President Yoon Suk Yeol Expresses Concern over Monopolistic Practices

Courtesy of Netflix

The government is contemplating the imposition of antitrust regulations on major content platforms, including YouTube and Netflix, in response to a substantial hike in their subscription fees, as confirmed by a senior ruling camp official on Thursday.

Following President Yoon Suk Yeol's expressed concern during a recent Cabinet meeting, both the government and the presidential office swiftly initiated actions to address perceived monopolistic and oligopolistic behavior by platforms such as YouTube. 

▲ Courtesy of NetflixA senior official from the ruling camp stated that the abrupt 40 percent increase in retail prices is perceived as a form of "tyranny by monopolies and oligopolies." The official emphasized the need for the government to formulate guidelines safeguarding consumer rights and interests.

Citing concerns about potential fee hikes among other online video services, the official underscored a shared awareness that intervention is imperative without further delay.

YouTube Premium recently announced a 42.6 percent subscription rate increase, raising the fee from 10,450 won ($8) to 14,900 won. Simultaneously, Netflix indirectly raised fees by discontinuing its "basic" plan.

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