April 26, 2024

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[THE INVESTOR] Naver, the parent firm of mobile messenger LINE, has promised to put weight on nurturing small business partners and content creators, to become a platform for them to tap into global markets by deploying its own high-end technologies -- such as artificial intelligence.

“Naver’s goal to transform itself into a ‘tech platform’ will lead to the easy use of advanced technologies by advertisers, small businesses and content creators,” Han Sung-sook, who was appointed as the new chief of Naver earlier this month, at a press conference on Nov. 22 in Seoul, adding the company would spare no efforts to make investments in new technologies and partners.

Naver’s incoming CEO Hahn Seong-sook (left) and her predecessor Kim Sang-hun.

Through the “Project Flower,” campaign, launched in April this year, the internet firm has supported individual entrepreneurs and small businesses to better market their products and services on Naver’s web portal.

Artificial intelligence chat service AMICA, translation service PAPAGO and 3-D indoor map service solution M1 are part of the services that are embraced in this project.

As part of its efforts to nurture entrepreneurs, Naver also announced that it would invest 500 billion won (US$425 million) over the next five years in the content segment and concerning technologies. Of the investment, the web portal operator will pour 100 billion won in nurturing small businesses and bringing digital content made by local creators to global markets.

The incoming CEO also hinted that the internet giant would deploy AI solutions to offer tailored news content based on the interests of individual users.

For non-Korean users, the company will try to combine the PAPAGO translation service with content available on its web portal.

Naver made a successful dual stock market debut of its subsidiary LINE in Tokyo and New York in July this year. Its new services, selfie app SNOW and live broadcasting app V Live, have received positive market response as they surpassed 80 million and 25 million downloads, respectively.

By Kim Young-won (wone0102@heraldcorp.com)