Reebok stores in Russia up for sale, Turkish retailer FLO Magazacilik reportedly in talks to take over
S. Korea's OTT firms such as Coupang, CJ to boost original content, international sports offerings
South Korea’s over-the-top (OTT) services companies, including Coupang Play, Waave, Watcha, and TVING, are expanding their original content production and securing the broadcasting rights of overseas sports games.
CJ ENM’s TVING boosted its paying subscribers 3.5 times in a year largely to its original content, like "Transit Love" and "Work Later, Drink Now."
A TVING official said they will invest 400 billion won in their in-house production of TV series and entertainment shows by 2023, which could increase depending on demand.
Starting next month, TVING will expand its categories of new original content, including sitcoms, food documentaries, and music entertainment.
Coupang Play, which streams matches of the National Football League from the United States and South Korean national soccer team's international matches, is securing more exclusive broadcasting rights for several overseas sports.
Meanwhile, Waave will increase its investment figure from this year's 250 billion won to 300 billion for 2022. It would offer original content to be aired on all of the three local broadcasting networks: KBS, MBC, and SBS.
The local OTT companies have adopted this strategy to survive in direct competition with global players like Netflix and Disney Plus.