Courtesy of Wavve
SEO Meta Description: Wavve, a local streaming service, plans to make more cost-effective content to better compete in the global market. CEO Lee Tae-hyun shares the company's strategic plans and upcoming content lineup at a press conference.
At a press conference held in Yeouido, Seoul, on Tuesday, Lee Tae-hyun, CEO of the South Korean streaming service Wavve, shared the company's strategic plans and upcoming content lineup. In an effort to better compete in the overheated streaming market, Wavve aims to make more content that outperforms with a lower budget.
"We need a careful review and selection (of future content), which would be to work more cost-effectively," said Lee during the Wavve Content Lineup press conference. He also mentioned the unexpected success of last year's original series "Weak Hero Class 1" and hopes for a similar outcome with season 2 of the upcoming game show "Bloody Game."
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| ▲ A still from Wavve's upcoming original series "Park Ha-kyung's Journey," starring Lee Na-young / Courtesy of Wavve |
The platform is set to release several original movies and series this year, including the crime film "Dead Man," the action film "Brave Citizen," the crime thriller series "Deal," and the drama series "Park Ha-kyung's Journey," led by actress Lee Na-young. "Park Ha-kyung's Journey" will be released simultaneously in Korea, the United States, and Japan on May 24.
However, Wavve has been operating at a substantial loss. The company saw a deficit of 121.3 billion won ($90.8 million) in operating profit last year, up from 55.8 billion won in 2021. To counteract these losses, the platform plans to expand its service worldwide. "It's difficult for our platform to make a profit within the local market so we're aiming to go global," said Lee. Wavve acquired the US-based streaming platform Kocowa last year and began the process of turning its numbers green.
Despite the challenges, Lee remains optimistic about the future of Wavve. "We're at a time where we need to reassess our investments strategically," he said. "We're not expecting a turnaround in a year or two, but we're confident that we can make our platform successful in the long run."
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