Why is web innovation slowing down in Korea – TEDxSeoul
Chang Kim – blogger at Web 2.0 Asia and founder of Tatter Tools
Late 1990s were the haydays of the Korean internet because we had broadband infrastructure that was unrivaled anywhere else. Cyworld, Dialpad, digital goods and other web services and ideas emerged here long before they did in the west.
Korea, China, Japan are the big economies in the east. In regards to the economy their is not that much of a discrepency but in regards to landsize it is very small. If China was a watermelon, and Japan was a strawberry, then Korea would be a pea… actually half a pea.
There are 48 million people in a very small land area. This is bad… until you look at connectivity and broadband penetration. 94 percent broadband penetration in Korea.
Koreans are a homogenous group of people. Things / ideas spread very quickly because of this.
Tehran Valley is the equivalent of Silicon Valley in the US.
Cyworld preceded Facebook by 5 years.
Korea leads the worlds in many areas including how much time ppl spend online.
11 million went to gaming sites. 13 times/ month
Usage is here. But innovation seems to have stopped. Why?
Walled gardens. Portals have lots of traffic coming in but little being sent out. Also mono-culture for browsers… only uses Internet Explorer
Many types of phone plans in Korea but no unlimited data plan in Korea. Korean companies are not giving consumers what they want.
47% of all internet users in Korea illegally downloaded 55 movies per year.
Korean used to be innovators in internet web service but seems to be going backward now.
Mobile data usage is very low too because of the cost.
Entrepreneurs are here. But VCs need to support them.
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