Korea’s leading OTT platform TVING announced plans to merge with KT’s OTT Seezn, the streaming platform of South Korea’s largest telecommunications company. This is the platform’s first merger and acquisition (M&A) since its launch. The goal of the merger is to expand the platform’s presence in domestic and global streaming markets by utilizing the two companies’ market competitiveness to create synergy between content creation and telecommunications.
Through the merger, TVING will strengthen its technology and service quality by bringing together content creation and OTT technology with KT’s business structure. The two companies plan to complete the merger by December 1.
After TVING separated from CJ ENM in October 2020, the company has strengthened its market competitiveness. This was done through a partnership with JTBC in June last year, and by attracting investment from Naver, which possesses various original intellectual property (IP) such as webtoons and web stories. The platform also has released exclusive original content such as “High School Mystery Club,” “Seoul Check-in,” “Yumi’s Cells,” “Work Later, Drink Now,” “EXchange “The King of the Pigs ” and “Monstrous” to increase its content competitiveness. In addition, the platform will provide a variety of diverse content including live concerts and sports such as football, UFC, boxing and tennis, enhancing the streaming experience for viewers.
Based on its unique content and technology, TVING has recorded a rapid growth in subscriber numbers and successfully received investments of 250 billion KRW (about 190 million USD), valuing the service at about 2 trillion KRW (about 1.5 billion USD). By investing in content and co-producing new content through its strategic partnership with global market leader Paramount, TVING aims to enhance its competitiveness and develop new, captivating content for audiences.
KT’s Seezn is an OTT platform that offers a variety of unique content including live streams, the latest movies, global series and TV shows including the current popular show “Extraordinary Attorney Woo.”
“By utilizing the content production infrastructure and communication technology of both companies, we will not only become the No.1 Korean content OTT domestically but also globally,” stated TVING CEO Yang Ji-eul.
