PP, PP PP, VOD PP., PP DP PP 2) PP PP PP, 2011 :

329 MPP ( PP ) (: %) : 1) PP, PP PP(DP), VOD PP 2) PP 2009 CJ : PP 3 CJ (30.5%), SBS (9.7%), MBC PP(8.5%) CR3 48.7% PP, 2008 CJ PP 1, CJ SBS PP(9.72%) 3 MBC PP(8.49%), 2) 2012 PP 5, %

330 MPP (: ) CJ 35,891 52,967 57,440 60, , , , ,449 t-broad 4,011 7,183 16,145 17,264 20,474 21,104 KBS 10,164 12,595 19,098 19,954 18,757 24,991 MBC 24,602 30,191 31,811 36,664 33,544 37,092 SBS 17,797 18,518 27,002 23,588 24,885 29,338 7,184 7,039 10,916 12,985 14,434 13,347 PP 242, , , , , ,130 : 1) PP 2009 CJ 2) PP PP PP, PP PP DP PP 3) VOD only 4) t-broad t-broad 2006 MPP : 2012 CJ MPP 1, % 2012 IPTV 2011 CJ PP IPTV 2011 CJ IPTV 2 MBC MPP 10.6% 371, 3 SBS PP 33.2% 293

331 MPP (: %) : 1) PP 2009 CJ 2) PP PP PP, PP PP DP PP 3) VOD only 4) t-broad t-broad 2006 MPP : 2012 CJ, MBC, SBS MPP 37.2%, 7.4%, 5.9% CR3 50.5% 5.6%p CJ 2011 ( % % %) 2012 ( % %) %p 29.8%p 2 MBC PP 7.4% 2, 3 SBS PP 5.9% 3) 2012 CJ, t-broad, MBC MPP 18.47%, 18.7%, 7.97% CR % (42.31%) 7.16%p

332 328 4 MPP 526 MPP (: %) : 1) CJ CJ 2) t-broad t-broad 2006 MPP 3) PP (MBN) : AGB 3 1 CJ ( % % %) 2 2 t-broad 1.75% 8.7% t-broad MBC 7.97% 2.24%p MPP 81.39% 2010 MPP, 2011 ( % %) 2012

333 MPP (: %) : 1) PP, PP, PP, VOD only (, ) 2) SO / : AGB 4) PP MPP % 3 MPP 1 MPP (CJ MPP) 5%p PP MBC 2004, 2006 SBS KBS 528 PP (: %) :

334 PP (: %) : PP ( %) PP PP ( %) 7.22%p PP (, ) (2009 1, , ,150) HHI 1 CJ 439 1,589 1, MPP HHI CJ 2009 MPP HHI 1, (2009 1, , )

335 PP HHI : PP, PP, DP, VOD only : 5211 MPP HHI : 1) PP, PP, DP, VOD only 2) PP HHI : AGB. 30 MSP (43.3%) MSP MSP CJ 7

336 332, t-broad 3, C&M 2, HCN 1 CJ MSP t-broad MSP 2012 ( ) MSP (: %) (%) (%) 30 MSP CJ (%) t-broad C&M HCN : 2009 CJ (%) (%) (%) 3.. PP 22%. PP 2012 PP 1 6, % CJ

337 5 333 CJ PP , , %, 4( PP ) , PP (: ) : 1) 2010 PP PP 2),,, 3) JTBC, TV, A, MBN PP PP :, ( PP ). 1) 2)

338 334 3) CJ 47.3% KBS 40.3%, MBC 38.5%, SBS 37.5% 5213 (: %) : (2013a) PP 3.9% (1.3%)

339 CJ MPP, MBC MPP, SBS MPP 5.1%, 5.6%, 1.7%, 526 MPP (:, %) (%) CJ 668,018 1,155,498 1,354,923 47,483 78,969 69, t-broad 72,370 87,417 90,342 23,897 19,924 21, MBC 181, , ,124 15,254 22,872 10, SBS 248, , ,594 9,021 6,739 4, KBS 125, , ,120 17,473 12,814 6, , , ,896 11,941 18,400 11, JTBC 8,338 64,222-37, , TV 6,906 51,344-11,471-54, A 7,977 48,000-31,040-73, MBN 61,372 62, , PP 2,952,845 4,437,790 5,014, ,151 59, , PP 4,353,197 4,788, , , ( ) : 1) PP PP PP, PP DP PP 2) PP 2009 CJ 3) 2007 t-broad t-broad, 4) PP, VOD 5) 2011 MBN MBN MBN, :

