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The South Korean telecom market, excluding traditional pay-TV, generated $28.9bn in service revenue in 2008. The financial crisis that started in the third quarter of 2008 will effectively decrease the size of South Korea’s telecom market by almost $10bn, from $33.0bn in 2007 to just $23.2bn in 2009. While this may seem devastating, the numbers are misleading as the loss is almost entirely contributable to the wild fluctuations in exchange rates. In local currency terms, service revenue has remained relatively flat between 2007 and 2009.
Going forward, we expect the market to begin to recover beginning in 2010. Overall, we expect the market to grow at a CAGR of 4.9% in the next five years. Services that are included in most double-play and triple-play bundles, such as VoIP and IPTV, are going to be the fastest-growing segments in this market. For example, VoIP subscribers increased eight-fold from just 0.3m subscribers in 2006 to 2.5m in 2008 due to the enactment of VoIP number portability, which took effect in March 2008. We expect the trend to continue throughout the forecast period.
Executive Summary
Market and Competitor Overview
South Korea in a Regional Context
Economic, Demographic and Political Context
Regulatory Environment
Demand Profile
Service Evolution
Competitive Landscape
Major Market Players
Segment Analysis
Mobile Services
Fixed Services
Pay-TV
Convergence
Identifying Opportunities
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Publication Date: August 2009
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