SEOUL, Feb. 22 (Yonhap) -- Watcha, a homegrown over-the-top service, said Tuesday it plans to kick off a new platform that provides music and webtoon contents in addition to its current video streaming service.
The latest move comes amid growing competition in the local video streaming market led by global streaming giant Netflix, followed by homegrown players Wavve and Tving.
"Watcha will evolve from our current video streaming service provider into an integrated entertainment subscription service ... this will allow users to watch, listen and enjoy all at once," Chief Operating Officer Won Ji-hyun said during a press conference.
Watcha said it plans to launch the new subscription-based platform that "transcends the boundaries between contents" within this year. On the new platform, subscribers can get easy access to various contents, such as to the soundtrack of a movie right after watching the film.
The company said it aims to expand its service into the global market to reach 100 million subscribers by 2030.
Watcha started out as a movie recommendation service in 2011, before kicking off as an OTT platform in 2016.
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