Tving and Paramount+ Join Forces for 1 Year, Valuation Soars and Viewership Increases by 54%

Tving's strategy of partnering with the global online video service (OTT) Paramount+ to expand overseas and secure content competitiveness is showing results in about a year. Content co-produced with Paramount+ is shining in the global market, and thanks to Paramount+ content, Tving's platform competitiveness has also been strengthened.

Thanks to securing a stable global pipeline through Paramount, the works produced through the partnership between the two companies, 'Yonder' and 'Mokgap,' have received significant attention both domestically and internationally. 'Mokgap' was invited to the Primetime section of the 48th Toronto International Film Festival held on the 7th. In April, it won the Best Screenplay award at the Cannes International Series Festival in France, the first K-content to do so, and in June, it received the Critics' Award at the German Seriencamp. Next month, it is scheduled to be released in 27 countries including North America, the UK, Australia, and Latin America through Paramount+. 'Yonder' ranked first in viewership among international series released in the U.S. this year.

TVING Original Series 'Mombap'
[Photo by TVING]

Following 'Yonder' and 'Mokgap,' 'Unsu Ojin Nal' and 'Ussi Wanghu' have been selected as Paramount+ partnership content. They are expected to accelerate their influence expansion in global markets such as North America, Latin America, and Europe.

From a platform perspective, competitiveness has also been enhanced. Amid fierce competition for content acquisition, the Paramount+ brand zone secured popular new releases like 'Top Gun: Maverick' and 'Halo,' as well as overseas series and movies such as 'Star Trek' and the 'Transformers' series. This created synergy with Tving's own K-content.

This is reflected in increased user numbers and viewing time. In July, the UV (unique visitors) for Paramount+ series viewing rose 54% compared to January this year. Especially, 'Liar's Special Operations Team,' released simultaneously worldwide, recorded the highest contribution to paid subscriptions among all series in the Paramount+ brand zone. 'Testimony of the Corpse,' 'Billions Season 7,' and 'From Season 2' also attracted and engaged fans of American dramas. Movies are also benefiting significantly from the Paramount+ effect. In July, fueled by Tom Cruise's visit to Korea, the 'Mission: Impossible' and 'Top Gun' series occupied 8 out of the top 10 movies. The UV for Paramount+ movies in July increased by 62% compared to January. As of July, viewing time in the Paramount+ brand zone increased by 2.14 times compared to January. This has positively influenced the overall growth of the Tving platform. According to Mobile Index, Tving's average DAU (daily active users) in July was 1.28 million, ranking second after Netflix (2.83 million). Among native OTTs, it is ranked first.

In June last year, Tving signed a strategic partnership with Paramount+ and opened the 'Paramount+ brand zone' within Tving. Beyond simply providing Paramount+ content, they established an alliance system encompassing everything from co-producing original content to licensing and distribution.

A Tving official stated, "The partnership between Tving and Paramount is a case that shows the possibility of synergy not only in the global expansion strategy of excellent original content but also in the growth of both platforms. As competition intensifies in the OTT market based on content production, distribution capabilities, and growth potential, interest in future results will continue."