Korea’s major terrestrial broadcasters are believed to have suffered losses while covering the 2024 Paris Olympics, while domestic streaming services have seen a significant increase in users.

Hana Securities analyst Lee Ki-hoon said in his report released Wednesday that SBS, one of the three major broadcasters, is expected to post at least 10 billion won ($7.35 million) in losses stemming from its coverage of the Olympics in Paris.

“Even though the unexpectedly strong performances of Korean athletes at the Olympics resulted in the high popularity of related content, SBS is assumed to have faced difficulties in pre-selling advertising slots due to the initially low medal expectations,” Lee said.

“Additionally, due to the high production costs of covering the event in Europe, SBS is projected to incur losses of at least 10 billion won as a result of the Olympics.”

The situation is expected to be similar for two other terrestrial broadcasters, KBS and MBC, as viewership for their coverage remained sluggish throughout 토토 the 16-day event from July 26 to Aug. 11.

According to data from market tracker Nielsen Korea, the viewership ratings for the opening ceremony were 1.4 percent for KBS, 1 percent for MBC and 0.6 percent for SBS.

The combined 3 percent in viewership is far lower than that of the opening ceremonies of the 2020 Tokyo Olympics at 16.5 percent or those of the 2016 London Olympics at 20.8 percent.

Viewership improved as Korean athletes showed solid performance during the Games but failed to match those of previous editions of the spectacle.