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Wavve will invest one trillion won in producing original content by 2025 and allocate an additional sum to set up a production studio to oversee content planning and creation in the first half of this year.
The board of SK Telecom Co., the biggest shareholder of Wavve, approved an additional 100 billion won worth of rights offering for the OTT platform's expansion plans.
According to a Wavve official, they are aiming to elevate Korean media platforms' competitiveness through aggressive investments.
Wavve is also hoping to position itself as a global OTT service provider.
Global streaming giant Netflix has become the leading OTT platform in the country due to its original Korean content, such as Kingdom and Sweet Home. This year, Netflix plans to invest 550 billion won in producing original Korean content.
Domestic telecom giant KT Corp. also plans to spend billions of won over the next three years to create around 100 original series.
