Merger of Tving and Wavve advances, resulting in SBS removing content from Wavve platform
In a strategic move to bolster the Korean streaming market, Tving and Wavve have officially merged. The unification of these two platforms aims to maximize content synergy through unified subscription plans and target high-value users through data integration.
The integrated advertising platform, developed by CJ ENM, reaches all users, including paid subscribers, not just advertising-based video on demand viewers. This move is expected to boost ad effectiveness by targeting high-value users through data integration.
Tving, leading the merger, is likely to see a further shrinkage in the terrestrial broadcasters' stake in Wavve. As of June, the broadcasters' holdings dropped to 19.8 percent each in Wavve.
Wavve, initially launched in 2012 through a joint venture between KBS, SBS, and MBC, has been the primary source for online-streaming content from Korea's traditional broadcasters. In 2019, Wavve rebranded, with SK Square taking a 40.5 percent stake.
SBS content, including popular shows like "Running Man" and "My Love From the Star", will now be streamed primarily on Netflix, as SBS and Netflix signed a six-year global distribution deal in December 2024. However, "I'm Solo", a hit dating show, will remain on Wavve as it is jointly produced and broadcast on ENA and SBS Plus.
The merger still requires shareholder approval, as stated by the Wavve official. The conditional approval granted by the Fair Trade Commission on June 10 requires the platforms to maintain current subscription rates through the end of 2026.
Netflix, with 13.93 million users and a 40 percent market share as of June, currently leads the Korean streaming market. Coupang Play follows with 7.32 million users and a 21 percent market share, while Tving and Wavve have 5.73 million and 2.53 million users, respectively.
The launch date for the in-house advertising platform on the merged platforms remains unspecified. Meanwhile, Netflix launched its ad service in Korea on Sept. 2, branded as Netflix Ads Suite.
As the streaming landscape continues to evolve, the Tving-Wavve merger marks a significant step forward in the Korean streaming market, promising a more integrated and user-targeted streaming experience for viewers.
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