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IHQ in spotlight as business partner of Disney+

Disney+ is set to launch its over-the-top service here in the second half of this year. / Courtesy of Disney+By Kim Jae-heunLocal entertainment firm IHQ's TV lineup is drawing attention as the company has been selected as a business partner of Disney+, a U.S. over-the-top (OTT) player that's set start service here in the second half of this year.IHQ's third-largest stockholder, A&E Television Networks Korea, is affiliated with Disney. IHQ is expected to compensate for Disney+'s weakness, which is a lack of variety in genres. Disney's most popular programming includes animated Disney films and Marvel superhero movies. It also owns Pixar, 20th Century Studios and National Geographic ― producers of a great deal of family-oriented content.IHQ is reportedly planning to produce six TV series. They will either be available on the Disney+ platform or start filming in the second half of this year. The entertainment firm is home to 10 well-known drama writers such as Kim Do-woo of “My Name Is Kim Sam-soon,” Kim Kyu-wan of “Blade Man” and Park Min-jung of “Ugly

Feb 13, 2021By Kim Jae-heun
IHQ in spotlight as business partner of Disney+
Tech & Science

LG joins largest US kitchen/bathroom exhibition

LG's virtual exhibition space for its Signature Kitchen Suite is available for visitors to the Kitchen & Bath Industry Show from Feb. 9 to 12. / Courtesy of LG ElectronicsBy Kim Jae-heunLG Group affiliates, including LG Electronics and LG Hausys, are introducing a number of new products at the Kitchen & Bath Industry Show (KBIS) 2021 that is being held online from Tuesday to Friday.KBIS is the U.S.' largest exhibition for home appliances in kitchens and bathrooms. The exhibition is hosted by the National Kitchen and Bath Association (NKBA). Each year it attracts kitchen designers, architects and interior designers from around the world. But it is being held online this year for the first time due to the COVID-19 pandemic. The LG affiliates are featuring two virtual exhibition spaces on the website for a month. One is the Signature Kitchen Suite, where visitors can experience LG's premium built-in kitchens. Another is LG Studio displaying home appliance products. There are 22 different types of products on exhibition at the Signature Kitchen Suite, including a 36-inch gas rang

Feb 9, 2021By Kim Jae-heun
LG joins largest US kitchen/bathroom exhibition
Companies

Local travel agencies falling into bankruptcy

Incheon International Airport is seen empty last year after the number of travelers nosedived due to the COVID-19 pandemic. / Korea times fileBy Kim Jae-heunLocal travel businesses are continuing to suffer as the COVID-19 pandemic enters its second year ― eight out of 10 travel agencies earned less than 50 million won ($44,718) last year.According to a report from the Ministry of Culture, Sports and Tourism given to Democratic Party of Korea Rep. Lim O-kyeong, travel agencies here are estimated to have lost 7.4 trillion won in 2020. Due to travel bans adopted around the world, the number of tourists visiting Korea nosedived by 80 percent from 29 million in 2019, naturally leading to a sharp decrease in spending by international travelers here.Hanatour, the country's top travel agency, is on the edge of bankruptcy. Before the pandemic struck, the travel agency had forecast sales of 857.7 billion won last year with an operating profit of 34 billion won. However, struck hard by COVID-19, it ended up with a loss of 114.7 billion won as revenue declined by 82 percent to 110 billion won. C

Feb 9, 2021By Kim Jae-heun
Local travel agencies falling into bankruptcy
Tech & Science

Naver eyes acquisition of Vimosoft

Naver founder Lee Hae-jin speaks during a conference at the company's headquarters in Bundang, Gyeonggi Province, in Oct. 2020. / Korea times fileBy Kim Jae-heunInformation technology (IT) giant Naver is considering investing in local software firm Vimosoft, best-known for developing a video-editing application called VLLO.According to an industry source, Naver is in the early stage of talks to acquire a major stake in the software developer, which is displaying huge growth potential both domestically and in overseas markets. “Naver had recently proposed a meeting with Vimosoft. Although it was officially a light meeting for cooperation, Naver has opened the possibility of investment and the chance is high that it will be successful,” the source said. Details of the proposed stake acquisition remain unclear, while Naver denied prospects of such a deal. “We are not aware of the rumors and no such thing is taking place as far as I know,” a Naver official said. Vimosoft, founded in 2015 by Lee Kyung-hyun who is also its current head, reported less than 200 millio

Feb 8, 2021By Kim Jae-heun
Naver eyes acquisition of Vimosoft
Companies

Game firms nervous over government's profit sharing system

Kim Hoon, who is in charge of the development of the PURPLE platform at NCSOFT, explains the details of the firm's new PC-mobile interconnected game platform during a news conference at the company's R&D center in Seongnam, Gyeonggi Province, in this 2019 file photo. / Courtesy of NCSOFTBy Kim Jae-heunLocal game companies are anxious over the government's proposed measure for firms to share their profits with those that have been hit hard by the COVID-19 pandemic.The plan was put forward by the ruling Democratic Party of Korea (DPK), which wants profitable IT firms, platform operators and game developers, among others including conglomerates, to aid small business owners. “We are feeling pressure from lawmakers' remarks proposing the profit sharing system during our public disclosure season. We voluntarily helped internet cafe owners last year, and the public image that game companies have taken all the benefits of the pandemic has become a burden to us,” a game industry source said. Top game firms NCSOFT, Nexon and Netmarble are the three main targets in the IT leisu

Feb 7, 2021By Kim Jae-heun
Game firms nervous over government's profit sharing system
Companies

