Wavve

About Wavve

Wavve is a South Korean over-the-top (OTT) streaming service operated by Content Wavve Corp. It was launched in September 2019 through the merger of SK Telecom's Oksusu video streaming app and Pooq, a service from a joint venture of the three major terrestrial broadcasters in Korea: KBS, MBC, and SBS. The new entity was created to compete with global streaming giants like Netflix in the local market. Upon its formation, SK Telecom became the largest shareholder with a 30% stake, while the three broadcasters each held 23.3%. The platform is led by CEO Lee Tae-hyun, who previously served as the Contents Business Director at KBS.

The platform's business model is primarily based on subscriptions (SVOD), but it also offers transactional video-on-demand (TVOD) and live/FAST channels. Revenue is generated from subscriptions and increasingly from the sale of its original productions. Wavve provides a vast library of content, including exclusive access to the entire K-content portfolio from its partner broadcasters KBS, MBC, and SBS, with over 100 new episodes updated daily. In addition to local shows, it offers exclusive content from HBO, HBO Max, and NBCU in Korea, alongside popular Japanese and Chinese dramas. The service has heavily invested in producing its own "Wavve Original" content to differentiate itself, with titles like "The Tale of Nokdu," "SF8," "Zombie Detective," and "The Perfect Deal". By March 2021, the company had announced a plan to invest nearly $882 million by 2025 to expand its original content.

Operating primarily in South Korea, where it is the leading domestic OTT service in terms of MAU count, Wavve also offers a "wavve go" service for users traveling to seven other Southeast Asian countries. The platform is accessible on various devices, including PCs, mobile phones, smart TVs, and set-top boxes. In a significant market development, a merger between Wavve and its domestic competitor, Tving, was approved and is expected to close in the first half of 2025, aiming to create an even stronger local entity to challenge global players.