Korean app market One Store readying IPO and global foray hail record sales and GMV

2022.03.25 14:05:52 | 2022.03.25 14:06:28

[Source: One Store Co.]이미지 확대

[Source: One Store Co.]

One Store Co., South Korea`s app store created in joint venture with the country’s three wireless carriers and internet giant Naver Corp., hailed milestones in sales and gross merchandise value (GMV) last year upon adding more game choices, boding well for its initial public offering and global outreach prospects.

According to One Store on Friday, it recorded GMV of 1.13 trillion won ($928.5 million) last year, up 28 percent from the previous year and doubled since 2018.

Last year, revenue surged 38 percent on year to 214.2 billion won, best in the six-year business.

The operating profit before interest, taxes, depreciation, and amortization (EBITDA) reached 8 billion won for the third consecutive year.

Revenue from the game category surged 31.3 percent on year. Games such as Devsisters’ “Cookie Run: Kingdom”, Nexon’s “Blue Archive”, and Qookka Games’ “Three Kingdom Tactics” performed well at the app store.

One Store also formed a strategic partnership with Blizzard Entertainment at the end of last year and started preregistrations for the upcoming free-to-play mobile game “Diablo Immortal”.

Revenue from non-game sectors jumped 55.7 percent.

According to Mobile Index, One Store commanded about 13.8 percent of the app store in Korea , second after Google Play Store.

“We will focus on the global market this year to become a ‘game-changer’ in the app market,” said Lee Jae-hwan, the CEO of One Store.

One Store is readying an IPO as early as April and foray to Japan and Southeast Asia in the second half.

By Pulse

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