Warner Bros. Acquires Korean SVOD Service23 Feb, 2016 By: Erik Gruenwedel
DramaFever will remain located in New York and run by co-founder Seung Bak
After months of speculation, Warner Bros. Feb. 23 confirmed it has acquired DramaFever, a 6-year-old subscription streaming service specializing in Korean dramas and TV shows. Warner acquired the service from Japan’s SoftBank, which acquired it in 2014.
Warner, which is looking to expand its subscription streaming prowess rather then license all content to Netflix and others, eyes DramaFever as a springboard toward launching ancillary SVOD services, according to Craig Hunegs, president of business and strategy at Warner Bros. Television Group.
DramaFever joins Time Warner’s companywide efforts to reach audiences directly, including the recent acquisition of iStreamPlanet and the launch of SVOD services HBO Now in the U.S., and, in partnership with Tencent, Hollywood VIP in China.
Hunegs said DramaFever has a strong and growing subscriber base of diverse millennials and plurals that fits well with the company’s plans to enhance its relationship with that audience. It offers hundreds of series, variety shows, films and kids programs, in multiple languages, and is available in more than 20 countries globally and growing.
“This is a great fit for Warner Bros.,” he said.