Ryan Hong Discusses Strategy and Waave Merger at TVING

At a conference today, Ryan Hong, the chief strategy officer at TVING, spoke candidly about the streaming service’s recent growth, plans to incorporate Apple TV+, and potential merger with Waave. In South Korea, TVING boasts almost 4.9 million subscribers, a significant chunk of the 24 million SVOD subscribers in the country as a whole. Hong highlighted their track record of success in creating original content that resonates with their core audience, predominantly women in their 20s and 30s, but noted the recent popularity of historical dramas with male viewers.

Talks of a merger with competitor Waave, which began back in 2023 and intensified after CJ ENM’s investment in Waave, are now close to resolution. Hong confirmed that this merger is in the works, aiming to combine the strengths of both companies for improved services. On December 10, Apple TV+ will launch on TVING, leveraging insights from their past partnership with Paramount+. They discovered premium tier subscribers have a greater interest in international content, addressing the varied needs of their audiences.

With a strong focus on local content to drive viewership, TVING aims to cater to their expanding premium subscriber base with international titles. While Japan, Southeast Asia, and the U.S. are key international markets for TVING’s expansion, the focus remains on domestic content offerings. This year’s addition of an ad-supported tier post a sports streaming deal attracted nearly 1 million subscribers, hinting at continued growth potential. In the midst of this, Hong speculated that a merger with Waave could position TVING as a leading competitor in the streaming landscape.