Poster for Hong Kong remake of Korean drama "A Business Proposal" / Courtesy of Viu

Viu CEO and PCCW Media managing director Janice Lee / Courtesy of Viu

HONG KONG — In 2015, Viu emerged on the Asian streaming scene, a time when international platforms had yet to embrace the mandate of investing in local content in the Asia-Pacific region. However, the multi-territory Viu distinguished itself early by capitalizing on the appeal of Korean entertainment beyond its borders.

"There was a lot of illegal consumption [of Korean content], but without proper subtitling and localization," Janice Lee, Viu CEO and PCCW Media managing director, said during a recent interview with The Korea Times.

"So we started offering a quick turnaround for subtitling. We wanted to shorten the time between the on-air schedule and Viu release so it could be fast as four hours. That's really important in Asia because if you're late, people won't value it."

The CEO noted that about 80 percent of Viu's new users choose Korean content as their first title to watch on the platform.

"Obviously over the years, we've seen an explosion of Korean content — both music and video content — and the popularity is beyond Asia. It's almost quite mainstream now. As a category, we definitely saw it expand," she said.

Lee credits this surge in interest due to Viu's impressive growth in subscribers and revenue. Viu's revenue grew by 27 percent year-on-year to $261 million in 2023, propelled by subscription and advertising sales growth. The platform also saw its paid subscribers increase by 10 percent to 13.4 million with 62.4 million monthly active users at the end of 2023.

"We have maintained high revenue growth over the years as an Asian player," she said. "Some are refocusing or maybe pulling back a bit on the Asian content slate, but Viu has always stayed true to being a homegrown Asian player made here for Asia."

What contributed to Viu's expansion in the highly competitive video streaming industry?

"I would say the continuous creativity and development of talent. Korean content is important for us, but Chinese content really took off last year. So we want to keep the balance," she said.

"We want to continue to engage with more content creators, producers and studios. K-pop stars making crossover to K-drama is definitely a plus. K-pop idols and actors are very versatile and talented. They can act and sing, and this has contributed to cross-feeding the category between music and TV series."

Lee also pointed out the evolving preferences of Southeast Asian audiences and identified the genres of Korean content that resonate with the platform's extensive user base of over 60 million active users.

"Historically Korea is very well-known for romantic comedy, but I think we have moved way beyond that," she said.

According to Lee, the first Viu Korean Original "Reborn Rich" (2022) was a huge success because of its high production quality and because it weaves dramatic acting and historical events. In the first quarter of 2023, Viu launched another Viu Korean Original "Taxi Driver 2," which attracted both male and female viewers alike due to its fast-paced plot. A webtoon-turned-drama "A Good Day to Be a Dog" had a big fan base to begin with.

"Adapting a webtoon into a TV series is our sweet spot," she said.

Lee stressed that Viu's strategy does not necessarily go after dramas that are popular in Korea.

"I think each platform has its own audience space. So we have done less of the Korean horror zombie series, but more slash action series. We serve our viewers, so we constantly monitor what they like on our platform," the CEO said.

In addition to Korean content, Viu more recently has made significant strides in localizing content, creating adaptations of popular global intellectual properties (IPs) with a local twist and developing original IPs tailored for the region.

"We learn from the user behavior of our audience and we also select certain titles that we believe will work if we adapt them locally with local actors — not just reprising exactly the same stories but adapting them to be more locally relevant," she explained.

Early adaptations include the Malaysian version of the Nordic crime series "The Bridge" and the Indonesian version of U.S. teen thriller "Pretty Little Liars." Then the focus shifted towards creating remakes of popular Korean dramas.

"In the beginning, we asked ourselves, 'If a title in its original Korean form was already successful on Viu, would people watch it again if we produced it in a local language?' The results have shown that we have done quite well," she said.

This approach has proven successful, with adaptations such as the Malaysian version of "W" and the Philippine "The World of the Married" achieving high viewership. The Hong Kong version of "A Business Proposal" also performed exceptionally well. "Reborn Rich" is set for a Thai remake and "What's Wrong with Secretary Kim" is being remade in the Philippines.

Poster for Malaysian adaptation of Korean drama "W" / Courtesy of Viu

Future of Viu

Through strategic content curation, rapid localization and a keen eye on audience preferences, Viu leverages Korean content's global appeal and innovative local adaptations to cement its position in the competitive streaming landscape.

Looking to the future, Viu's strategy extends to developing its own original content with the aim of increasing its portfolio of Viu Originals. With the establishment of Viu Original Studio in 2021, the platform is on track to introduce about 23-25 original productions in 2024.

"Developing original IPs takes much longer because it's seeding of an idea and writing the script for the first time," Lee said.

Viu's efforts to broaden its content spectrum and foster deeper connections with its audience are evident in its push towards unscripted content and interactive experiences.

Lee highlighted the potential of unscripted content, noting, "Unscripted shows are still big. 'Running Man' is still one of our top titles and people love it, but newer formats like 'EXchange,' a dating reality show, did very well," she said.

In the post-pandemic era, the streaming service has been keen on expanding viewer engagements, notably through meet-and-greet events such as Viu Scream Dates.

"We launched it last year because at the back of the pandemic, viewers were very keen to go out and during the last three years of the pandemic, they watched a lot more content. They want to meet the cast and connect further," she explained.

This initiative allows fans to meet and connect with the cast of popular shows, with Cha Eun-woo, the star of "A Good Day To Be A Dog," to kick start Viu Scream Dates in Malaysia on Feb. 24, Singapore on April 13 and Indonesia on April 20.

Lee revealed that Viu will continue to invest big in the Southeast Asian market. Viu is currently available in 16 countries across Southeast Asia, the Middle East and South Africa.

"Thailand, Indonesia, Malaysia and the Philippines are fastest growing markets in terms of growth and market size potential," she said.

With a focus on expanding markets, particularly in the rapidly growing Southeast Asian countries, Viu aims to reach beyond urban centers to tap into a larger audience base.

"Even though we have over 60 million active users and over 13 million paid subscribers, we're still scratching the surface because just Indonesia alone has over 250 million population. So we're quite focused on increasing the penetration in the markets and bringing our content to the non-metro cities."

Lee emphasized the importance of understanding local nuances, with country managers playing a key role in tailoring content to cater to local audiences.

"I think getting to know things like 'what is a good hook for a particular market' is really important. In Southeast Asia, markets are not the same. Pricing has to be tailored to each market," she said.

Viu currently does not plan to enter the saturated Korean market.

"I would say there are enough players in Korea. So that is not something in our cart right now," Lee said.

However, the platform is keen on strengthening partnerships with Korean production companies for local adaptations, supporting the long-tail success of Korean IP internationally.

"I think the success of the IP not just lies in its first creation, but also in its derivative creation to popularize it in other languages. I think that would help the industry as a whole. We hope we can have access to bigger projects in Korea," she said.