South Korea’s biggest portal site, Naver, recently decided to shut down its microblogging service Me2day in June of 2014, saying it will focus on strengthening its core competitiveness against big foreign rivals.
In some respects, it has humbly admitted defeat, unable to compete with U.S. social media giants like Facebook and Twitter, which have gradually expanded their clout in Korea. Facebook revealed in July that it has about 11 million monthly active users in South Korea, 6.8 million of whom access Facebook at least once a day. According to The Hankyoreh, the number of Twitter users in the country was estimated at 7.21 million as of August.
As global titans advanced onto Korean soil, major domestic social media sites went on the defensive, closing down their services. For instance, SK Communications’ C-Log, KTH’s Pudding.to and I’m IN, and Daum’s yozm all terminated their services.
Experts said the first-mover advantage is one of the main reasons domestic SNS companies struggle against global IT firms.
For full article, see Korea Herald.