Social networking & mobile communications enjoying rise of mobile messaging marketUpdated: 2014-03-10 22:11:05 (KST)
Companies in the social networking and mobile communications sector are enjoying the benefits of a robust and growing mobile messaging market, as they gear up for a battle that will determine who will become the top brand for more than a billion smartphone users worldwide.
In Korea, search engine Naver is number one, thanks to its mobile messaging app Line.
Line's annual sales last year stood at 427 million U.S. dollars, a 690 percent increase from a year earlier.
The messaging application has grown to more than 370 million subscribers since its creation in 2011.
Naver's market value in Korea is 27-billion dollars, the fifth largest in the country, and there's only a small gap between it and fourth place SK Hynix and third place Hyundai Mobis.
Naver saw its stock value skyrocket after it split from NHN last August.
That landed the company in sixth place, allowing it to overtake KIA motors in December.
And just last month, it beat POSCO to take fifth place.
In the global mobile messaging market, Facebook is also back on track since topping its sales target in the third quarter of last year.
Its recent acquisition of fast-growing messaging start-up WhatsApp has also helped it maintain its momentum.
Social media giant Twitter is also going strong.
Its initial public offering was priced at 26 dollars in November last year, but now its share price has nearly doubled to roughly 54 dollars.
China's biggest internet company, Tencent, which operates Weibo, the Chinese version of Twitter, has 600 million registered users and a share price of nearly 80 U.S. dollars.
Sohn Jung-in, Arirang News.