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TVing, one of Korea's leading online streaming service firms, has teamed up with Paramount Plus, an American subscription video-on-demand service, to challenge Netflix in the Korean market.
According to The Korea Economic Daily, the new deal marked Paramount's very first service in Asia, which was made possible through its partnership with TVing. This is good news to subscribers of the Korean streaming platform because they will be able to enjoy wide-ranging shows and movies without paying an extra cost to Paramount Plus.
With the increasing competition of streaming service firms in the Korean market, TVing and Paramount Plus are hoping that by working together, they will be able to win over other OTT players in the country. It was mentioned that the Hollywood company activated its service in South Korea on Thursday, June 16, via the local streaming platform - TVing, which is operated by CJ ENM Entertainment Company.
Paramount Plus was first established in 2014, and as of November 2021, it recorded 46 million subscribers around the world. Now, starting with South Korea, it is planning to expand its reach to 60 other countries, mainly Asian regions, by the end of this year.
It was reported that the collaboration is part of the strategic partnership between CJ ENM and Paramount Global that was announced in December of last year. The deal includes the licensing and distribution of content across TVing and Paramount Plus.
Subscribers of TVing will get to watch endless Paramount Plus content with no additional fees. Big productions such as works by Steven Spielberg and others are available to all subscribers.
"Without being successful in the Korean market, we cannot go abroad to become the global top player," Jay Yang, TVing's chief executive officer, said in a statement via Asia Nikkei. He added that the company's goal is to gain 10 million paid subscribers through its team up with Paramount Plus.
Finally, the streaming business sector has become a highly competitive space where Netflix and Disney Plus are dominating since they had a head start. Apple is also a strong competitor in this area and releasing its own original content and gaining millions of subscribers as well. Paramount Plus and TVing are now joining in to take their share in the market.
