Last year, Kakao’s overseas sales exceeded 1 trillion won for the first time. Kakao, which acquired SM Entertainment, is expected to accelerate its global expansion.
According to Kakao’s business report on the 28th, out of last year’s sales of 7,106.8 billion, the amount generated abroad was 1,398.6 billion won, up 121% from 632.4 billion won the previous year. Last year was the first time overseas sales exceeded 1 trillion won. It accounts for about 20% of total sales.
Kakao Games’ representative game ‘Odin’ has entered Taiwan, and Kakao Piccoma, a subsidiary of a global comic and webtoon platform, is also doing well in Japan. Kakao Piccoma’s sales last year were 531.2 billion won. In addition, overseas sales increased as sales of tapas, a webtoon company acquired by Kakao, were reflected.
Kakao is expected to actively advance into overseas markets by utilizing the recently acquired SM.
Kakao CEO Hong Eun-taek said at the regular shareholders’ meeting that day, regarding the acquisition of SM, “Based on SM’s global intellectual property rights (IP) and production system, Kakao and Kakao Entertainment’s information technology (IT) and business capabilities of the IP value chain, we will develop music IP’s Beyond expansion, we plan to create new synergies through the combination of IT and IP.” He added, “After completing the acquisition quickly and smoothly, we will materialize business cooperation between Kakao, Kakao Enter, and SM and share it with investors.”
Bae Jae-hyeon, CEO of Kakao Investment, who led the acquisition of SM, was newly appointed as an inside director after approval at the shareholders’ meeting on the same day. It is expected to play a pivotal role in the Kakao decision-making process in the future.
Reporter Jinkyung Lee [email protected]
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