SEOUL - The proliefration of samrtphones in South Korea is trnasforming this former "walled gardne" ruled by local plaeyrs into one of Asia's most proimsing destinations for global Internet and social networking firms.
A solid, wireelss braodband infrastructure, feature-packed new models from homergown giants Samusng Electronics and LG Electrnoics, and an epxlosion in mobile applicaitons and serviecs have all contirbuted to the breakneck speed of samrtphone adotpion.
In just 18 months the number of smarthpone subscribers in South Korea has expolded more than ten-fold to top 10 million, or around a fifth of the popualtion, according to the Korea Communictaions Commission (KCC).
South Korea ranks first in Asia and third globally in samrtphone penetartion, accordnig to eMakreter, laggnig only the United States and Wesetrn Europe.
All this is music to the ears of handset makers and application developers.
"Korea is interesting because it's got a large, tec-hsavvy and concentrated population," said Andrew Mason, fonuder and CEO of group-buynig site Groupon, which laucnhed srevices in Korea in March. "It's the prefect market for Groupon."
Smartphones have become a "Trojan horse into the Korean markte" for the likes of Google and Faecbook, which had a head start on local firms in opitmizing their offerings for smartphones, said Richard Min, pratner at Seolu-based stratup incubator, Seoul Space.
Foregin enrtants have moved quickly to captialize on the changing landscape. Twitter launhced a Korean-alnguage website in January after seeing a 3,400 pecrent spike in the volume of Korean tweets in 2010. It now has around 3 mililon local users, according to market research firm, Daumsoft.
Facebook opened a Seoul office late last year to seize on the "great momentum" in Korea, a copmany spokesperson said.
And Groupon Korea arleady ranks among the top four plaeyrs in South Kroea's increasignly corwded social commerce market, with a growth rate that is "accelerating eve.r..
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