Viki

Rakuten Viki operates as a global over-the-top (OTT) video streaming platform, specializing in bringing primetime international television shows and movies to a worldwide audience. The company was founded in 2007 by Razmig Hovaghimian, Changseong Ho, and Jiwon Moon. The initial idea stemmed from a class project at Stanford and Harvard, originally conceived as a language-learning tool using YouTube videos and crowdsourced subtitles. Hovaghimian, who had previously worked at NBC Universal, and his co-founders recognized the potential for content to travel globally once language barriers were removed, leading them to quit their jobs and focus on Viki full-time in 2009. The platform, whose name is a blend of "video" and "wiki," exited its beta phase in December 2010.

The core of Viki's business model is its community-driven subtitling feature, which leverages volunteers to translate content into more than 200 languages. This approach not only facilitates rapid, wide-scale localization but also cultivates a highly engaged user community. The company generates revenue through a freemium model. A substantial portion of content is available for free with advertisements, while a premium subscription, Viki Pass, offers benefits like ad-free viewing, HD quality, and exclusive or early access to content. Viki Pass is offered in tiered options, such as Standard and Plus, with the latter providing access to additional programming. Beyond subscriptions and ads, Viki establishes revenue streams through content syndication deals, licensing its fan-subtitled shows to partners like Hulu and Netflix.

A significant milestone in the company's history was its acquisition by Japanese e-commerce giant Rakuten in September 2013 for a reported $200 million. This acquisition was aimed at integrating Viki's global audience and content into Rakuten's broader digital ecosystem. Following the acquisition, Viki saw substantial growth in its user base. To further solidify its position in the K-entertainment space, Viki acquired Soompi, a large English-language Korean pop culture news site, in 2015. Headquartered in San Mateo, California, Viki maintains a global presence with offices in Singapore, Tokyo, and Seoul, serving a user base primarily composed of young, female viewers.

Keywords: video streaming, crowdsourcing, subtitles, Asian content, K-drama, freemium, subscription model, content licensing, community engagement, Rakuten