One Store vows to crack Apple, Google-led app market with localization

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 demands in each country, the company’s chief said on Wednesday.

“We will offer services specifically tailored for local demands, 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.

To make 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 promotion under local brands' 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.

The company is currently developing an iOS-supported app store to launch it in the EU next year since Apple has changed its policy to allow third-party app stores to be 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.

Besides 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 “Rocket League Sideswipe” and “Fall Guys” mobile version to One Store.

He welcomed One Store’s global expedition, which is expected to enable Android users around the world to experience new ways to enjoy mobile apps.

One Store is Korea native app marketplace launched in 2016 through the integration of the country’s top three mobile carriers’ app stores and Naver Corp.'s app market.

SK Square Co. holds the biggest stake of 46.5%, followed by Naver, KT Corp., LG Uplus Corp., Microsoft Corp. and Krafton Inc.

It also raised $10 million from Nasdaq-listed Digital Turbine in February. 

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%.

It attempted to go public in 2022 but the plan was called off due to lukewarm demand from institutional investors.

The company will resume its initial public offering process in the next two to three years, which will hinge on the result 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.