Overture Korea has signed an agreement to serve sponsored listings on top Korean search portal Naver, further extending Overture’s reach in the Korean market.
The agreement was made with NHN, the Korean Internet company that owns Naver, along with properties including Hangame, an online game portal; and Junior Naver, a children’s portal.
Though Overture will serve listings only on Naver at present, the relationship with NHN has great growth potential. NHN is making investments in China and Japan, and aims to become Asia’s online game center.
Naver will now provide both CPM advertising and Overture’s CPC-based Precision Match. Among Naver’s keyword ads, the current “Question Guide” will be replaced by Overture’s “Sponsored Link” listings.
Overture has made no secret of its plans for international expansion, as it seeks to one-up Google in the still-developing paid search market abroad. The company officially opened the doors of its South Korean office last year.
Overture has deals with Daum Communications, MSN Korea, HanaroDream, Dreamwiz and Nate in South Korea. The company has focused a great deal of attention on the country because of a swiftly growing Internet user population.
To set up operations in South Korea, Overture established a wholly owned subsidiary, Overture Korea CH, based in Seoul. It employs over 40 people. Functions handled by the office include marketing, sales, customer support and editorial duties. It is this subsidiary that’s involved in the NHN deal.
Strength in the Asia/Pacific entertainment and media market is expected to drive a global 6.3 percent compound annual growth rate in the global entertainment and media (E&M) industry, according to PricewaterhouseCoopers annual “Global Entertainment and Media Outlook: 2004-2008” forecast.
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