One Store Collaborates with Studio Wave for Joint IP Development

Lee Jaehwan, CEO of One Store (left), and Lee Chanho, CEO of Studio Wave, signed a business agreement for joint IP development at the One Store headquarters in Baekhyeon-dong, Seongnam.

[Asia Economy Reporter Eunmo Koo] On the 2nd, One Store announced that it has signed a joint intellectual property (IP) development agreement with Studio Wavve, a content development subsidiary of the online video service (OTT) Wavve. The two companies will promote the production of content such as webtoons, web novels, and video adaptations based on jointly developed IPs and collaborate for domestic and international distribution.

As key companies playing a central role in SK Square's platform and content strategy, One Store and Studio Wavve plan to maximize synergy through strengthening content competitiveness and creating new services based on cooperation between affiliated companies.

Through this business agreement, One Store will produce webtoons and web novels based on video scripts planned by Studio Wavve and showcase them on its story content service, 'One Story.' Studio Wavve will produce video content based on webtoon and web novel IPs owned by One Store. The produced content will be provided to Wavve as original content.

Additionally, Studio Wavve and One Store will promote contests to discover new IPs. Since 2017, One Store has been actively investing in discovering promising writers and developing original content by holding an annual 'Web Novel Contest.'

One Store plans to accelerate the expansion of the IP-based content value chain through this agreement. Earlier in April, One Store acquired Rok Media, the largest genre content publisher in Korea, and established a joint venture with Yes24, laying the foundation not only for securing content rights but also for expanding and reproducing them in various forms such as movies and games. Furthermore, it recently invested in Kuaikan, China’s number one webtoon platform, completing preparations for global market entry.

Lee Jaehwan, CEO of One Store, stated, “In the global wave of ‘K-content,’ securing a value chain for content distribution and one-source multi-use using original IP has become a condition for success. Through this agreement, we will work together to strengthen mutual content competitiveness and discover content that succeeds in the global market.”