Warner joins race to develop K-drama with South Korea streaming deal
US media giant will host streaming service TVING on its HBO Max platform across 17 Asian markets
[SEOUL] Warner Bros Discovery is entering a race to produce original Korean content by teaming up with one of South Korea’s biggest media conglomerates, seeking to catch up with early movers Netflix and Disney.
Starting early next year, the US media giant will host CJ ENM’s streaming service TVING as a branded content hub on its HBO Max platform across 17 Asian markets, including South-east Asia, Taiwan and Hong Kong, the companies said on Thursday in a joint statement.
The partnership will expand TVING’s international footprint while helping Warner strengthen HBO Max’s regional presence.
The US streaming giant has been aggressively launching its HBO Max service in Asia through partnerships with local platforms. Its strategy to catch up with rival platforms Netflix and Disney+ comes as the Asian market shows relatively strong growth in subscriptions, with particular affection for Korean content.
“K-content captivates audiences everywhere with its creativity and originality,” said Miky Lee, vice-chairperson of CJ Group. “Together, we will deliver authentic narratives that transcend borders on a platform where fans can discover new favourites, revisit timeless classics and experience the best in global content.”
For CJ ENM, South Korea’s largest drama production house, the deal is a major step forward in its global ambitions. Its subsidiary Studio Dragon found worldwide success with hit series including The Glory and Queen of Tears.
But local streaming platforms such as TVING have struggled to profit from the boom. Founded in 2020, TVING is also moving ahead with a planned merger with rival Wavve, owned by SK Group, to create South Korea’s biggest streaming platform with nearly 10 million combined monthly active users. BLOOMBERG
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