[Edaily Reporter Yun Junghoon ] Wave, a homegrown online video service (OTT), is accelerating its efforts to restructure the business and return to profitability, spearheaded by “Game of Blood X,” its original survival variety show and the most anticipated title of the second half of the year. As the full-scale merger process with TVING is underway, the company is focusing all its efforts on maximizing the platform’s value and profitability through the success of its original content.

“Game of Blood X” Hits It Big on Its First Weekend… Drives Record Number of Paid Subscriptions

According to the OTT industry on the 10th, the Wavve original survival variety show “Game of Blood X,” which premiered on the 3rd, swept various popularity metrics both on and off the platform within its first week of release.

The show’s unique format—which allows for betrayal and strategy—combined with the introduction of a “team battle” format this season to maximize viewer immersion, proving to be a key factor in its success. In fact, during the first weekend after its release (the 3rd–5th), the number of new paid subscribers driven by the show easily surpassed the records set by Seasons 1–3, breaking the “all-time series high.”

Wavve estimates the impact of new subscriptions by tracking the first content new subscribers watch, and “Game of Blood X” took the top spot by a wide margin.

External buzz metrics are also strong. In the weekly buzz survey released by Good Data Corporation’s Fundex, it ranked first overall in the non-drama category, encompassing both broadcast programs and OTT content.

A Wavve representative explained, “Survival show fans are driving buzz by forming a strong fandom in online communities,” adding, “To leverage the OTT format, we increased the runtime of episodes 1 and 2 to two hours each to boost viewer engagement early on, and we plan to make a strong impact on viewers with a four-hour episode in episode 3.”

Curb

ing Excessive Drama Investments… Aiming for ‘Cost-Effective Profits’ Through Streamlining Variety Shows and Licensing

The success of *Game of Blood X* is cited as a prime example of the “cost-efficiency” restructuring that Wavve has been diligently pursuing for years. Rather than producing large-scale dramas recklessly in a head-on battle against global giants like Netflix and Disney+—which rely on their financial clout—Wavve has completely reorganized its lineup to focus on “cost-effective variety shows” that have a high probability of success and relatively low production costs.

Rather than resorting to drastic workforce restructuring, Wave opted to completely overhaul its expenditure structure. It moved away from the burdensome model of covering 100% of production costs to lock in its own IP (intellectual property), instead streamlining its rights structure by securing only online exclusive streaming rights or exclusive rights for a limited period, thereby significantly reducing risk.

Alongside the “Game of Blood” series, filming for Season 2 of the successful dating reality show “Dating Siblings”—co-produced with JTBC—is currently underway, with a target release in the second half of the year. This move is intended to solidify a stable base of paid subscribers by leveraging proven “killer IP.”

At the same time, Wavve has significantly expanded its “Live Content” channel—which plays continuously on large TV screens—to enhance the appeal of the ad-supported subscription plan (AVOD) introduced last year. It is also expanding its customer base by launching several package subscription plans that allow dual access to both Wavve and TVING. Through this two-track strategy, the company is currently operating with the internal goal of “returning to profitability” as its top priority this year.

Full Merger Not Yet on the Table… KTCorporation Gives General Response: “Under Review”

Currently, in Wave’s ownership structure, SKSQUARE(402340)remains the largest shareholder (approximately 40%). However, CJ ENM CO., Ltd.(035760)has joined as a strategic investor and is effectively taking the lead in management. This aligns with the recent trend of both companies consistently proposing synergy measures, such as joint sales of advertising products, as well as the appointment of Lee Yang-ki—formerly of CJ ENM CO., Ltd.—as Wave’s new CEO.

In particular, given that Tving—the merger partner—is facing cash flow pressures, compounded by a recent hacking incident, the prevailing view in the industry is that the two companies must expedite their merger.

In fact, TVING’s financial situation remains poor. Last year, TVING’s revenue stood at 406 billion won, a 6.8% year-over-year decline, and its operating loss amounted to 69.8 billion won. Due to aggressive content investments, such as KBO broadcasting rights, cash and cash equivalents plummeted to 14.3 billion won, and the current ratio—which indicates the ability to pay short-term debts—plunged to a dangerous level of 45.5%. On a positive note, the platform has maintained 8 million monthly active users (MAU) thanks to the popularity of professional baseball.

Consequently, TVING is pursuing a survival strategy aimed at reducing duplicate investments and improving marketing and operational efficiency through a swift merger with WAVVE.

However, the decision by KTCorporation, the second-largest shareholder—the final piece of the puzzle needed to seal the final agreement—remains elusive. Following a recent KTCorporation press conference, Park Hyun-jin, Head of KTCorporation’s Customer Division (Executive Vice President), maintained a cautious stance, offering only a general response of “under review” when asked about the progress of the merger.

A Wave official stated, “We are in a ‘golden time’ situation where domestic media companies are on the verge of collapse, as advertising in the domestic media market is concentrated on YouTube and large-scale investment is focused on Netflix,” adding, “It is time to boldly overhaul regulations and support swift corporate mergers so that domestic platforms can survive.”