Powered by sales in China, LG H&H beats AmorePacific in cosmetics sector

From left, AmorePacific Group Chairman Suh Kyung-bae and LG Household & Health Care CEO Cha Suk-yong / Korea times fileBy Kim Jae-heunFor a long time, AmorePacific Group has kept its No.1 position in the local cosmetics industry. However, it ceded the top spot to LG Household and Health Care (LG H&H) after failing to diversify its business portfolio and respond to the new trend of retail digitization.According to AmorePacific Group's regulatory filing on Wednesday, its sales last year stood at 7.93 trillion won, down 21.5 percent year-on-year. Its operating profit nosedived by 69.8 percent to 143 billion won.The group's main cosmetic business subsidiary AmorePacific also saw 20.6 percent and 66.6 percent drops in year-on-year sales and profit, respectively, in 2020.AmorePacific's earnings were impacted by the COVID-19 pandemic that struck the duty free business and offline cosmetic shops. Its main revenue source was also heavily focused on beauty products, which resulted in a failure to disperse business risks. Meanwhile, LG H&H put up a good defense by diversifying its m

Feb 4, 2021By Kim Jae-heun
Powered by sales in China, LG H&H beats AmorePacific in cosmetics sector
Companies

Yogiyo, eBay struggling to find new owners

Scooters for delivering orders placed on Yogiyo, the No. 1 food delivery service, are parked in front of its office in Seoul last June. / YonhapBy Kim Jae-heunYogiyo, operated by Delivery Hero, and eBay Korea have drawn attention since they were put up for sale early this year. They have the second largest shares of their markets and acquiring these two brands could instantly elevate buyers to the top rank or at least in a position to pose a threat to the No. 1 player in the market.However, there seem to be no potential buyers jumping at the chance to acquire either. Their ambiguous positions in the market is the biggest reason. No one can be certain how much longer Yogiyo will manage to retain its No. 2 position as No. 3 player Coupang Eats is in hot pursuit. Yogiyo accounts for a 19-percent market share and Coupang Eats 5 percent. There is still a gap, but not in the posh Gangnam district of southern Seoul where demand for Coupang Eats' service has reportedly surpassed that of market leader Baedal Minjok (Baemin) operated by Woowa Brothers. Many feel it is only a matter of time bef

Feb 4, 2021By Kim Jae-heun
Yogiyo, eBay struggling to find new owners
Tech & Science

Big Hit invests in Naver, YG

Big Hit Entertainment's corporate image / Courtesy of Big Hit Entertainment By Kim Jae-heunBig Hit Entertainment has officially confirmed its stock trading deal with local IT giant Naver and investment in YG PLUS, YG Entertainment's advertising subsidiary. Unlike its show business management business which has already reached its peak, the partnership deal with Naver and YG PLUS is expected to improve Big Hit's platform business and help lower its reliance on superstar boy band BTS.According to the talent agency's regulatory filing, Monday, sales coming from its platform business showed steep growth. It reached 72.4 billion won in the first half of last year, which is close to 73.2 billion won in revenue for all of 2018, from hosting online concerts and fan meetings as well as selling goods related to BTS. Its growth is expected to have picked up speed in the second half of last year as local security firms estimate Big Hit to have profited 120 billion won from its

Jan 30, 2021By Kim Jae-heun
Big Hit invests in Naver, YG
Companies

E-Mart-Naver alliance to bring changes to e-commerce market

Shinsegae Group Vice Chairman Chung Yong-jin / Korea Times fileBy Kim Jae-heunShinsegae Group Vice Chairman Chung Yong-jin made a surprise visit to Naver's headquarters in Seongnam, Gyeonggi Province, to meet Lee Hae-jin, the Internet portal operator's founder and global investment officer (GIO), Thursday. The two were joined by the E-Mart CEO Kang Heui-seok and Naver CEO Han Seong-sook, to discuss possible business partnerships in online shopping. E-Mart is a subsidiary of Shinsegae Group.No specific deal has been confirmed, but a Shinsegae Group official said they discussed areas of common interest where they can create synergy in the retail and e-commerce businesses. Another industry source said Naver will establish a strategic partnership with Shinsegae Group or swap stocks with the retail giant to seek cooperation as it did with CJ Logistics last October. Cooperation between the retail and IT giants is likely to bring about an upheaval in the e-commerce market here by helping Naver consolidate its No.1 position and increase E-Mart's share of the local online market. Korea's onli

Jan 29, 2021By Kim Jae-heun
E-Mart-Naver alliance to bring changes to e-commerce market
Companies

Hyundai Department Store to test future business model

Exterior of soon-to-be-opened The Hyundai Seoul on Yeouido / Courtesy of Hyundai Department StoreBy Kim Jae-heunHyundai Department Store is opening a new shopping mall on Yeouido, Seoul, next month ― testing the concept for its future retail business.The new building, called “The Hyundai Seoul,” stands eight stories tall and extends another seven levels underground. The flagship store has a floor space of 89,100 square meters and it is the biggest department store in the capital area. Hyundai Department Store said the new facility is different from others in that it offers not only shopping pleasure but also cultural spaces and places for relaxation. The whole building is decorated with both futuristic and nature-friendly concepts. It built a 12-meter-tall artificial waterfall on the first floor and an indoor botanical garden on the fifth floor to help people recharge. Robots are also available for shoppers to get directions to their destinations and people can check their body temperature with the machines. “Based on our 50 years of capacity in the retail business

Jan 29, 2021By Kim Jae-heun
Hyundai Department Store to test future business model
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