South Korea's over-the-top streaming platform TVing Co. has partnered with global content provider Paramount Plus to challenge top OTT player Netflix Inc. in the increasingly competitive Korean market.
Paramount Plus, a unit of Hollywood studio and distributor Paramount Global, began its service in Korea on Thursday through local streamer TVing, run by entertainment heavyweight CJ ENM Co.
The South Korean launch marks Paramount’s first service in Asia while the US platform’s service is already available across North America, Latin America and northern Europe.
Launched in 2014, Paramount Plus had 46 million subscribers globally as of November 2021. Starting with South Korea, the company aims to offer services in 60 countries largely in Asia by the end of this year.
The launch is part of a strategic partnership between Paramount Global and CJ ENM announced last December. The deal includes content licensing and distribution across Paramount Plus and TVing as well as joint efforts on seven Korean original series, the companies said.
TVing is jointly owned by CJ ENM, top portal operator Naver Corp. and TV broadcaster and producer JTBC.
US streaming platform Paramount Plus ABUNDANCE OF TITLES
Under the deal, TVing subscribers will be able to enjoy Paramount Plus content at no extra charge, including director Steven Spielberg's blockbuster TV series Halo as well as other popular TV series like Super Pumped: Uber War, Yellowjackets, Mayor of Kingstown and 1883.
The service also includes Paramount Pictures' signature films such as Mission Impossible, Top Gun, The Transformers, The Godfather and Forrest Gump, as well as CBS' popular TV series CSI and Nickelodeon’s SpongeBob SquarePants.
By joining hands with TVing, Paramount Plus will tap into Korea’s globally bankable content and growing local subscriber pool.
CJ ENM, the producer of the Oscar-winning film Parasite, also operates film production companies, including Studio Dragon Corp.
Streaming content by Paramount Plus BATTLEGROUND FOR OTT PLAYERS
Paramount’s service launch in Korea will add to the heated struggle among Netflix, Disney Plus and Apple TV Plus as well as local rivals such as SK Telecom Co., which runs its OTT platform Wavve.
In Korea, Netflix is the dominant player with its viewership growth far exceeding that of its competitors thanks to a string of popular content releases like Squid Game and All of Us are Dead.
TVing's original drama series Scripting Your Destiny The first Korean local production following the CJ-Paramount partnership is Yonder, which will be premiered later this year on TVing. It will also be available on Paramount Plus in global markets.
Directed by Lee Joon-ik and set in 2032, Yonder is a science fiction drama series about a man who receives a message from his deceased wife inviting him to a mysterious space.
Jay Yang, chief executive of TVing, said the company aims to have 10 million paid subscribers through its partnership with Paramount Plus.
“Without being successful in the Korean market, we can’t go abroad to become the global top player,” he said.
