NewsPress Release
July 05, 2004
Daum establishes joint-venture company with PoweredCom
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- Daum Communications Corp. prepares for International expansion
- Daum establishes joint-venture company with PoweredCom, which has Japan’s biggest communications portal
- Daum enters the Japanese portal business through community service called “Cafesta”
- Stable revenue source through online advertising and transactional service
2. Summary of Transaction
On July 2, 2004, Daum Communications Corp. has decided to enter the Japanese Internet community portal business.
On July 2, Daum entered into agreement with PoweredCom (CEO Sam Nakane), which has Japan’s biggest communications portal, Cafesta (www.cafesta.com), to establish a joint-venture.
Daum will invest JPY 830 million (KRW 8.8 billion (FX as of July 2)) into the new JV called “TAON Corp.” and have ownership of 65%; PoweredCom will have 35% ownership.
Both parties will aggressively enter the Japanese portal market by providing community service with Daum providing contents and community service know-how and PoweredCom providing infrastructure system.
In addition, online advertising and transactional service will be the main and steady source of revenue.
As entered into agreement on July 2, 2004, both parties will be finalized on August 1, 2004 after legal process and will start providing services in September 2004.
Cafesta (www.cafesta.com), Japan’s biggest community site, has 1 million users 18 months after launching its service on July 2002.
Cafesta has 1.15 million registered users and 15,000 community sites as of May 2004. Other than community services, Cafesta provides services in avatar, mini-hompy, game, chatting.
- Daum establishes joint-venture company with PoweredCom, which has Japan’s biggest communications portal
- Daum enters the Japanese portal business through community service called “Cafesta”
- Stable revenue source through online advertising and transactional service
2. Summary of Transaction
On July 2, 2004, Daum Communications Corp. has decided to enter the Japanese Internet community portal business.
On July 2, Daum entered into agreement with PoweredCom (CEO Sam Nakane), which has Japan’s biggest communications portal, Cafesta (www.cafesta.com), to establish a joint-venture.
Daum will invest JPY 830 million (KRW 8.8 billion (FX as of July 2)) into the new JV called “TAON Corp.” and have ownership of 65%; PoweredCom will have 35% ownership.
Both parties will aggressively enter the Japanese portal market by providing community service with Daum providing contents and community service know-how and PoweredCom providing infrastructure system.
In addition, online advertising and transactional service will be the main and steady source of revenue.
As entered into agreement on July 2, 2004, both parties will be finalized on August 1, 2004 after legal process and will start providing services in September 2004.
Cafesta (www.cafesta.com), Japan’s biggest community site, has 1 million users 18 months after launching its service on July 2002.
Cafesta has 1.15 million registered users and 15,000 community sites as of May 2004. Other than community services, Cafesta provides services in avatar, mini-hompy, game, chatting.
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