Wave Launches 40 Billion KRW Film Investment Fund to Secure 'Killer Content'

[Asia Economy Reporter Seulgina Cho] Wave, a leading domestic online video service (OTT), is establishing a 40 billion KRW film private equity fund (PEF). By mobilizing its own production investment funds and the PEF, it plans to support the stagnant film industry while securing 'original killer content.'

Content Wave, the operator of Wave, announced on the 12th that it is promoting the formation of the investment fund 'Wave Fund' together with C47 Investment. Headquartered in Singapore, C47 Investment operates a fund that invests in the planning, development, and production of films and dramas across Asia, including Korea.

Going forward, the Wave Fund will be operated 100% for the purpose of investing in Wave's original content. With investment commitments from leading financial institutions, the first fund, worth approximately 5 billion KRW, is about to be established. Wave and C47 Investment plan to raise a total of 40 billion KRW by early next year.

The first film to be invested in by the Wave Fund is "Gentleman," scheduled for release next year. Production costs will be 100% funded through Wave's own investment and the fund. After its theatrical release in May next year, Gentleman will be exclusively available as a subscription movie on Wave.

Kim Hong-gi, Head of Wave Content Group, said, “We expect that the coexistence of the film industry and OTT will play a significant role in the development of Wave's original content.” Jeong Ji-ho, CEO of C47 Investment, expressed his expectations, saying, “The establishment of the Wave Fund will serve as an opportunity to activate investment in the Korean content industry, which has infinite potential.”

This content was produced with the assistance of AI translation services.