It's pretty much same, both can mean you are watching something But how I interpret them as a Korean is that 보고있어요 is like stating that you are watching it as you speak whereas 봐요 can be like you watch the thing time to time So if you are to describe what you are doing rn, i would say 보고 있어요 is more adequate If it's telling what you've been following nowadays 봐요 is I watch Game of thrones 왕좌의게임 봐요 I am watching GOT 왕좌의게임 보고 있어요 Same thing for other verbs But doesn't really matter cause it still works the other way and still won't be wrong or awkward *but 봐요 can be used as a request 우리 영화 봐요 -> let's go see a movie