Naver To Take On The US Video Market

The South Korean search leader Naver has confirmed that it has invested over 20 million US dollars its own video streaming service. WAV Media was established in June this year in the US, and will target a Western audience, unlike Naver's current 'V' platform which mostly targets Asia. Naver spokesperson, Choi Seo-Hee, said that the move was “one of the many ideas” that the company has for making moves into the US, adding “the most effective content would be that localised for the US markets”. Currently, with its 'V' video-platform, Naver offers live-streaming for a global customer base, but as this is mostly South Korean entertainment, WAV Media would have to find new content for the US market. Naver founder, Lee Hae-Jin, said that “North America and Europe is where Naver's ultimate challenges lie” and that the company planned to “make large-scale investments into new technology or services to aid the penetration into these markets”.