|TVING CEO Yang Ji-eul and Lee Myung-han speak of the platform's plan for overseas advancement during an online press conference held on Oct. 18. Courtesy of TVING|
By Kim Jae-heun
Local over-the-top (OTT) services companies, including Waave, Watcha and TVING, are planning to expand their original content production and focus to secure the broadcasting rights of overseas sports games. They have adopted this strategy to survive in direct competition with global players like Netflix and Disney Plus.
TVING, the video streaming service operated by CJ ENM, saw its paying subscribers increase 3.5 times in a year thanks to its original content, like "Transit Love" and "Work Later, Drink Now."
"We will invest 400 billion won ($336 million) in our in-house production of TV series and entertainment shows by 2023. The investment can increase according to the company's need," a TVING official said. Starting from next month, the video streamer will also expand its categories of new original content, including sitcoms, food documentaries and music entertainment.
Coupang Play, an OTT platform of online retailer Coupang, is working on securing more exclusive broadcasting rights for a variety of overseas sports. It is already streaming matches of the National Football League from the United States, as well as the country's national soccer team's international matches.
Waave has increased its investment figure from this year's 250 billion won to 300 billion for 2022 ― offering original content that will be aired on all of the three local broadcasting networks: KBS, MBC and SBS.