SK Telecom announced on May 7 that there was no change in its large-scale investment plan for its over-the-top (OTT) service provider Wavve. Although the new coronavirus crisis affected the business of Wavve in the first quarter of 2020, SK Telecom still shows its will to expand its presence in the media market.
SK Telecom will steadily strengthen its original content reinforcement strategy. There will be no change in the plan to invest 60 billion won in original contents in 2020 and 300 billion won by 2023, said sources in SK Telecom.
It will also focus on movie content. By expanding the scope of content provision, you can view movies with your current membership. “We plan to expand the number of films in the Wave movie library from about 1200 now to about 3300 and later to 4,000 in the near future,” said Director Yoon Poong-young of SK Telecom’s Corporate Center.
Wavve continues its penetration of the global market. This means that Wavve will not avoid competing with global content giants such as Netflix, Disney Plus, and Apple TV Plus. "We will not be complacent with our presence in the Korean market and plan to enter the main media markets such as the United States," President Park Jeong-ho of SK Telecom said in September of 2019. “We also signed a partnership with NBC Universal to export Wavve original contents and expand the global content ecosystem,” said Yun Poong-young, director of SK Telecom Corporate Center. We expect the value of Wavve to further grow in the future,” Yoon added