One Store

About One Store

ONE Store operates South Korea's second-largest mobile app marketplace, positioning itself as a key alternative to the dominant global app stores. The company was established in 2016 through the consolidation of the separate app stores of South Korea's three major telecom companies (SK Telecom, KT, and LG Uplus) and Naver's App Store. This strategic integration created a unified platform for distributing a wide array of digital content, including games, applications, and multimedia. SK Square remains the largest shareholder.

The company generates revenue primarily through a commission-based model on transactions within its marketplace. A significant part of ONE Store's strategy has been to offer a more favorable commission rate to developers compared to its main competitors. The standard fee is 20%, a notable reduction from the 30% typically charged by Google and Apple. Furthermore, for developers who utilize their own payment systems, the commission is lowered to just 5%, creating a win-win scenario that can lead to increased developer margins and potentially lower prices for consumers. This approach has proven successful, contributing to 13 consecutive quarters of transaction volume growth by 2021.

Under the leadership of CEO Peter Chun, a seasoned executive with a background that includes roles at Blizzard Entertainment Korea and NCSOFT, ONE Store is pursuing an aggressive global expansion. This expansion is built on a "hyper-localization" strategy, which involves forming partnerships with local companies to launch services tailored to specific regions. For instance, the company partnered with Taiwanese game publisher Happytuk to launch a joint app store called 'Enjoystore'. Following a recent acquisition of its international subsidiary by Digital Turbine, ONE Store is accelerating its entry into markets in Europe, North America, and Latin America, and is also developing capabilities for iOS devices to comply with new regulations like the EU's Digital Markets Act.