One Store Co., South Korea’s homegrown app marketplace, will take on Apple Inc. and Google LLC in the global app market by offering tailored services that cater to local demand in each country, the company’s chief said on Wednesday.
“We will offer services specifically tailored to local demand, a move that will differentiate us from Apple and Google operating app stores under a unified policy regardless of country,” One Store Chief Executive Jeon Dong-jin said during a press conference.
Under the so-called hyperlocalization approach, One Store will share its technology and know-how about app market operation to develop localized services for different regions or countries.
For fast inroads into foreign markets with localized services, the Korean app store operator has decided to join hands with local partners in each country.
It will offer the platform and content, while its partner company will provide local payment tools and marketing promotions under local brand names, the company explained.
The first overseas market it has tapped with a country-specific service is Taiwan, in which it has joined hands with Happytuk Co., the country’s No. 1 game publisher operating game-focused portal Mangtot5 with more than 4 million members, to launch a localized app marketplace.
Since the beginning of its beta service in June, the new app store has attracted more than 200 game apps, including “Candy Crush Saga” and “CookieRun: Tower of Adventures,” while its downloads have topped 20,000, said One Store.
iOS-BACKED ONE STORE FOR THE EU
After Taiwan, One Store plans to enter the US later this year and the EU and Japan next year through partnerships with local household names.
Jeon said the company is already in talks with major mobile carriers in the US and Europe to forge partnerships, raising expectations that One Store’s app marketplace could be pre-installed in smartphones sold in each market.
One Store CEO Jeon Dong-jin introduces the company's global expansion plan on Aug. 28, 2024 (Courtesy of One Store) The company is currently developing an iOS-supported app store to launch in the EU next year since Apple has changed its policy to allow third-party app stores on iOS in the region following the bloc’s Digital Markets Act (DMA) coming into force in March.
The change is poised to break the Apple App Store’s dominance as the sole distributor of iPhone apps.
One Store has already won the status of Apple’s “alternative app marketplace,” Jeon said.
Outside of Europe, it will introduce localized app stores in other countries via Android-based Google Play for a while, the company said.
GLOBAL GAME DEVELOPERS THROW SUPPORT
One Store pins high hopes on global game companies in its global push.
Epic Games has agreed to make its global hit game “Fortnite” available on One Store.
Nate Nanzer, a vice president and the head of Global Partnerships at Epic Games, said at the press conference that Epic Games is looking forward to adding the mobile versions of “Rocket League Sideswipe” and “Fall Guys” to One Store.
He welcomed One Store’s global expedition, which is expected to provide Android users around the world with new ways to enjoy mobile apps.
One Store offers apps, games and various content on the Android operating system in Korea. It boasts monthly active users of 15 million and cumulative downloads of over 800 million. Its annual gross merchandise value grows at 17.3%.
The company will resume its initial public offering process in the next two to three years, which will hinge on the results of its global expansion, said Jeon.
“We have been ready for an IPO since 2022,” said Jeon. “We will become the most powerful app market in the world by 2030.”
Write to Seung-Woo Lee at leeswoo@hankyung.com Sookyung Seo edited this article.
