Expected to kick off as a 90-day endeavor, this novel channel will operate exclusively in the Korean language. Initially, it aims to furnish companies with a platform for live commerce and is allegedly scheduled to broadcast live shopping content from approximately 30 different brands. Citing undisclosed sources, Yonhap and other Korean media outlets disclosed this information, highlighting that this venture marks YouTube’s premiere official shopping channel within any country.
Image-: The Economic Times.
In a rather bewildering move, YouTube is set to unveil its inaugural shopping channel for live commerce in South Korea on June 30, as reported by the Yonhap news agency on Wednesday. The already thriving live-streaming commerce industry in South Korea, dominated by tech behemoth Naver, has designated the country as an ideal testing ground for the globally renowned heavyweight, as the Alphabet-owned corporation strives to embrace its newfound “shoppability.”
Expected to kick off as a 90-day endeavor, this novel channel will operate exclusively in the Korean language. Initially, it aims to furnish companies with a platform for live commerce and is allegedly scheduled to broadcast live shopping content from approximately 30 different brands. Citing undisclosed sources, Yonhap and other Korean media outlets disclosed this information, highlighting that this venture marks YouTube’s premiere official shopping channel within any country.
Given YouTube’s advertisement revenue hampered by reduced spending from advertisers and the intensifying rivalry from platforms such as TikTok, Philipp Schindler, Google’s Chief Business Officer, remarked in February on the ample potential of facilitating people’s purchasing experiences with the creators, brands, and content they ardently admire.
In response to this development, shares in Naver experienced a dip of 4% during Wednesday morning’s trading session, while retailer Lotte Shopping saw a decline of 3.3%, in stark contrast to the broader market’s modest 0.5% descent. Projections indicate that South Korea’s live commerce market is poised to burgeon to 10 trillion won ($7.7 billion) this year, a substantial increase from 2.8 trillion won in 2021. Currently, Naver commands approximately 60% of the market share, according to Kyobo Securities.
