South Korean app store One Store has successfully secured an investment of ₩20 billion ($14.8 million) from PUBG creator Krafton.
This funding will be used to push an overseas expansion of the alternate app store, with One Store’s vision being to curb the influence of big tech companies like Apple and Google in the West.
A combined effort
SK Telecom, KT, LG Uplus and Naver’s app markets were combined into one back in 2016, marking the start of One Store. Seven years on, SK Square is the largest shareholder with a 46.4% stake, while founding members Naver, KT and LG Uplus hold 24.4%, 2.9% and 0.7% respectively.
As of a 2021 investment round, Microsoft and DTCP hold stakes too, at 1.2% and 0.6%.
Part of the new 2023 investment’s purpose is to gain a broader understanding of overseas gaming, one Krafton source said. “We highly evaluate One Store’s potential as it prepares for overseas expansion.”
There are also plans to make another attempt at an initial public offering after a withdrawal last year.
One Store’s ambitions have come another step closer not only with the latest investment, but also through the changing legal requirements that recently forced Apple to open iOS devices up to third-party app stores. With Apple taking such a large cut from mobile developers’ revenues, many devs are sure to welcome the One Store as the latest alternative.
Some developers have been taking matters into their own hands already, selling in-game items on their websites to dodge Apple’s 30% tax on in-app purchases. Niantic is among them, selling discounted items for use in its new hit Monster Hunter Now, incentivising players to buy at cheaper prices on the site while making Niantic more money at the same time.
With legal requirements varying by region, when miHoYo tried to do the same, Apple quickly put a stop to it. Twice over, in fact.
