As the hunt for the next Squid Game continues, we’re seeing new consolidation in the South Korean content sphere.
Korean streaming platform Wavve has bought KOCOWA (Korean Content Waave), the K-content streamer that operates in the Americas.
The companies already have similar ownership structures, with Wavve (aka Content Wavve) owned by Korean networks KBS, MBC and SBS and SK Telecom, and KOCOWA jointly owned by the three broadcasters.
Wavve says the deal, which was confirmed today, “launches its global business,” with KOCOWA operating in 30 territories, including the U.S., Canada, Mexico and Brazil. KOCOWA offers Korean shows in the Americas through streaming service KOCOWA+ and local OTT and cable services.
Wavve bills itself as Korea’s largest OTT service. It has been planning international expansion since last year, as CEO Lee Tae-hyun told Deadline in 2021.
KOCOWA offers K-dramas, K-pop, K- reality, and K-variety programs and the deal will expand the reach of Wavve originals such as Weak Hero Class 1.
Wavve said the deal would allow it “gradually expand its global business and strengthen its strategic partnership with global media groups to facilitate joint investment in content and grow the subscriber base.”
“We are trying to work with diverse global media partners while building a system of synergy with KOCOWA,” Lee Tae-hyun. “Although our global journey has just begun, we aim to become the best K-content platform in the global market in the near future.”