Content Wavve is a joint venture between SK Telecom and three South Korean major broadcasters, SBS, KBC, and MBC. Wavve announced the partnership on April 12 with NBCU to expand the company’s original Korean-based content in the global ecosystem.
NBCU creates content such as news, movies, and sports providing the content to international viewers. The wholly-owned subsidiary of global media and entertainment company Comcast reported an annual business sale of $34 billion (41.4 trillion won) in 2019.
Wavve and NBCU signed the agreement through a videoconference amid the coronavirus spread. As Korean content’s popularity rises in English-speaking markets, the partnership would allow for quicker global outreach.
Last year, SK Telecom signed an agreement with Comcast to create an e-sport company called SK Telecom CS T1.
Wavve, NBCU Partnership
Under the agreement, Wavve would provide up to five TV contents annually over the next three years to NBCU. The original content would be produced in cooperation with South Korea’s three major broadcasters. NBCU would choose works from Wavve’s recommendations and distribute the content with the consideration of audience preferences in significant regions.
NBCU plans to launch its over-the-top (OTT) service called Peacock as early as this month across the United States. The company intends to provide Wavve’s Korean dramas as the primary content for the service. Wavve and SK Telecom also seek to invest and produce content alongside NBCU jointly.
Wavve said it would also inject a total of 60 billion won ($49.2 million) this year to create original content. The production would take into consideration content exports through NBCU.
Head of SK Telecom’s MNO business division, Yoo Young-sang, said that the cooperation would pave the way for Wavve to reach beyond Korea. With SK Telecom’s 10 million media subscribers and Wavve’s competitiveness, the partnership would lead to forming a leading global OTT.