340 336 CJ PP (37.2%) (18.5%) (36.7%) t-broad PP (3.3%) (8.7%) (4.2%) 527 MPP (2012) (:, %) PP (%) (%) (%) (%) CJ 589, , t-broad 53, , KBS 112, , MBC 71, , SBS 120, , , , MPP 961, , MPP 1,238, , PP 1,607, , : PP, PP, PP VOD only PP., PP DP PP : 2013 AGB() 5.. 1), 2) PP 19

341 5 337 PP 1 2 CJ PP 6 ( CGV, Catch On, Super Action ), t-broad,, KT PP/ (: ) PP/ PP :, : 1 CJ PP CJ VOD, PP 529 PP (: ) MPP PP PP (2012) CJ CJ XTM, CGV 1,843,028,747 Catch On, Catch On plus, OCN, SUPER ACTION 252,481,606 t-broad cinef, SCREEN 43,116,826 7,640,142 80,529,038 KT VIKI, 36,668,982

342 338 MPP PP PP (2012) PP SPICE TV 21,315, ,311 TV 772, ,486 CNTV 5,054,786 THE MOVIE 1,198,734 ch. PH 1,471,085 2,294,522,706 : 1), 2) CJ 2011 CJ,, (CJ), () CJ CGVPLUS CGV 3),, M ) (2008), (2009), (2010), (2011) 5) IPTV HD : AGB PP 11 PP 1, 3 3 KBS MBC PP 1, SBS PP 1 1 (SBS GOLF) 3

343 PP/ (: ) PP/ PP : : 3 PP PP PP PP, 5211 PP (: ) MPP PP PP (2012) KBS () KBS N Sports 78,192,759 MBC () MBC SPORTS PLUS 14,339,331 SBS () SBS GOLF 57,612,420 () SBS ESPN 21,034,440 () JGolf 21,409,403 PP () CAR/SPORTS 90,529 () 1,656,024 () TV 2,652,209 () SPOTV, SPOTV2, SPOTV+ 21,760, ,747,344 : 1), 2) ) SBS SBS ESPN 4) () (), () Fsports, CAR/SPORTS 5) () ) () , TV : AGB

344 340 3) CJ 3 OCN(0.35%), CGV(0.32%), SUPER ACTION(0.28%) CJ CJ t-broad SCREEN(0.20%) HHI (2009 7, , , ,303) 5212 (: %) Catch On Catch On plus OCN SUPER ACTION Story On CGV PLUS CJ XTM CGV CineF SCREEN VIKI ABO MGM M SPICE TV TV

345 TV M CNTV KCNTV CHING THE MOVIE ch.ph : 1), 2) 2007 (), 2008 () () 3) CJ 2011 CJ,, (CJ), () CJ CGVPLUS CGV 4) ABO, ),, M ) (2008), (2009), (2010), (2011), 7) IPTV ) THE MOVIE MGM 9) ch.ph : AGB MPP CJ 1.11% 2 t-broad (0.27%) 2009 CJ CJ CJ CJ 2 t-broad

346 MPP (: %) : 1) t-broad MPP ) CJ 2009 PP 3) 2012 MPP : AGB 3 SBS ESPN, MBC SPORTS+, KBSN PP MBC MBC SPORTS+(0.250%), 23 SBS SBS ESPN(0.247%) KBS KBS N(0.246%) PP JGolf( %) (0.05%) 3 HHI (2009 2, , , ,831)

347 (: %) KBSN MBC SPORTS SBS SBS ESPN JGolf CAR/SPORTS TV Xports SPOTV SPOTV SPOTV : 1), 2) (2008), (2009), (2010), (2011), 3) Xports ) SBS SBS ESPN 5) () (), () Fsports, CAR/SPORTS 6) () ) () , TV : AGB PP 1 SBS 2011, 2012 SBS , 1 MBC SBS

348 344, SBS PP PP, MPP (: %) : 1), 2) (2008), (2009), (2010), (2011), 3) SBS SBS ESPN 4) 2012 IPTV : AGB. 1) (JTBC, A,, ) 4,,,

