SKT’s Wavve joins hands with NBC Universal to sell Korean TV produces to pay TVs

[Photo by SK Telecom]

Content Wavve Corp., a joint venture between SK Telecom and South Korea’s three major terrestrial broadcasters, announced on Sunday that it has signed a partnership with global media company NBC Universal (NBCU) to distribute Korean video contents in overseas pay TVs.

NBCU, a wholly-owned subsidiary of global media company Comcast, is well known for TV series "The Office," films "Shrek" and "Fast and Furious" and theme park Universal Studio. Its annual sales reached $34 billion in 2019.

The partnership signed through videoconference will allow global outreach of Korean TV produces amid rising popularity of Korean contents in English-speaking markets. Last year, SK Telecom partnered with Comcast to launch e-sport company SK Telecom CS T1.

Under the partnership, Wavve will annually provide up to five TV content produced and aired in three Korean broadcasters to NBCU over the next three years, while NBCU will choose works to distribute in consideration of audience preferences in target regions.

NBCU will have the right to distribute Wavve contents to overseas platforms.

[Photo by SK Telecom]

NBCU is scheduled to launch its over-the-top (OTT) service Peacock across the U.S. as early as this month and. Wavve's Korean dramas can be provided as key content for the service. SK Telecom and Wavve also agreed to seek joint investment with NBCU in the production of contents.

Wavve will invest a total of 60 billion won ($49.2 million) this year to produce original content by considering content exports through NBCU. Building on the momentum of its successful original content "The Tale of Nokdu" through KBS last year, Wavve is working together with eight Korean film directors, including director Min Kyu-dong, on science fiction film "SF8" with MBC.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]