SK Telecom Co. has unveiled “T Universe”, a subscription-based platform linked to its various partners, ranging from online shopping malls to restaurants and video streaming services, to take advantage of the expected subscription economy. 100,000 billion won ($ 85.7 billion) by 2025..
The largest wireless phone company shared its vision with T Universe at an online conference Wednesday with the goal of gaining 36 million subscribers and reaching 8 trillion won annual gross value of goods. by 2025.
A subscription service is a type of business that offers products and services periodically, rather than one-off individual sales. The global subscription market is expected to reach 3 trillion won and the Korean market to 100,000 billion won by 2025, according to SK Telecom.
SK Telecom shares were trading down 0.34% to 295,000 won on Wednesday at 1:40 pm Seoul.
SK Telecom has stated that T Universe will offer subsection services in partnership with various service providers. Its current partners range from global e-commerce giant Amazon and big box chain store Emart to coffee and bakery brands like Starbucks and Paris Baguette. T Universe also covers digital services, such as the Wavve video streaming platform and T Map transport app, as well as pet care, insurance and education services.
SK Telecom is currently in talks with around 100 companies for a greater range of services.
The company will also offer a Universe Pass subscription package, which bundles products through 11Street, its own online shopping platform, and Amazon. The Universe Pass subscriber will be offered various benefits, including free delivery of Amazon products via 11Street and 3,000 11Street membership points.
Starting next Tuesday, Korean customers will be able to purchase Amazon products through 11Street, according to SK Telecom. Amazon Global Store will offer a four- to six-day delivery service for more than 160,000 products frequently purchased by Korean customers.
The telecommunications company said it would operate 1,000 offline stores for specialty subscription services across the country and train more than 1,000 subscription service consultants.
The company has over 50 million monthly active users, combining its wireless service users and subscribers to 11Street and other subsidiary units. It has sold some 20 million subscription services per year over the past 30 years and has operated 3,300 offline sales networks.
By Cho Jeehyun
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