How Korean Streaming Giant Wavve Stays Competitive

The world is opening up to Korean culture with an ever-growing appetite for K-drama. Wavve found instant success when it launched in 2019 as an online video streaming platform brought together by South Korea’s three leading broadcasters – KBS, MBC and SBS – and mobile operator SK Telecom. Even in the competitive Korean market, Wavve enjoys a strong foothold as it appeals to viewers who appreciate original content.

To stay ahead of the pack, Wavve not only sources productions, it also curates its own drama series and variety shows. “Continuing to provide original content is critical to attracting and retaining subscribers, differentiating platforms, and the overall success of the streaming platform industry,” said Lee Chan-ho, CCO of Content Wavve Corp; CEO of Studio Wavve Corp. An example he cited is action series Weak Hero Class 1 where singer Park Ji-hoon plays a straight-A student turning to his wits to fight school bullies. The K-drama ranked first in paid subscriber traction in 2022, the year of its release, whilst “beating out competitors’ content at the same time and taking first place in the TV & OTT topical category.”

Consumers are not the only ones who benefit from a wider entertainment selection. Businesses like Wavve also seek to make gains as Chan-ho pointed out that “original content can be monetized through various channels such as products, licensing, and overseas distribution by securing the IP of the streaming platform.”

Expanding beyond Korea
Wavve only took a year to cross the 10-million-user milestone since its launch. As one of the high achievers in South Korea’s video streaming market, global expansion has always been on the cards. Back in 2020, Wavve entered a partnership to supply content to NBC Universal to distribute Korean shows in pay TVs abroad.

In 2022, Wavve tapped further into the international market through acquiring Los Angeles-based KOCOWA, a specialty distributor of Korean content in the Americas that is able to offer Korean programmes with English, Portuguese and Spanish subtitles.

Here in Asia, Wavve exports productions strategically, especially to Hong Kong where potential and demand for Korean content remain strong. Lee Chan-ho expanded on this and said “Hong Kong has a diverse content landscape that includes content not only from Asian countries but also from around the world. This proves the demand for foreign language content. This is a market with high growth opportunities if we co-produce high-quality content through collaboration with Hong Kong production teams and topics that resonate with local viewers and meet the needs of changing content consumption trends.”

One of the crucial platforms to gather Asia’s hottest industry intelligence, premiere work and test market reaction is the Hong Kong International Film and TV Market (FILMART) event organised by the Hong Kong Trade Development Council (HKTDC).

Heightening interest through FILMART
Wavve made its debut at FILMART 2023 when the largest film entertainment content marketplace in Asia resumed its physical edition in Hong Kong after the pandemic. The streaming platform’s participation received support from Korea Creative Content Agency (KOCCA), a government agency with a vision on “leading the innovation and growth of K-content.” In fact, KOCCA joined hands with the Korean Film Council (KOFIC) which is entrusted by the country’s Ministry of Culture, Sports and Tourism, and organised two Korean pavilions to promote entertainment companies at FILMART. The four-day event attracted more than 7,300 industry players from 41 countries and regions in search of sourcing and networking opportunities.

During FILMART, a session titled “K-DRAMA Showcase with Actors” was held. Actors Lee Min-ki and Han Ji-hyeon got to introduce their medical mystery thriller Look At Me that enticed a hall full of 370 foreign media and partners. The drama follows the journey of a plastic surgeon who decided to perform reconstructive plastic surgery for crime victims after a life-changing event. “I was deeply impressed by the high level of interpretation of the content by Hong Kong and Asian buyers,” said Lee Chan-ho. “Many people continued to show high interest in Look at Me even after the ‘Showcase’ because of its attractive storyline and relatable characters. In addition, the solid storyline and high production value of the original content planned by Studio Wavve have received a lot of attention from buyers in Hong Kong and Asia, and we are seeking ways to strategically collaborate to plan and produce high-quality content.”

The Korean executive is already looking forward to joining FILMART in 2024 as “it is a market where I can be the first to access rapidly changing content trends and where networking exchanges with high-quality Hong Kong and Asian buyers can take place.”

Come and join the 28th edition of FILMART scheduled between 11th and 14th March 2024 at the Hong Kong Convention and Exhibition Centre, to promote your productions and explore partnerships in Asia. For more information about the event, please contact filmart@hktdc.org