Significant Enhancement of Content and Convenience Services
[Asia Economy Reporter Kim Heung-soon] SK Telecom and the three terrestrial broadcasters' online video service (OTT) alliance platform 'Wavve' surpassed 10 million total members within one year of its launch. Leading among domestic OTT providers, it is solidifying its position as a rival to the global company Netflix. In the second half of this year, Wavve plans to introduce additional original (exclusive) content such as variety shows and dramas, and enhance user convenience to strengthen its competitiveness.
At the first anniversary press conference held online on the morning of the 28th, Wavve announced that the total number of members, including both paid and free subscribers, exceeded 10 million. This is more than double the 4.34 million members recorded in May last year when the service was called 'Pooq,' and about 1.5 times higher compared to September 18 last year, when the official service under the name Wavve began.
MAU Nearing 4 Million, No.1 Domestic OTT
The number of monthly active users (MAU), which indicates how many users actually watch Wavve content, is also on the rise. According to market research firm Nielsen KoreanClick, as of August this year, Wavve's MAU was 3,879,730, a 20.9% increase from the previous month (3,211,354). This figure is close to the all-time high MAU of 4,023,722 recorded in November last year.
This ranks Wavve second among all OTT providers, following Netflix (7,558,292), and first among domestic platforms. Currently, Wavve's paid subscribers are estimated to be between 2 to 3 million, which represents a 64.2% growth over the past year, according to Wavve.
Originals, Exclusive Overseas Series, and Movies Drive Growth
Lee Tae-hyun, CEO of Wavve, stated, "Since July, Wavve originals and exclusive overseas series have been announced one after another, continuing a strong growth trend." Starting with the original drama 'Nokdujeon' last year, Wavve has released 12 series this year, including 7 dramas, 4 variety shows, and 1 concert. Original programs have also been introduced through local broadcasters and OTT services in Asia, the Americas, Europe, and the Middle East.
After October, Wavve plans to release original programs including dramas such as 'Fly Dragon,' 'My Dangerous Wife,' 'Revenge,' and 'If You Cheat, You Die,' as well as online concert programs and variety shows. Additionally, the monthly subscription movie library has expanded to over 6,000 titles, and exclusive overseas series such as 'The Handmaid's Tale,' 'Normal People,' 'Gangs of London,' 'FBI,' and 'The Affair' are also provided.
Lee emphasized, "Wavve's revenue will be continuously reinvested in content to grow as a platform contributing to the development of the domestic media content industry. Next year, we will raise users' expectations for Wavve originals through more aggressive content investment."
Simple and Accurate... Enhanced User Convenience
Wavve is conducting the 'Elysium' project to improve areas lacking in user convenience. In March, it separated monthly subscription movies from individual purchase movies and introduced adult content hiding and blocking features for child protection. It also built its own deep learning platform and implemented genre-based personalized recommendation features starting in July.
On the 24th, Wavve revamped its user interface (UI) by adding a menu that allows users to quickly access desired content. Lee Sang-woo, head of Wavve's service division, explained, "We focus on simplifying the structure so users can quickly reach their desired results and providing highly reliable recommendation functions based on data."
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