349 ) ( PP ) 2,263 JTBC 642, (MBN) 628, 513, A ( PP ) 1,926 1,710, , JTBC 520, 452, A , JTBC 520, 366, A 268 JTBC (MBN) (: ) JTBC ,995 51, , , ,824 12,959 39, ,311 1,468 6, ,550 55, ,815 52, ,612 8,624 45, , , ,982 21, , ,594 2,942 74,536 :,

350 %, (PP) 13.3% 5216 (2012) (: %) :,, /PP, //VoD/ PP :, (2013) 3) %, MBN % %, TV 0.27% 1.21%, JTBC 0.42% 1.01%, A 0.30% 0.95%

351 (: %) : AGB 5218 (: %) : AGB YTN, KBS, KBS, SBS

352 ) ( PP ) 3,291 1,213, 1,996, (: ) JTBC ,838 67,848 1,716 99, ,876 10, , ,783 53,215 3,267 64, , , ,156 39,174 1,572 75, ,474 39,338 1,716 89, , , , ,576 8, , ,779 23, ,022 : 1) 2) 2011 MBN MBN : JTBC % 68.2% A % 82.8% (MBN) 759

353 % 51.6% % 443.9% 2012 JTBC(994 ), (54.1%), A(82.8%) 2012 TV 10.8%, PP 17% 5219 (2012) (: %) : ) , 67%, 106%, 154%, JTBC 218%

354 (:, %) (%) JTBC , , ,338 37, ,000 73, ,977 31, ,806 41, ,372 6, ,344 54, ,906 11, :,. 1) 2) PP (CJ, GS ) (,, ), ) () 3) (2 5,748 ) 17.6% 66)

355 % 5220 (: ) : 5221 (: %) :

356 CJ (7,964 ) 1 GS (7,105 ) 2, 3 (5,633 ) 1 CJ 26.3% GS 3 (CR3) 68.4% 3%p HHI 1,992, ,000 HHI 2, () HHI 5222 HHI : 4) 2012 CJ 12.9%, GS 13.3%, 20.1%, 11%, 17.3%, 10.2% GS 2012

357 : () % : 5) % 41.2%, 41.2% 33.5% 32.4%, 29.4%, GS 24.6%, CJ 22.9% CJ

358 (: %) : 5225 (: %) : % 44.5%, 44.5% 30.1%, 29.6%, 26.5%, GS 19.8%, CJ 19.5% CJ

359 MSO (:, %) CAGR(%) (0712) t-broad CJ C&M CMB SO SO : SO 1, SO % 2012 MSO t-broad 6 2,400, CJ 5 5,000, C&M 4 6,300, 5 2,000, CMB 3 7, SO ) SO 2 9,400 MSO SO 68) 67) (12 ) 69 68) MSO (t-broad CJ C&M

360 SO (: ) :. SO 1) 2012 PP 5,740 (4,433 ) 29.5% SO PP 4,736 (3,964 ) 19.5% IPTV PP, % PP PP SO 5218 PP (: ) PP 3,111 3,570 4,113 4,433 5,740 PP 1,885 2,423 2,808 3,318 3,734 3,895 5,011 :, CMB) MSO (CJ t-broad C&M CMB)

361 5 357 MSO PP 5 MSO % %, % % PP SO PP 5227 MSO PP (: %) : MSO PP 2009, PP MSO 5 MSO % % 3.8%p, % % 1.3%p

362 MSO PP (: %) : 5229 PP (: ) : 2010 PP PP :, ( PP ),, VOD only PP PP

363 5 359 IPTV PP PP SO IPTV SO SO, IPTV PP 2) PP (MPP ) MPP MPP (leverage) MPP ( ) PP ( ) SO

364 360 PP SO-PP PP SO 25% SO SO 3) SO-PP 89 SO 203 SO SO 11,716 dataset SO-PP 5219 SO-PP (PRICE) ij SO i j (: ) (SOSIZE) i j (12 ) (MSOSIZE) ij j SO i (: ) (RATING) j SO i MSO j (: ) (GENRE) j (VI) ij (CHHOR) j (MPP) i (KMS) j j (2012 ) : 1-, 2-, 3-, 4-, 5-, 6-, 7-, 8-, 9-, 10-, 11-, 12-, 13-, 14-, 15-, 16-, 17- =1, if SO i j, otherwise=0 j PP ( PP ) MPP MPP: 1-CJ, 2-SBS, 3-MBC, 4-KBS, 5-YTN, 6-t-broad MPP, =1, if j (KBS, MBC, SBS) MPP, otherwise=0

