Wave's ambition: "We will acquire an American platform"

Wave, which has had the stigma of being a 'replay platform', is planning to expand beyond Korea and into the global market. The strategy is to increase competitiveness through content with their own identity that is not available in other OTTs.

On the 25th, domestic OTT platform Wave held the '2023 Wave Content Lineup Briefing' at the Conrad Seoul Hotel. Contents such as the entertainment show 'Bloody Game 2', the original dramas 'Park Ha-kyung's Travels' and 'Deal', and the original movies 'Deadman' and 'Brave Citizen' were introduced.

Lee Tae-hyun, CEO of Wave, said, “We are trying to create content that other production companies do not do and packaging that they do not do. “We don’t do a lot of original content, but our identity is that we tell stories that aren’t covered before,” he said.

Representative Lee said, “Last year was the year of the ‘weak hero.’ I received unimaginable love. It ranked first on the topicality and viral index for 4 weeks. “The youngest son of a chaebol family was on the way out, and we topped the trend with ‘Weak Hero’,” he boasted. He continued, “Even though it wasn’t a blockbuster, it was efficient. “Even now, ‘weak heroes’ are appearing in Asia and North America,” he explained.

Netflix announced that it has decided to invest $2.5 billion (approximately KRW 3.3 trillion) in K-content, including Korean dramas, movies, and reality shows, over the next four years. CEO Lee said, “It is encouraging that Netflix plans to invest more than 3 trillion won in the Korean market. Capital must enter the market to be created, packaged, and created. He viewed it positively, saying, “The fact that a global platform is investing that much capital into Korean content means that the industry will be revived.” At the same time, “I started this business thinking it would make a loss, but it was more than I imagined. There are things that change after the pandemic. “I think it is cost-effective,” he emphasized.

CEO Lee said, “It is difficult to tell right now how much operating profit we will make. I don't think there will be a turnaround within 1-2 years. need more time Since it is difficult to turn around in the domestic market, everyone dreams of entering the global market. “We also acquired Cocowa in the U.S.,” he said, expressing his intention to expand into the global market. Cocoa is a K-content platform in the Americas. Representative Lee also said, “We are executing about 100 billion won. At a time when global platforms are already locking up investments, it is time for us to completely reexamine our investments. You have to choose and focus. In that sense, ‘Weak Hero’ and ‘Bloody Game’ are focused on cost and efficiency,” he said.

Recently, the illegal content streaming site 'Nunu TV' has been controversial. CEO Lee said, “All channels are losing money due to illegal video sites. As proof of that, after the announcement that Nunu TV would be taken down, I don't know if it was a coincidence, but downloads on Korean platforms also went up. Continuous crackdown will be necessary. What we hope for is agreement from users. “We need to agree that we paid for the content properly and sent it,” he emphasized.

Wave has been known as the most viewed content such as 'Infinite Challenge' and 'Running Man', and has been stigmatized as a 'rerun platform'. CEO Lee said, “Precious content comes in from terrestrial broadcasters. This is a must. ‘I Live Alone’, ‘2 Days & 1 Night’, and ‘Infinite Challenge’ are highly competitive and valuable. However, it required a story, production method, and formatting that no one else was doing. That's why we cherish 'Blood Game' and market it intensively. After you actually sign up, find out what you looked for first. “Last year, the first content many subscribers looked for after signing up was ‘Weak Heroes,’” he said.

Wave, such as 'National Investigation Headquarters', also has many works directed by terrestrial broadcasting producers such as MBC and SBS. Regarding collaboration with terrestrial PDs, CEO Lee said, “We welcome it. They are all juniors. “In the short term, it is competition between platforms, but in the long term, it is the competitiveness of the industry,” he said.

Kim Ji-won, Ten Asia reporter bella@tenasia.co.kr