Thursday, September 29, 2022
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Korean streamer Tving accepts Netflix call

The streaming video may have already won the eyeball contest in the south Koreaone of the world’s most developed economies and now one of OTT’s most competitive markets.

Now a local contender Twin believes he has a lot of tools needed to pull Netflix off of his hard-earned positions as the best dog streamer in Korea.

The amount of the streaming industry in Korea has grown about inversely proportional to the decline of the theatrical film industry. South Korea was the fourth largest cash register market in the world until 2019, but now it is experiencing a shortage of local names and total revenue averaging $ 5 million over the weekend in 2022.

Consultancy, Media Partners Asia estimates that Netflix may have ended 2021 with about six million payment subscribers (with a population of 51 million). Twingo supported CJ ENMbut no longer controlled by them, recently announced that in 2021 it has increased the number of subscribers by 60%. He declined to disclose true figures (external sources estimate the figure at more than 2 million, but recently said the monthly number of active users reached 4.17 million by December 2021, up 166% from a year earlier).

This growth is despite the entry into the Korean market of Disney Plus and Apple TV Plus in 2021. The competition will increase even more in 2022 with the launch of HBO Max and the recently announced Babayo, a short platform created by the talent agency IHQ.

According to Twing CEO Yang Ji Yola (aka Jay Yang), now Twin is a player to be defeated.

Dissatisfied with the announcement of extremely ambitious goals for the next couple of years – by the end of 2023 it calls for 8 million subscribers – now the campaign is launched in Taiwan and Japan. He sees this as the beginning of a global deployment that exploits the global popularity of Korean culture.

Ian says the international interest in television tariffs in Korea is becoming more complex and compares the process to the popularization of land. “In the 1960s and 1970s, no one understood why people ate raw fish until it was introduced and the California fusion roll became popular. Then some of the first users realized that the Japanese do not eat sushi, and sought a real experience. Now the sushi that is popular in Japan is the same as in the US, ”he said Variety.

But Ian realizes that he is fighting for more than boasting about the authenticity of the content – there is competition for capital and market position. “It’s a game of capital. Players are entering the market to play for the crown jewel, but in the next three to five years the industry will become consolidated. Only some will win the loyalty of customers and will be sustainable, ”he said.

The Tving campaign, which began almost ten years ago, has launched offensive operations on several fronts to win positions as quickly as possible. Most notably, he separated from CJ ENM in October 2020 and accepted local technology giant Naver as a 15% shareholder in June 2021in exchange for an infusion of capital of 40 billion KRW ($ 352 million).

The leader of Internet search, Naver, brings with it the ownership of the online story technology company Wattpad, the comic book company Webtoon and a stake in Hybe’s Weverse, as well as its own manufacturing operations.

In recent weeks, Tving has announced a further capital injection of KRW 250 billion ($ 209 million) from financial investor JC Growth Investment.

Such support may be needed if Tving wants to keep up A five-year content investment plan of 5 trillion KRW ($ 4.4 billion). that Ian had previously promised incurring losses and competing with both beginners and famous players.

Other movements can also help. The firm has a long-standing relationship with stakeholders JTBC, the leading pay-TV network. It can also rely on the activities of the Dragon studio, which is controlled by CJ ENM, which produces about 30 shows a year, many of which are moving to Netflix for a deal that expires this year. The parent company, CJ ENM, has completed its own acquisition in recent weeks entertainment department scripted by American-made Endeavor Content (“Murder of Eve”, “Night Manager”).

Tving seems to draw on its local roots with the latest list of Korean content. The originals, released last month, include “Dr. Park Clinic ”, medical dramatic comedy; “Seoul Check-in,” a reality show dedicated to singer Lee Horry; and “Live,” a musical variety show that recreates old Korean songs using artificial intelligence technology.

Twinge original series “There.”
Twin

13 more originals – from pop shows to science fiction, thrillers, fantasy and romantic comedies. Among them are the long-awaited series “Monstrous”, a supernatural thriller written by He San Ho (“Hellbound”, “Train to Busan”); “Over There: Beyond Memory,” a science fiction drama directed by Lee Joon Ica (“The King and the Clown”); and “The King of Pigs,” a school thriller about bullying, adapted from Jonah’s animated film of the same name.

The lineup also includes the second seasons of the romantic comedy “Yumi’s Cells”, the friendly drama “Work Later, Drink Now” and the reality show “Transit Love”.

To gain traction, Tving is also willing to dilute his mostly Korean orientation. In December, CJ ENM has announced a global content deal with ViacomCBS (recently renamed Paramount), which includes the co-production of original TV shows and movies, as well as the licensing and distribution of content in the company’s streaming services.

Also under the contract the company will launch Paramount Plus in South Korea this year as an exclusive package in Tving.

“Paramount was the first [partnership] we announced. Locally we also present originals to Tving Naver customers. If there is a good way to achieve synergy and partnership, we are open to working with anyone, ”says Jan.

“We want to take [global expansion] step by step. We’ll start with Taiwan and Japan, with a fairly large market size, using a formula we know can work. As for the United States and Europe, we will wait a bit, ”Jan says. “Our partnership with Paramount Plus gives access to a network that Tving does not have. We will get feedback and learn about the demands of the markets and marketing there. ”



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Korean streamer Tving accepts Netflix call

The streaming video may have already won the eyeball contest in the south Koreaone of the world’s most developed economies and now one of OTT’s most competitive markets.

