Coupang Play is drawing criticism for offering free streaming of "What If We," a romantic film currently enjoying a long theatrical run and riding a wave of popularity.
While it is common for films that failed to secure theatrical releases or flopped at the box office to appear on over-the-top (OTT) streaming platforms, it is highly unusual for a movie still playing successfully in theaters to be offered for free.
Industry observers warn that the absence of holdback regulations in South Korea enabled this situation, raising concerns that it could reinforce the perception that "content should be free." Holdback refers to a system that restricts OTT releases for a certain period after theatrical runs end.
According to industry sources on January 26, Coupang Play will offer its Wow members free access to "What If We" for three days starting January 27. The platform has previously held similar free viewing events for films including "Pagwa," "First Ride," and "Black Nuns"—most of which had already concluded their theatrical runs.
"What If We," released on December 31 last year, has drawn a cumulative audience of 2.6 million and continues to play in theaters. The film has more than doubled its break-even point of 1.1 million viewers and became available for paid viewing on Internet Protocol Television (IPTV) starting January 25.
Industry insiders argue that Coupang Play's event could strengthen the notion that content should be free.
"It's difficult to understand why they would target a film that is still popular in theaters, has exceeded its break-even point, and is being offered free during a holiday period," one industry official said. "This doesn't help creators, producers, or the film industry as a whole."
Another official pointed out that "this event is a marketing approach to attract customers to Coupang through its OTT platform," adding that "a popular theatrical release is being used as a marketing tool just to retain Coupang members for another month."
Coupang's free event is possible because South Korea lacks holdback regulations. Overseas markets impose holdback periods ranging from a minimum of 45 days to a maximum of three years. France has the strictest rules with a 36-month holdback period, though this can be reduced to 9-15 months if OTT platforms invest at least 4% of their annual revenue in French and European films. Germany requires four months, Italy three months, and the United States 45 days—with major countries either legislating holdbacks or implementing them through contracts.
In South Korea, a partial amendment to the "Act on the Promotion of Motion Pictures and Video Products" that would legislate holdback requirements has been proposed. The bill would mandate a minimum six-month waiting period before films move from theatrical release to OTT or IPTV platforms.
"The film industry has faced existential threats since COVID," an industry official said. "Holdback won't solve all problems, but minimum standards must be established for the film industry to survive."