Wavve CEO's strategy focuses on cost-effective content

The Korea Times

The Korea Times

Entertainment & Arts

Sat, September 23, 2023 | 07:20

Shows & Dramas

Wavve CEO's strategy focuses on cost-effective content

Posted : 2023-04-27 15:06

Updated : 2023-04-28 00:59

Lee Tae-hyun, right, CEO of local streaming service Wavve, speaks during a press conference for Wavve Content Lineup, held in Yeouido, Seoul, Tuesday. Courtesy of Wavve

By Lee Gyu-lee
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Lee Tae-hyun, CEO of the local streaming service Wavve, said that the platform is positioning itself to compete better in the overheated market by making more content that outperforms with a lower budget.

"Other global platforms are in a period where they are ready to close their investments (into content), and so are we. We're at a time where we need to reassess our investments strategically," the CEO said during the Wavve Content Lineup press conference, held in Yeouido, Seoul, Tuesday. "We need a careful review and selection (of future content), which would be to work more cost-effectively."

Mentioning last year's original series "Weak Hero Class 1," which achieved an unexpectedly huge amount of success, Lee noted that the platform hopes for a similar outcome with season 2 of its upcoming game show "Bloody Game," scheduled to premiere on April 28.

"Last year's 'Weak Hero Class 1' and this year's 'Bloody Game 2' are very important shows (to us), because they have high efficiency, in terms of performance to budget, compared to similar genre projects," he said. "('Weak Hero Class 1') didn't have a blockbuster-level budget but it drew that level of outcome. The series was sold globally and was released in North America, Europe and Asia. And we hope for a similar outcome with 'Bloody Game 2.'"

A still from Wavve's upcoming original series "Park Ha-kyung's Journey," starring Lee Na-young / Courtesy of Wavve

The platform is set to roll out a handful of original movies and series this year, including the crime film "Dead Man," the cathartic action film "Brave Citizen," the crime thriller series "Deal" and the feel-good drama series "Park Ha-kyung's Journey."

The star-studded series "Park Ha-kyung's Journey," led by actress Lee Na-young, will hit the platform on May 24. The eight-part series is scheduled to be released simultaneously in Korea, the United States and Japan.

The CEO said the platform has initiated a process to expand its service worldwide to make up for its substantial operating losses. The company saw a 121.3 billion won ($90.8 million) deficit in its operating profit last year, whereas the loss was 55.8 billion won in 2021.

"We are not expecting a turnaround in a year or two. We jumped into this industry expecting to make losses, although the operating loss was greater than what we expected with endemic and new competitors," he said.

"It's difficult for our platform to make a profit within the local market so we're aiming to go global. Last year, we acquired the U.S-based streaming platform Kocowa and began the process to turn the numbers green."

gyulee@koreatimes.co.kr