Coupang Corporation has launched a subscription-based video streaming service in the evolving over-the-top(OTT) media market.

South Korea's leading e-commerce operator said Thursday that its new service, Coupang Play, is currently available on Android smartphones and the company will expand support to Apple iOS devices, PCs and smart TVs. 

The monthly membership fee is only two-thousand-900 won, edging out rivals in the local market. In comparison, global streaming site Netflix’s cheapest monthly plan is nine-thousand-500 won. 

However, Coupang still faces major competition in South Korea's video streaming market, such as Netflix and domestic players Wavve and Watcha. 

Walt Disney Co. has also said it will launch its flagship video streaming service Disney Plus in South Korea next year.