365 5 361 SO SO,, -, PP (regression analysis) SO SO SO SO MSO SO MSO SO SO-PP 25%,, MPP MPP SO MPP

366 Model 1 (PRICE) ij Coefficient Std. Error (SOSIZE) i *** (MSOSIZE) ij 2.073*** (RATING) j 98,466,484*** 2,729,348 (GENRE) j (VI) ij 9,931,944*** 964,147 (CHHOR) j 3,843,898*** 316,686 Model 2 ln(price) ij Coefficient Std. Error ln(sosize) i 0.426*** ln(msosize) ij ln(rating) j 0.432*** (GENRE) j (VI) ij 0.306*** ln(chhor) j 0.063*** : 1) ***, **, * 1%, 5%, 10% 2) GENRE 4) SO-PP PP SO PP SO PP, SO-PP PP MPP

367 5 363 MPP SO-PP 6.. PP % (2011 3, ,011 ) CJ, MBC, SBS MPP 37.2%, 7.4%, 5.9% CR3 50.5% 5.6%p 2012 MPP CJ 1, %, PP 37.2% CJ 2011 ( % % %) 2012 ( % %) CJ (37.2%) (18.5%) (34.4%) (2009 1, , ,150) HHI 1 CJ 439 1,589.

368 364 PP 2012 PP 1 7, % CJ PP , ,002 45%, ,294 () CJ 47.3% KBS 40.3%, MBC 38.5%, SBS 37.5% PP 3.9% (1.3%) ( % % 1%p ) 3 CJ MPP, MBC MPP, SBS MPP 5.1%, 5.6%, 1.7%

369 ) PP 19 PP 1 2 CJ 3 OCN(0.35%), CGV(0.32%), SUPER ACTION(0.28%) CJ PP 11 PP 1, 3 3 SBS ESPN, MBC SPORTS+, KBSN PP MBC MBC SPORTS+(0.250%), 23 SBS SBS ESPN(0.247%) KBS KBS N(0.246%) 2) ( PP ) 2,263 JTBC 642, (MBN) 628, 513, A ( PP ) 1,926 1,710, , JTBC 520, 452, A 398 4

370 366 MBN % %, TV 0.27% 1.21%, JTBC 0.42% 1.01%, A 0.30% 0.95% ( PP ) 3,291 1,213, 1,996, TV 10.8%, PP 17% , 67%, 106%, A 154%, JTBC 218% 3) PP () (2 5,748 ) 17.6% CJ (7,964 ) 1 GS (7,105 ) 2, 3 (5,633 ) 3 (CR3) 68.4% 3%p HHI 1,992, ,000 HHI 2, ()

371 CJ 12.9%, GS 13.3%, 20.1%, 11%, 17.3%, 10.2% GS ) SO 89 SO 203 SO SO sample 11,716 dataset SO-PP SO SO,, -, PP SO PP, SO PP, SO SO SO SO SO MSO SO

372 368 SO MPP MPP SO. 2011, 1 CJ, 2, 1, MSO CJ 3 10 C&M, CMB 4 t-broad, HCN

373 5 369 IPTV, SO % % (1.5%) 0.62%p 3 MSO, , IPTV 69) 2. : 70) ,080 (2 5112, 1 1,060 ) , % % 69). 70) SNL Kagan(2013)

374 : SNL Kagan(2013) (499) (37) 38% CPS Sinclair Broadcast Group 72 Entravision Communications Corp. 14 CPS TV CPS 2012 News Corp(Fox Network) 69, CBS Corp(CBS Network) 55, Walt Disney(ABC Network) 45 Comcast/NBC(NBC Network) 25 4 CPS ) 71) KBS2, MBC, SBS 71)

375 5 371, 2), 9(). 1) 3, 3

376 372 2) (buying power) (N=82) MBC, MBC 25.24% (, 2013c) SO MBC 14.68%, IPTV MBC 15.33% KT (IPTV+) 602, CJ 332, t-broad 314

377 ), 3 (N=1,711) 68.4%, MBC 56.1%, KBS2 58.9%, SBS 60.8%,

378 374 MBC 41.7%, KBS2 38.2%. SBS 42.3% 532 : (2013a).,, 72) MSO % % 0.6%p 72).

