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CJ ENM and SK Square have signed a deal to merge Tving and Wavve online streaming platforms. This week, the memorandum of understanding (MOU) agreement between the firms was revealed.
CJ ENM owns Tving, while SK Square is a majority shareholder of Wavve. According to Korea Joongang Daily, the former currently holds a 48.85% share of Tving and Wavve, which is 40.5% owned by the said security systems services company.
Creating a Vast Platform to Rival Netflix
The companies said that with the merging of the two brands, they are looking to create the largest streaming platform in South Korea. Currently, Tving is the second leading local streaming service provider with a record of 5.1 million monthly active users (MAU). On the other hand, Wavve is the fourth in the ranking with its 4.23 million active users per month.
The combination of Tving and Wavve will also push them to be in a better position to compete with the US-based Netflix and other global streaming giants. It was said that if the users of both platforms are merged, the result is a service provider that will surely outnumber Netflix Korea’s number of monthly users.
This will give the merged Tving and Wavve streaming platforms a chance to beat Netflix, which has 11.37 million users in South Korea. The deal will boost the companies’ competitive edge against Disney Plus as well.
Formal Contract Signing in 2024
Yonhap News Agency reported that once Tving and Wavve are unified, CJ ENM will become the largest shareholder of the new integrated streaming platform, and eventually, SK Square will be the second-biggest shareholder.
CJ ENM and SK Square are set to hold the formal contract signing of the deal in 2024. This will take place after the country’s Fair Trade Commission approves the merger. After the integration, the new streaming platform is expected to have a total of 9.3 million monthly active users.
Photo by: CJ Newsroom
