Twitch has revealed that it will be shutting down complete𓄧ly in Korea in 2024, claiming that the business has been operating in the country at a significant loss.
First sha𝄹red by Twitter user MonteCristo, the streaming platform has been sending out emails informing streamers in the country of its decision to cease all operations next year. On February 27, 2024 KST, streamers in the country will no longer be able to monetize through Twitch and u🐎sers will no longer be able to purchase subscriptions or Bits. All active recurring subscriptions will also be canceled and users will no longer be able to renew them.
In terms of why, it sounds as though the Korean government itself has put Twitch in a difficult position. According to the email MonteCristo shares, the streaming service has been operating at a "significant loss" for a number of years, mostly down to network fees being ten times that of other countries in which Twitch does business, and that's after significant effort to try and reduce costs. As a result, Twitch has now been forced to shut down as it can find "no pathway forward" to a more sustainable business model.
I want to reiterate that 🦹this was a very difficult decision and one we are very disappointed we had to make. Korea has always and will continue to play a special role in the international esports community, and we are grateful for the communities they built on Twitch. - Twitch CEO Dan Clancy
Now, you may be asking what this means for you. Unfortunately, this news means that if you're a fan of any Korean streamers, they'll more than likely be forced off of the platform and onto another with far less visibility or accessibility options. Many will more than likely go to Korean-language streaming sites, severely reducing their worldwide visibility and making it much harder for Western fans to access their content.
Safe to say, this is absolutely devastating news to Korean creators, as well as several high-profile international esports teams. Thankfully, Twitch explains that it will be doing its best to try and find new homes for these streamers, helping those affected find alternate livestreaming services in Korea. Twitch is even conta🎶cting alternate services directly to help with the trans𒈔ition.
Finally, Twitch CEO Dan Clancy has announced 🥂that Twitch will be holding a couple of live streams today to answer any further questions. Hopefully those that are finding themselves without a streaming platform can transition to another platform quickly and smoothly.
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