TVING’s Ryan Hong Talks Strategy, Waave Merger

Speaking at the ATF Leaders Dialogue today, Ryan Hong, chief strategy officer at South Korean streaming giant TVING, weighed in on subscriber gains, the impending launch of Apple TV+ within the service and speculation about a merger with rival Waave.

Hong took part in a keynote conversation with Ampere Analysis’ Ed Ludlow at ATF’s pre-opening sessions at the Marina Bay Sands in Singapore, discussing the positioning of TVING—owned by CJ ENM—in South Korea.

Per Ampere, there are about 24 million SVOD subs in South Korea. TVING has almost 4.9 million subscribers, Hong noted, across its ad-supported and ad-free tiers.

The service has rolled out some 80 originals thus far, largely geared to its core user base of women in their 20s and 30s, Hong said, including a slate of romantic dramas, but the service has seen gains among male viewers with historical dramas and other fare. “We are progressively preparing some titles that will appeal to the male audience as well.”

Hong then addressed speculation about a merger with Waave, with talks having begun in 2023. That speculation has picked up in the wake of CJ ENM investing in Waave, which launched as a venture between KBS, MBC, SBS and SK Telecom. “We are very close to reaching a merger between the two companies,” Hong confirmed. “We are now planning to ensure collaboration and synergy between TVING and Waave.”

Hong then confirmed that Apple TV+ will launch as a destination within TVING on December 10. “There are certainly some lessons learned from our two-year partnership with Paramount+. These will be considered as we evaluate future partnerships,” Hong explained.

Local content drives TVING viewership, Hong noted, while international fare generally only attracts interest when it is a big, high-profile title. “Subscribers of the higher tier have greater interest and viewership for international shows. So, for Apple TV+, we will launch it for our premium tier customers. It aligns well with audience behavior.” It will also be available as an add-on to subscribers of TVING’s other tiers, Hong said.

The launch of Apple TV+ within the service will be supported by the exclusive rollout of Pachinko to TVING premium subs.

On the prospects for an international rollout, Hong said that Japan, Southeast Asia and the U.S. would be key markets for TVING.

Hong also talked about the launch of TVING’s ad-supported tier this year after clinching a streaming rights deal with the Korean baseball league KBO. “We made nearly 1 million subscribers” from the launch of the ad tier, he said.

A merger with Waave could put TVING either on par with market leader Netflix or ahead of the service, Hong said.