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SK Telecom launches new subscription platform

SK Telecom President of Mobile Network Operations Ryu Young-sang speaks during an online press event held to introduce the company's new subscription platform T Universe, Wednesday. (Yonhap)
SK Telecom President of Mobile Network Operations Ryu Young-sang speaks during an online press event held to introduce the company's new subscription platform T Universe, Wednesday. (Yonhap)

SK Telecom launched a new subscription-based e-commerce platform T Universe on Wednesday, aiming to attract 36 million subscribers out of the country’s total population of 51 million by 2025.

In a press conference held Wednesday, the South Korean telecommunications firm said it has set a target of logging annual transactions worth 8 trillion won ($6.85 billion) by 2025.

“T Universe aims to create a new universe of subscription services that benefits both customers and business partners,” SK Telecom CEO Park Jung-ho said.

“By launching the subscription business that goes beyond the realm of telecommunications, we will suggest a brand new subscription lifestyle for our customers.”

The current partners of T Universe include e-commerce giant Amazon, South Korean discount chain operator E-Mart, international coffee brand Starbucks and local bakery chain Paris Baguette.

Going forward, it will expand the scope of products and services offered on the platform in collaboration with both offline stores and online service providers in different industries, the executive said.

According to SK Telecom, the local subscription market is expected to reach 100 trillion won by 2025, and the global market 3,000 trillion won.

In collaboration with Amazon, SK Telecom will introduce Universe Pass, which combines subscription products centered around the Amazon Global Store. Slated to open Tuesday next week, Amazon Global Store will allow customers here to purchase tens of millions of Amazon US products on 11st. SK Telecom said it will offer a six-day delivery service for over 160,000 products on Amazon.

T Universe will also provide digital services such as Google One and Xbox Game Pass, along with other subscription services in several other categories, such as ride-hailing, flowers, pet products, insurance and education services.

SK Telecom also noted the company is in talks with some 100 companies to increase the number of subscription services on the platform.

Meanwhile, SK Telecom said it will operate around 1,000 offline stores where customers can experience subscription services provided on T Universe.

The company added it plans to train 1,000 consultants to specialize in the platform’s subscription products.

SK Telecom added that the company will improve its subscription service platform through analyzing customer data by using artificial intelligence.


By Shim Woo-hyun (ws@heraldcorp.com)
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