Cyworld was one of the first social networks to profit from virtual sales and despite a steady drop in users it still remains the leading social network in South Korea.
On October 26, Cyworld which is owned by leading telecommunications company SK telecom, announced the opening of ‘Global Cyworld’ in an effort to crack the international market for the second time around. The site which launched in 1999 is based around a user’s ‘mini hompy’, short for mini homepage. Users can upload photos, text and various other multimedia to their pages which can be customized by purchasing skins and background music from the Cyworld store. In 2006 it was reported that 80% of Cyworlds revenue was from online sales.
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