April 23, 2024

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[THE INVESTOR] South Korean internet giant Naver is on track to completing its envisioned transformation into a “technology platform” that brings cutting-edge technologies such as artificial intelligence, voice recognition and autonomous driving to everyday services, its new CEO said on March 28.

Since first announcing its new direction last November, the country’s biggest web portal operator has made progress in rolling out diverse new tech-infused services, Naver CEO Han Seong-sook said in her first press conference since officially assuming her post on March 17.

 

Naver CEO Han Seong-sook speaks at a press conference in Seoul, March 28. Naver.

“We’ve already launched our AI-powered translation app Papago and web browser Whale, and are preparing to soon introduce a conversational search engine called Naver i, new autonomous driving technologies as well as a new AI-based voice assistant speaker,” said Han.

“I believe Naver has managed to start translating the new technologies it has been developing into new, tangible user services. It’s at a point where the new tech has been brought to a level that can be showcased to users,” she added.

Despite making progress, Naver has multiple challenges and tasks ahead, Han said, whether it is bringing in more talented engineers to fuel its tech development or securing enough capital for investment so that it can keep up with bigger global rivals such as Google and Facebook.

“It’s going to be tough battle. We always view ourselves as standing in a tight position in challenging times,” Han added.

Securing competitive media content is another major priority for Naver. The firm has pledged to invest more than 500 billion won ($425 million) into the local content and technology sector over the next five years.

As part of this push, Naver recently announced plans to invest 100 billion won into K-pop agency YG Entertainment and its affiliates, according to Han. 

“Merging useful technology with good content creates a new muscle for a platform company. We hope to work more closely with YG, an excellent content provider,” Han explained.

The Naver chief also announced on March 28 that it will newly form a 60 billion won fund to boost the growth of small businesses and local creators as part of its ongoing Project Flower.

Around 35 billion won will go toward funding a new social venture program led by Naver’s social foundation Happy Bean. The remaining 25 billion won will be used to support small local businesses that earn less than 100 million won per year, according to the company.

By Sohn Ji-young/The Korea Herald (jys@heraldcorp.com)