South Korea’s Wavve buys K-content streamer KOCOWA and plans global expansion

As a hunt for the other Squid Game continues, we see further consolidation in the South Korean content space.

Korean streaming platform Wavve has acquired KOCOWA (Korean Content Waave), the K-content streamer operating in the US.

The companies already have similar ownership structures, with Wavve (also known as Content Wavve) owned by Korean networks KBS, MBC and SBS and SK Telecom, and KOCOWA jointly owned by the three broadcasters.

Wavve says the deal, confirmed today, “starts its global business,” with KOCOWA operating in 30 territories, including the United States, Canada, Mexico and Brazil. KOCOWA offers Korean shows in America via the streaming service KOCOWA+ and local OTT and cable services.

Wavve bills itself as Korea’s largest OTT service. It has been planning international expansion since last year, CEO Lee Tae-hyun told Deadline in 2021.

KOCOWA offers K-Drama, K-Pop, K-Reality and K-Variety programming, and the deal will expand its offering of Wavve originals such as Weak hero class 1.

Wavve said the deal will allow the company to “gradually expand its global operations and strengthen its strategic partnership with global media groups to facilitate joint content investments and grow its subscriber base.”

“We are trying to cooperate with various global media partners while building a synergy system with KOCOWA,” said Lee Tae-hyun. “Although our global journey has just begun, we aim to become the best K-Content platform in the global market in the near future.”