20060201

SK Telecom - the year of the milking cow

I must confess financial data tend to bore me. SK Telecom's figures for 2005 look nice enough, even after retracting SK Teletech's sale*.
Considering the competitive circumstances, keeping a 50.9% market share and adding 750,000 subs inspires respect. The success of Wireless Internet (26.6% of all cellular service revenue) should be tampered by the vastness of the definition of "wireless internet", but no one can contest the achievements of MelOn and Mobile Cyworld, or the ingeniosity of the MNO's data plans.
2005 was yet another exciting year for them (even when followed from this not so exciting blog), but also a year of restructuration with spectacular changes in management and a significant marketing rationalization (the marketing expense to sales revenue ratio went down from 17.2% to 19.2%).
2006 should be less juicy from a financial point of view : SKT must invest in HSDPA, face the competition of DMB-T and Wibro at home, and push abroad... but the year could prove much more exciting from a strategical point of view, especially in the contents / partnerships arenas and in the US**.


* see "Hardware behind, hard work ahead" (20050504)



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