Wave Also Joins Original IP Battle... CEO Lee Chan-ho Takes Off in Earnest

Content Wave Battles for IP Survival Against Netflix
Original-Focused Subsidiary Studio Wave
Establishes Ilsan Production Headquarters and Expands Headquarters

1 Trillion Won Invested in Originals by 2025
Preparing to Launch Tracer, Gentleman, Deadman

[Asia Economy Reporter Cha Min-young] To compete with global online video services (OTT) such as Netflix and Disney Plus(+), Wave, known as a ‘broadcast hotspot,’ has taken a bold step to secure its own original intellectual property (IP). Centered around Lee Chan-ho, a star producer and CEO of Studio Wave, a production headquarters in Ilsan has also been established for original content production, including the upcoming release of ‘Tracer’ early next year.

Production Headquarters in Goyang, Headquarters Expansion

According to industry sources on the 7th, Studio Wave recently set up a production headquarters near KINTEX in Goyang-si, Gyeonggi-do, at the GIFC Tower for planning, developing, and producing original content. This choice was made considering the geographical advantage of Goyang-si and Paju-si in Gyeonggi-do, where large and specialized studios and media industries are concentrated, providing a space for producers and writers to reside.

Studio Wave’s Yeouido headquarters, which was located within its parent company Content Wave, will also be expanded and relocated. They plan to lease a separate floor in the same building, moving out of the 19th floor of Yeouido Post Tower. Due to office saturation caused by workforce expansion, some personnel at Content Wave are expected to share floors separately.

Led by CEO Lee, who was recruited in March, Studio Wave is a subsidiary specializing in original content under Content Wave. Lee is a star producer who made hits with dramas such as ‘Misaeng,’ ‘Signal,’ and ‘Goblin.’ He joined CJ ENM (formerly CJ Media) in 2004 and served as a chief producer (CP) for major works at Studio Dragon from 2016 until recently. He concurrently holds the positions of CEO of Studio Wave and Chief Content Officer (CCO) of Content Wave’s Content Strategy Headquarters, overseeing the overall blueprint and closely monitoring detailed plans.

Betting on Original IP

The media industry is paying close attention to CEO Lee’s moves. Wave, which has real-time broadcasts from the three major terrestrial broadcasters and comprehensive programming channels, as well as over 300,000 video-on-demand (VOD) contents, has received praise for ‘feeling like a direct transfer of TV,’ but also criticism for ‘lacking original IP.’ This is why the industry’s eyes are on ‘Tracer,’ the first original drama set against the National Tax Service background, planned by Studio Wave for early next year. Original films ‘Gentleman’ and ‘Deadman’ are also set to be released in the first and second halves of next year. To broaden its content horizon, Studio Wave has also partnered with SK Telecom affiliate One Store and NAK Entertainment, which specializes in global drama and variety show IPs.

Content Wave plans to invest a total of 1 trillion KRW in original content by 2025. With global OTTs like Netflix and Disney Plus preempting original IPs worldwide, including Korea, and steadily increasing subscribers, Wave feels the urgency to keep pace. According to market research firm Nielsen KoreanClick, Netflix’s monthly active users (MAU) reached 9.48 million in September and are expected to surpass 10 million in October. Considering Wave’s direction toward overseas expansion, there is a consensus to reduce dependence on the three major terrestrial broadcasters, its shareholders, and to strengthen internal original planning capabilities.

An industry insider said, “With the recruitment of CEO Lee, there is an evaluation that Content Wave is seriously starting to produce original works,” adding, “No matter how unique the curation system is, OTTs without IP find it hard to survive.”

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