Crisis unfolds for streaming platform Watcha amid Netflix dominance

Watcha, a homegrown streaming service, is facing a serious financial crisis that threatens its survival after being pushed by rivals out of the increasingly competitive market. According to industry officials on Friday, one of Watcha’s convertible bond (CB) holders filed a court receivership on the streaming platform earlier this month, out of concern that the company may fail to address a CB worth 49 billion ($35.14 million), some of which reached maturity last year. Watcha reportedly sought an extension with investors, but failed to reach an agreement. Under the law, any creditor holding more than 10 percent of a company’s equity can file for a court receivership without the company’s consent. The streaming service has been struggling with deteriorating financial structure, exacerbated by continuous operating losses and a plunging user base, as global streaming giant Netflix and other homegrown services like Coupang and Tving have aggressively expanded their market share. The CB in question was raised around 2021 from venture capital firms and private investors, including Kakao VWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times