Korean SNS Strikes Back
2011.05.26
Visionaries :
- Su-Man Park [Director, me2day Center, NHN ]
- Dong-Hyung Lee [CEO, Nowprofile / Co-founder & former CEO, Cyworld]
Symposiarch :
- Jin-Ho Hur [Founder & CEO, Raker Online Corp. / Ex-chairman, Korea Internet Corporations Association]
“It just doesn't fit with Korean attitudes and cultural norms,” people liked to say about Facebook's chance in Korea.
However, Facebook overcame the long odds and is now one of the top 10 sites in Korea by unique visitors (as of the end of March, 2011, according to Rankey.com).
Meanwhile, the once so popular and dominant Korean SNS powerhouses, such as ILoveSchool and Cyworld, have now all but gone with the wind.
Where are they now and how are they handling all the outside competitive pressures?
The Korean IT sector may be trying to console itself over Facebook's rise with such comforting thoughts as, “the Web2.0 existed in Korea from the Internet's earliest stages," or "we were the world's first pioneers and spreaders of SNS," or, "we were the creators of business models - such as selling online items - that never existed before”.
This is only the self-pity of the defeated.
What did we lack and why did we lose the battle?
The time has finally come to scrutinize through serious self-reflection how we can again act as the pathfinders of the SNS world.