Now a local contender Twin believes he has a lot of tools needed to pull Netflix off of his hard-earned positions as the best dog streamer in Korea.

The amount of the streaming industry in Korea has grown about inversely proportional to the decline of the theatrical film industry. South Korea was the fourth largest cash register market in the world until 2019, but now it is experiencing a shortage of local names and total revenue averaging $ 5 million over the weekend in 2022.

Consultancy, Media Partners Asia estimates that Netflix may have ended 2021 with about six million payment subscribers (with a population of 51 million). Twingo supported CJ ENMbut no longer controlled by them, recently announced that in 2021 it has increased the number of subscribers by 60%. He declined to disclose true figures (external sources estimate the figure at more than 2 million, but recently said the monthly number of active users reached 4.17 million by December 2021, up 166% from a year earlier).

This growth is despite the entry into the Korean market of Disney Plus and Apple TV Plus in 2021. The competition will increase even more in 2022 with the launch of HBO Max and the recently announced Babayo, a short platform created by the talent agency IHQ.

According to Twing CEO Yang Ji Yola (aka Jay Yang), now Twin is a player to be defeated.

Dissatisfied with the announcement of extremely ambitious goals for the next couple of years – by the end of 2023 it calls for 8 million subscribers – now the campaign is launched in Taiwan and Japan. He sees this as the beginning of a global deployment that exploits the global popularity of Korean culture.

Ian says the international interest in television tariffs in Korea is becoming more complex and compares the process to the popularization of land. “In the 1960s and 1970s, no one understood why people ate raw fish until it was introduced and the California fusion roll became popular. Then some of the first users realized that the Japanese do not eat sushi, and sought a real experience. Now the sushi that is popular in Japan is the same as in the US, ”he said Variety.

But Ian realizes that he is fighting for more than boasting about the authenticity of the content – there is competition for capital and market position. “It’s a game of capital. Players are entering the market to play for the crown jewel, but in the next three to five years the industry will become consolidated. Only some will win the loyalty of customers and will be sustainable, ”he said.

The Tving campaign, which began almost ten years ago, has launched offensive operations on several fronts to win positions as quickly as possible. Most notably, he separated from CJ ENM in October 2020 and accepted local technology giant Naver as a 15% shareholder in June 2021in exchange for an infusion of capital of 40 billion KRW ($ 352 million).

The leader of Internet search, Naver, brings with it the ownership of the online story technology company Wattpad, the comic book company Webtoon and a stake in Hybe’s Weverse, as well as its own manufacturing operations.

In recent weeks, Tving has announced a further capital injection of KRW 250 billion ($ 209 million) from financial investor JC Growth Investment.

Such support may be needed if Tving wants to keep up A five-year content investment plan of 5 trillion KRW ($ 4.4 billion). that Ian had previously promised incurring losses and competing with both beginners and famous players.

Other movements can also help. The firm has a long-standing relationship with stakeholders JTBC, the leading pay-TV network. It can also rely on the activities of the Dragon studio, which is controlled by CJ ENM, which produces about 30 shows a year, many of which are moving to Netflix for a deal that expires this year. The parent company, CJ ENM, has completed its own acquisition in recent weeks entertainment department scripted by American-made Endeavor Content (“Murder of Eve”, “Night Manager”).

Tving seems to draw on its local roots with the latest list of Korean content. The originals, released last month, include “Dr. Park Clinic ”, medical dramatic comedy; “Seoul Check-in,” a reality show dedicated to singer Lee Horry; and “Live,” a musical variety show that recreates old Korean songs using artificial intelligence technology.

Twinge original series “There.”
Twin

13 more originals – from pop shows to science fiction, thrillers, fantasy and romantic comedies. Among them are the long-awaited series “Monstrous”, a supernatural thriller written by He San Ho (“Hellbound”, “Train to Busan”); “Over There: Beyond Memory,” a science fiction drama directed by Lee Joon Ica (“The King and the Clown”); and “The King of Pigs,” a school thriller about bullying, adapted from Jonah’s animated film of the same name.

The lineup also includes the second seasons of the romantic comedy “Yumi’s Cells”, the friendly drama “Work Later, Drink Now” and the reality show “Transit Love”.

To gain traction, Tving is also willing to dilute his mostly Korean orientation. In December, CJ ENM has announced a global content deal with ViacomCBS (recently renamed Paramount), which includes the co-production of original TV shows and movies, as well as the licensing and distribution of content in the company’s streaming services.

Also under the contract the company will launch Paramount Plus in South Korea this year as an exclusive package in Tving.

“Paramount was the first [partnership] we announced. Locally we also present originals to Tving Naver customers. If there is a good way to achieve synergy and partnership, we are open to working with anyone, ”says Jan.

“We want to take [global expansion] step by step. We’ll start with Taiwan and Japan, with a fairly large market size, using a formula we know can work. As for the United States and Europe, we will wait a bit, ”Jan says. “Our partnership with Paramount Plus gives access to a network that Tving does not have. We will get feedback and learn about the demands of the markets and marketing there. ”



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