YouTube to launch its first official shopping channel in South Korea
- 21, June , 2023
Newstoday: Youtube has recently announced to start of their official shopping channel in South Korea for live commerce on June 30. South Korea already has a big commerce business which was led by their tech giant Naver and is now booming with more shoppable for a global heavyweight.The new channel will launch in Korea and will be a 90-day endeavour. According to Yonhap and other Korean media, it would first give a live-commerce platform to corporations and aims to livestream shopping content from roughly 30 brands.
According to Yonhap, it is YouTube's first official retail channel in any country. Naver shares sank 4% on Wednesday morning, while retailer Lotte Shopping (023530.KS) slumped 3.3%, compared to a 0.5% loss in the broader market (.KS11). According to Kyobo Securities, South Korea's live commerce industry is expected to rise to 10 trillion won ($7.7 billion) this year from 2.8 trillion won in 2021, with Naver now accounting for over 60% of the market.