SEOUL, Feb. 10 (Korea Bizwire) – Chinese e-commerce platform Temu has been stepping up its preparations to directly enter the South Korean market since late last year, an industry source said Monday. PDD Holdings Inc.’s Temu is in the process of hiring Korean employees for human resources, administration, public relations, marketing and logistics functions, an [...]
SEOUL, June 16 (Korea Bizwire) — A senior official of Paramount Global, a major Hollywood studio and distributor, said Thursday South Korea is the “perfect place” to start business in the booming Asian streaming market. “South Korea is a vital market for both streaming and subscription business and for the content, that we all know, [...]
SEOUL, Feb. 25 (Korea Bizwire) — Global streaming service Netflix said Thursday that it will funnel US$500 million into creating South Korean projects this year, including two films. “Netflix has more than 200 million paid users across the world, including 2.8 million in South Korea,” Kim Min-young, vice president of Netflix, said in an event [...]
SEOUL, Dec. 1 (Korea Bizwire) — U.S. media giant Netflix is beefing up efforts to secure popular Korean-made films and shows as part of a strategy to boost its presence in the global streaming service market. Netflix, which launched its Korean service in 2015, said it set up a separate production firm, Netflix Entertainment Korea, [...]
SEOUL, Sept. 23 (Korea Bizwire) — Warner Bros. will pull out of the South Korean market after years of weaker-than-expected performances, officials from its local unit said Wednesday. “We’ve already stopped making fresh investments in Korean films,” an official from Warner Bros Korea said. “We will also wrap up projects that are in post production [...]
SEOUL, Dec. 29 (Korea Bizwire) — Budget smartphone manufacturers are strengthening their model lineup in the South Korean market, industry sources said Friday, in a bid to attract consumers seeking cheaper options in the new year. Samsung Electronics Co. plans to release the 5.6-inch Galaxy A8 and the 6-inch Galaxy A8 Plus in January, which [...]
SEOUL, Nov. 15 (Korea Bizwire) – Despite the current economic slump and unstable political circumstances, foreign companies here were found to consider Korea as an important and attractive market. According to accounting firm Samil PwC, 57.8 percent of executives from 73 overseas businesses gave a positive response towards the Korean market from a global business [...]
SEOUL, March 4 (Korea Bizwire) – China’s Xiaomi is moving fast to team up with Korean retailers, inking distribution agreements for the Korean market. Xiaomi products are becoming more and more popular for their excellent value proposition, and it seems like the Chinese company is setting out to dominate the Korean market. Xiaomi created a craze [...]
SEOUL, Feb.3 (Korea Bizwire) – Those in the wine industry expect that the consumption of wine among Koreans will continue to rise. According to a report issued by VINEXPO and the International Wine and Spirits Research Center (IWSR), the consumption of wine among Koreans in 2019 will increase by 16.2 percent compared to 2015. This [...]
SEOUL, Jan.4 (Korea Bizwire) – Smartphones from China’s Huawei, exclusively sold in Korea by LG U+, are creating a craze after the launch of the company’s affordable Y6 model, with 10,000 devices sold in only 15 days. LG U+ announced that approximately 700 units of the Y6 are being sold every day, creating an unprecedented [...]