Monday, January 08, 2018 12:23:22 PM
Mr. Chong was the lead architect at SK Telecom for the music streaming service Melon, which was later spun out from SK Telecom and re-named Loen Entertainment. Melon rapidly became Korean's market leading application for Loen Entertainment ("Loen"). Publicly listed Kakao Group (035720: Korea SE) later acquired 76.4% of Loen for $ 1.55 Billion.
After Mr. Chong's success with Melon, he developed the e-comm erce blockbuster service WeMakePrice ("WMP”), becoming South Korea's highest turnover e-commerce and advertising portal shortly after going live. Subsequently, he launched South Korea's social media platform Wonderpeople ("WP"), which after integrating into the e-commerce group portfolio, rapidly gained a user base greater than 10% of South Korea's entire population. WP funded its further growth via $ 85 Million in venture financing, led by online gaming industry leader Nexon Group (TYO:3659). It has since increased its user base to over 10 Million subscribers in South Korea - home to 51 Million citizens. After his departure at WP, Mr. Chonq created Kryptonite.
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