Published : Jan. 8, 2014 - 19:51
SK Planet, a wholly owned subsidiary of SK Telecom, could seek to merge two mobile messengers it has invested in, industry sources said.
The two instant messengers are Tic Toc and Frankly, and their services could be integrated into “one” single platform when one of them achieves success overseas, they noted.
SK Planet and the founders of Tic Toc invested in San Francisco-based Frankly, which provides messenger services similar to Snapchat.
Frankly’s messages also disappear immediately after users send them, similar to pictures sent on Snapchat’s communication platform. SK Planet acquired Madsmart’s Tic Toc created by KAIST graduates in 2012.
Tic Toc had sought to expand in North America after SK Planet’s takeover, but did not bear any fruit.
The SK subsidiary then invested in Frankly as an alternative that could focus on U.S. expansion by inviting a local business expert as the chief executive, while Tic Toc would zero in on Europe, a source noted.
Steve Chung, who graduated from Harvard and Stanford, now heads Frankly.
“Frankly was not SK Planet’s alternative to Tic Toc. The company invested in Frankly as the mobile messenger was suitable for the world’s largest tech market, while having Tic Toc eye Europe,” SK Planet’s spokesperson said.
SK Telecom has given SK Planet three years since it was spun off in 2011 as a mobile platform from the telecom giant to build its business and gain financial independence, sources said.
SK Planet announced its plans last year to invest over $500 million in tech start-ups in the U.S.’ Silicon Valley over the next three years.
SK Planet said that although the two mobile messengers operate under the same roof, they provide different services and features targeting different consumers. Tic Toc started offering its services in Turkey in November, while Frankly’s messenger was launched in the U.S. and Korea in September, the spokesperson added.
By Park Hyong-ki (hkp@heraldcorp.com)