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Korean mobile carriers team up with Naver to launch joint app store ‘One Store’

Collected: 2016.06.02

Distributed: 2016.06.03

Source: Go Direct

South Korea’s three major mobile carriers KT Corp., SK Telecom Co. and LG Uplus Corp., and the nation’s largest Internet portal operator Naver Corp. launched a joint application market dubbed One Store on Wednesday to create a formidable competition to Apple and Google app stores.

Subscribers of KT’s Olleh Market, SK’s T-Store, LG’s U+ Store and Naver App Store can access to the integrated platform with their existing accounts with an upgrade on the phones.

SK Telecom established a wholly-owned subsidiary One Store with 130 employees in March this year and bought Naver’s app store unit for 4.5 billion ($3.7 million) in April to launch a common app platform.

They aim to increase the market share of One Store to 40 percent within three to four years in a market dominated by Google’s Play Store with a 50 percent market share and Apple’s App Store with 30 percent. Since the integrated app market runs only on Android operating system, not on Apple’s iOS, the unified platform will primarily challenge Google’s Play Store.

Google Play Store currently dominates the Android-based app market with a 75 percent market share. T-Store has 10 percent, Naver App Store has 8 percent, and Olleh Market and U+ Store have 4 percent each. One Store will provide a various online payment channels such as Naver Pay and enhance customer benefits to lure more users.

By Oh Chan-jong

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