Will Tving-Wavve become Netflix's biggest rival?

Tving and Wavve launch integrated subscription plans, Monday. Courtesy of Tving

The long-anticipated merger of two major domestic streaming platforms, Tving and Wavve, is finally taking a significant step forward, drawing attention to whether this integrated service could challenge Netflix, the global streaming giant currently dominating the local streaming market.

Tving and Wavve announced the launch of a new integrated subscription package, Double Pass, on Monday, about a week after the nation's Fair Trade Commission (FTC) approved their merger, signaling the initiation of their full-scale collaboration.

The antitrust watchdog conditionally approved the merger on June 10, requiring them to maintain their current subscription prices until the end of next year. When the unified service launches, the new subscription plans should be of similar tier to previous plans, and if existing subscribers wish to rejoin within one month, they should be able to keep their previous plans.

The newly introduced subscription package will be the industry’s first to allow access to content from two different platforms with a single membership.

The subscription is available in four tiers: Double Slim, Double Basic, Double Standard and Double Premium, depending on the number of supported devices and content access. In time for the launch, the companies will run a special promotion until Sept. 30, offering a Double Slim plan at a discounted monthly price of 7,900 won ($5.80).

Subscribers can now access Tving’s local content from major networks such as tvN, JTBC and Mnet, as well as its original series, live broadcasts of Korea Baseball Organization (KBO) and Korean Basketball League (KBL) games and even Apple TV+ content. Additionally, they can enjoy Wavve’s exclusive overseas series and a vast library of K-content from the main broadcasters MBC and KBS.

“As the first case to break down the boundaries between platforms in the increasingly competitive streaming market, this will be an innovative alternative that expands choices for content and reduces the price burden for multi-homing users,” Tving said.

A scene from Tving's original series "Pyramid Game" / Courtesy of Tving

Wavve added this will be “the best option” for users who want to enjoy a wide variety of content at a reasonable price.

With the appeal of their combined content and pricing, the two platforms are aiming to become a domestic rival to Netflix.

According to the FTC, Netflix led the local market last year with a 33.9 percent share, whereas Tving held 21.1 percent and Wavve had 12.4 percent. If their user bases are combined, the new entity would trail Netflix by just 0.4 percent, potentially positioning itself as the strongest local competitor to the global streaming giant.

Data analysis platform Mobile Index showed Tving saw 7.16 million monthly active users last month and Wavve recorded 4.13 million, totaling over 11.28 million users. Even considering the users subscribed to both platforms, the figure is considered significant, nearing Netflix’s 14.5 million active users last month.

However, the user numbers alone might not be enough to guarantee success, as the quality of its original content also remains a critical factor.

Netflix has consistently made major hits, with the latest being “When Life Gives You Tangerines” in March, which saw phenomenal success that drove up its monthly active users from 13.45 million in February to 14.51 million in May.

It is keeping the momentum going with the latest original Korean series “Mercy for None,” released earlier this month, which already landed the second spot on Netflix’s Global Top 10 Non-English Shows.

Tving has also seen success with live sports, particularly KBO baseball, boosting the monthly active users from 6.5 million in April to 7.16 million in May.

However, both Tving and Wavve have been lacking in scoring hits with their original content, especially with Wavve moving forward with liquidating its original content production subsidiary, Studio Wavve, last October.

The merger of Tving and Wavve shows great potential to become a powerful new contender in the local market. However, whether it can truly rival Netflix depends on its ability to deliver original hits and maintain user loyalty.