Alphabiz - Naver, Kakao Corp., Coupang Lead Korea’s 500 Trillion Won Platform Economy

[Alpha Biz= Kim Jisun] SEOUL, June 4 — South Korea’s value-added telecommunications sector surpassed 500 trillion won in revenue in 2024, driven by major digital platforms such as Naver, Kakao Corp. and Coupang, according to the Ministry of Science and ICT.

Total revenue reached 502.9 trillion won, up 15.3% year-on-year, with digital platform services accounting for 161.5 trillion won, or 32.1% of the total.

User adoption of major services exceeded 90%, with Naver leading search, KakaoTalk dominating messaging, and Coupang ranking first in e-commerce. Other leading platforms included Instagram in social media, YouTube in video sharing and ChatGPT in generative AI.

The survey also showed high multi-platform usage, particularly in e-commerce and social media, while messaging and app markets demonstrated stronger user loyalty.

Companies cited talent shortages, limited government support and high infrastructure costs as key challenges, while overseas expansion remains constrained by marketing, localization and regulatory barriers.

The findings are based on a nationwide survey conducted by the Korea Information Society Development Institute covering more than 1,400 firms and 2,500 users.

Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)