Wavve to air Olympics to catch up with Netflix in S.Korea
South Korean video streaming service Wavve is eyeing to boost its user base this summer by airing the Tokyo Olympics and catch up to market leader Netflix Inc.
The Tokyo Olympics, which officially kick off Friday, may be viewed live on multiple streaming platforms in South Korea, including Wavve.
Wavve's 3.73 million monthly active users in South Korea as of May pales in comparison to Netflix's 7.91 million.
Wavve, operated by three major South Korean broadcasters and mobile carrier SK Telecom Co. promised in March to pump 1 trillion won into content investment by 2025.
Tving, owned by local entertainment giant CJ ENM, will funnel over 5 trillion won into content creation by the same year.
Meanwhile, Netflix plans to spend $500 million on South Korean content this year.