Native OTT Wave Invests in 8 Original 'K-Content' Titles

[Asia Economy Reporter Koo Chae-eun] Online video service Wavve will invest in up to eight original programs by the end of the year.

Wavve announced on the 14th that it has confirmed investments in four dramas: MBC’s ‘Kkondae Intern,’ which will start airing next week, MBC’s ‘SF8,’ SBS’s ‘Alice,’ and Channel A’s ‘Lie After Lie.’

In addition, Wavve plans to add 3 to 4 original lineup programs, including terrestrial and comprehensive programming dramas and idol variety shows, investing a total of 60 billion KRW in content production within the year. Each work will be offered as online exclusive VOD on Wavve. When Wavve launched last year, it announced plans to invest a total of 300 billion KRW in content production by 2023.

The original drama ‘Joseon Loco - Nokdujeon,’ which was first introduced right after Wavve’s launch last year, has achieved export success worldwide, including Asia, the Middle East, Europe, and the Americas. Wavve plans to secure subscribers through exclusive supply of newly invested works and utilize domestic and overseas distribution revenue to reinvest in content. Wavve’s first original series in 2020 is the comic office drama ‘Kkondae Intern,’ starring Park Hae-jin and Kim Eung-soo, which will premiere on MBC on the 20th. MBC is generating buzz by scheduling a preview special broadcast titled ‘Kkondae Intern: Latte-neun Mariya’ tonight.

Wavve also invested in the crossover project ‘SF8,’ a film and drama project planned by the Korean Film Directors’ Guild and MBC and produced by Soo Film. Eight film directors participated in directing in an omnibus format, focusing on themes such as artificial intelligence (AI), augmented reality (AR), robots, and games. Wavve will provide the director’s cut exclusively as VOD in July before the TV broadcast. SBS’s ‘Alice,’ starring Kim Hee-sun and Joo Won, will also be presented as Wavve original content in the second half of the year.

Wavve will also invest in comprehensive programming channel works and idol variety shows. It has confirmed investment in Channel A’s melodrama ‘Lie After Lie,’ starring Lee Yoo-ri, Yeon Jung-hoon, and Lee Il-hwa. This summer, Wavve plans to exclusively offer idol variety programs featuring idols as pure original programs across the entire platform in collaboration with entertainment group SM C&C.

Lee Tae-hyun, CEO of Content Wavve, said, “The founding principle of Wavve is to play a role in building a healthy foundation for the content industry,” adding, “We will continue investing and grow Wavve into the most important platform supporting the revitalization of domestic content production.”