June 29, 2022

South Korean startup company Watcha has announced the launch of Watcha 2.0 scheduled this year, along with the plans to provide webtoons and a music streaming service on its video streaming platform.

Watcha CEO Park Tae-hoon commented that they have to prepare themselves for the next 10 to 20 years and are aiming to reach 100 million global subscribers by 2030.

The company’s chief operating officer, Won Ji-hyun, explained that the decision to expand its business was due to expectations that those contents could contribute to increasing the total time users spend and the retention rate on the platform.

He mentioned that their platform will recommend music based on the movies that the users enjoyed, be it songs from original soundtrack albums or songs with a similar mood as the movie that they watched. It will also recommend webtoons along with songs.

He further added that webtoon creators like cartoonist Kim Bo-tong, who is best known for the original webtoon on which Netflix’s drama “D.P.” is based, have joined the Watcha 2.0 project.

The company for its music service mentioned to have recently acquired several companies and agencies such as Momople, Bunga Bunga Records and Vlending under the expansion.

In the first half of the year nine new original contents will be released, those being – three dramas, three entertainment shows and one documentary film.

One of them will be a series directed by Lee Byung-heon called “Ultimate Weapon Alice (unofficial translation)”. The director is known for directing the hit movie “Extreme Job” that attracted more than 16 million moviegoers here.

The homegrown startup established in 2011, began its business as Watchpedia, a data platform operator that gathers movie reviews and simultaneously launched the streaming platform Watcha in 2016.

According to CEO Park, Watcha is estimated to have recorded 72.3 billion won ($60.6 million) in sales last year, an on-year increase of 82 percent.

Before the end of this year, the startup is also preparing for an initial public offering.