South Korean video streaming services are eyeing to boost their user base this summer by airing the Tokyo Olympics amid already heated competition.

The Tokyo Summer Games, which officially kick off Friday, are available to watch live on multiple streaming platforms here, including Wavve, U+ Mobile TV and AfreecaTV.

The Olympics present an opportunity for the homegrown platforms to diversify their watch list and catch up to market leader Netflix Inc.

Netflix maintains a strong presence in South Korea's paid video streaming market with 7.91 million monthly active users as of May, compared with runner-up Wavve's 3.73 million users, according to data tracker Nielsen Koreanclick.

Monthly active users refer to unique users who interacted with a service at least once a month.

The latest move comes as local streaming companies have engaged in a race for more content, attempting to outspend each other and squeeze out competition.

Wavve, operated by the country's three major broadcasters and mobile carrier SK Telecom Co., promised in March to pump 1 trillion won into content investment by 2025.

CJ ENM, a local entertainment giant, which owns streaming platform Tving, said in May that it will funnel over 5 trillion won (US$4.34 billion) into content creation by the same year.

Netflix has said it will spend $500 million on Korean content this year alone.

Local platforms are also bracing for further competition as US media giant Walt Disney Co.'s Disney+ is set to launch later this year. (Yonhap)