이 기사는 2021년 11월 16일 08시09분 thebell에 표출된 기사입니다

Tving is seeking to raise capital from both strategic and financial investors as the South Korean streaming service is increasingly facing competition from global rivals.

Tving, the streaming platform of media giant CJ ENM, is working with Nomura Securities to increase capital via a pre-initial public offering funding, industry sources said.

Tving is planning to raise about 300 billion won ($254.2 million) from a financial investor, with several homegrown private equity firms having submitted preliminary offers for a stake in the company.

Separately, it is also in talks with potential foreign strategic investors, according to sources.

Some critics are skeptical about whether Tving will be able to find a foreign strategic partner given that most of the global names in the streaming space have already launched their own services in the South Korean market.

Global streamers in South Korea include Netflix, Apple TV Plus and Disney Plus. Netflix’s presence in the country has continued to grow after big hits. Apple TV Plus has teamed up with local internet services provider SK Broadband to enter the South Korean market. Disney Plus also recently launched its service in the country.

Tving may partner with a foreign industry player that has yet to enter the South Korean market, such as Amazon Prime Video, industry watchers said.

However, the possibility cannot be ruled out that foreign streamers providing services through their own platforms in South Korea may want to collaborate with Tving, although potential synergies from such partnership could be limited.

“The competition is getting stiff with more streaming services entering the market while the number of potential subscribers is limited,” an industry insider said. “A potential partnership between streamers operating in the domestic market is unlikely to create big synergy in terms of growth in subscribers.” (Reporting by Seon-young Kim)