On February 28, an exclusive virtual business talk brought together global media and entertainment leaders to discuss how Korean content captivates audiences worldwide. This insightful session was hosted by KPOPPOST and featured Wei-Shen Mak, Vice President and Legal & Business Affairs at Rakuten Viki.
With a notable career spanning over 20 years in media, content acquisition, and legal affairs, Wei-Shen Mak shared his expertise on the evolving digital streaming landscape, the challenges of piracy, the role of AI, and how Rakuten Viki continues to thrive amidst fierce competition from streaming giants like Netflix, Disney+, and Amazon Prime.
Breaking Barriers: Rakuten Viki’s Journey to Global Success
Rakuten Viki has successfully built a thriving global audience for Asian content, but the journey wasn’t without challenges. Viki’s strategy has been multifaceted, from securing content rights across regions to tackling piracy.
“Piracy is like a game of whack-a-mole. You take one down, and another one pops up,” Wei-Shen remarked, highlighting the ongoing struggle with piracy. However, Viki’s approach of staying vigilant and continually improving user trust has effectively helped them combat these challenges.
Viki also tailors its content for different regions while staying true to its brand identity by securing exclusive deals with major Korean content providers such as CJ ENM and JTBC. This ensures that content resonates with audiences globally while maintaining the authenticity of Korean storytelling.
AI: Shaping the Future of Content Distribution
Artificial Intelligence (AI) is at the forefront of Viki’s growth strategy. AI is being leveraged to enhance subtitling, dubbing, and content personalization, ensuring a seamless user experience across devices.
“AI helps us create translations and dubs faster, making content more accessible to a wider audience.”
Wei-Shen Mak.
He emphasized that while AI brings efficiency, Viki maintains a balance between automation and human curation to preserve the quality of recommendations and content discovery.
Moreover, Viki is exploring AI to improve content recommendations, which helps keep users engaged and ensures a unique and personalized experience.
Monetization Models: Balancing Subscription and Ad-Supported Services
Rakuten Viki has perfected the art of balancing Subscription Video on Demand (SVOD) and Ad-Supported Video on Demand (AVOD) models. While SVOD remains Viki’s primary revenue stream, AVOD serves as a “soft entry point” for users who may later convert into paying subscribers.
“Our bread and butter is subscription, but ad-supported viewing allows users to experience Viki for free. If they enjoy the experience, they’re more likely to upgrade to a subscription plan for ad-free viewing and more content.”
Wei-Shen Mak.
In addition to AVOD and SVOD, Viki also explores Transactional Video on Demand (TVOD), offering rental options for certain movies in the U.S. Viki’s FAST channels (Free Ad-Supported Streaming TV) on connected TV devices further expand its reach, offering multiple revenue streams.
Partnerships: Driving Awareness and Growth
Strategic partnerships play a critical role in Viki’s global success. The platform maintains strong collaborations with major tech players such as Apple, Google, Roku, and Amazon, helping them showcase the richness of Korean and Asian content to wider audiences.
“Our relationships with Apple and Google are now recognizing the strength and momentum of Korean fandom, incorporating it more into their marketing,” said Wei-Shen Mak. This has benefited Viki and brought more attention to the global appeal of Korean content.
Although Viki is currently taking a global approach, there is potential for future partnerships in regions such as the U.S., Indonesia, and India, where Korean content enjoys immense popularity.
The Secret to Viki’s Success: Understanding Audience Preferences
In a fiercely competitive streaming market, Rakuten Viki stands out by staying connected to its audience and understanding their preferences. Viki has expanded its content offerings beyond K-dramas to include thrillers, horror, reality TV, and music shows, catering to a more diverse demographic.
“We are a niche service, and we acknowledge that we can’t please everyone. Instead, we focus on enhancing our unique identity and providing as much value as possible to our core audience.”
Wei-Shen Mak.
User engagement is another key to Viki’s success. The platform continues to rely on its passionate community of contributors who assist with translations and engage with content, ensuring that subtitles and dubs are widely available and accurate.
Looking Ahead: Opportunities and Challenges in Digital Streaming
When asked about the biggest opportunities and challenges for digital streaming platforms in the next five years, Wei-Shen identified piracy, content acquisition, and capturing user attention as significant challenges.
“Users only have 24 hours in a day, and we’re all competing for just 1-2 hours of their free time,” Wei-Shen pointed out. He emphasized that Viki focuses on improving personalization and ensuring that the time users spend on the platform is worthwhile, encouraging them to return.
As for emerging opportunities, AI is expected to play a transformative role by enhancing content accessibility and personalization. Viki is also preparing for the future by ensuring its services remain ubiquitous, accessible across multiple devices, and consistent in user experience.
The Future is Bright for Rakuten Viki
As the global demand for Asian content, particularly K-dramas continues to surge, Rakuten Viki is well-positioned to capitalize on this momentum. With a strategic focus on personalization, AI-driven innovation, and strong partnerships, Viki is poised to remain a leader in the niche streaming market.
“We are excited about the upcoming slate of content, including fan favorites like Scarlet Heart,” Wei-Shen teased, leaving audiences eager for what’s next.
The virtual session concluded with heartfelt gratitude to Wei-Shen Mak for sharing his expertise and to Rakuten Viki for being part of this enlightening discussion.
Stay connected with us for more industry insights and upcoming events. As Wei-Shen Mak emphasized, “Focus on your unique strengths, engage your audience, and the results will follow.”
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Watch the full recorded talk with Wei-Shen Mak now and gain exclusive insights on how Rakuten Viki shapes the global entertainment landscape!
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