379 ,080 (2 5,112, 1 1,060 ) , % % (499) (37) 38%. 1) 73) KBS2, MBC, SBS, 2) (N=82) MBC 73)

380 376, MBC 25.24% KT (IPTV+) 605, CJ 338, t-broad 314, (N=1,711) 68.4%, MBC 56.1%, KBS2 58.9%, SBS 60.8% 3),.,,, 3 MSO

381 5 377,

382

383

384

385 ) )

386 382. 1) (self-supply) ( ) 2) (+) 25% 51.5% TV (:, %) (%) KBS1 319, ,783 2, , KBS2 192, ,737 11, , MBC 208, ,815 37, , SBS 199, ,646 34, , : 2013 (2013) 3),,, (: )

387 TV KBS1 5.1%, KBS2 6.8%, MBC 2.3%, SBS 1.95% 2012 KBS Drama 95.6%, MBC 93.2%, SBS Plus 91.3%, tvn 22.6%, CH.CGV 98.3%, FX 100%. () (monopsony power) (, ) (), ( ) (,,, ) ( ) ()

388 PP (N=65) 49.2%, 50.8% 612 : 100( %) : (2013d) (pre-production), (production), (post-production) 56.9%

389 % 613 : 100( %) : (2013d)

390 (: ) (: %) :. (N=50) 82%, 76% (N=41) 82.9%, 70.7% (/) (N=50) 44% (N=41) 51.2%

391 % : 100( %) : (2013d) % : 100( %) : (2013d)

392 388 (N=50) 82%, 76% (N=41) 82.9%, 70.7%. ( ) : :, ( ) : : 3.,,

393 () , PP ( ) 621 (: ) PP PP PP PP : PP

394 PP 7, ,668 38% , , % PP , , % 621 (+PP) (: ) : 2010 PP PP : PP % 6%

395 SBS PP 2, % %p 2 MBC PP 1, % %p 3 KBS PP 1, % %p (:, %) (%) (%) (%) SBS(PP) 186, SBS(PP) 180, SBS(PP) 202, MBC(PP) 117, MBC(PP) 145, MBC(PP) 168, KBS(PP) 96, KBS(PP) 106, KBS(PP) 119, CJ(MPP) 26, CJ(MPP) 29, (MPP) 74, EBS() 11, (MPP) 17, (PP) 53, (MPP) 7, EBS(PP) 13, (MPP) 39, t-broad(mpp) 5, t-broad(mpp) 13, (PP) 39, , , CJ(MPP) 24, OBS TV 2, (PP) 6, EBS(PP) 20, , , , TOP , TOP , TOP , , , , : MBC MBC : (1,996 ) PP 2011 PP 4 2,067 3 (3 PP) % %p

396 392 3 (CR3) PP 3 PP 622 (+PP) ( PP ) : HHI 1, , ,722 HHI ,579 1,143 3

397 HHI : 624 : (N=100) 2012 (84%) (48%) 1

398 394, 10 27(4.7%). 1) PD,,, 2) (SBS+ PP) 25.1% 3 (SBS, MBC, KBS+ PP) (CR3) 60.5%

399 6 395., 3 (self-supply),. ( ) 89.7%, 1.3%, 9% 73.5%, 7.4%, 19.1%

400 396, 625 : 100( %) : (2013d) 35.9%, 32.1%, 26.9%, 5.1% 38.9%, 27.9%, 33.8%, 4.4%

401 : 100( %) : (2013d) 627 : 100( %) : (2013d)

402 %, 32.1%, 16.7%, 3.8% 44.1%, 30.9%, 20.6%, 4.4% 628 : 100( %) : (2013d) (64%), 4% (73.3%) (13.3%) ( 69%)

403 6 399 ( 16%) ( 15%) 629 : 100( %) : (2013d),,

404 : 100( %) : (2013d) : 100( %) : (2013d)

405 %, 32.4% 69.2% 57.4% 6212 : 100( %) : (2013d) 38% (33.3%) (38.2%)

406 402, 6213 A : 100( %) : (2013d) (,, PD ) (68%) A PD