Google Hit with Heavy Fine "Providing 11.9 Trillion KRW in Benefits to Korean Consumers"

[Asia Economy Reporter Bu Aeri] Google announced on the 15th that the business benefits it provides to Korean consumers amount to 11.9 trillion KRW annually.

Google Korea held an online event called 'Google for Korea' on the same day and disclosed this information.

The consumer surplus benefits enjoyed by Korean consumers through Google Play amount to 5.1 trillion KRW, benefits through Google Search total 4.2 trillion KRW, and benefits from productivity tools such as Google Drive, Photos, and Docs reach 2.5 trillion KRW.

Google also explained that the business benefits provided to Korean companies are estimated at 10.5 trillion KRW annually. Google has calculated that the number of jobs created through Search, Ads, and AdSense reaches 54,000.

Hiroshi Lockheimer, Senior Vice President of Google Platform & Ecosystem, introduced collaboration cases utilizing 5G technology with domestic telecom companies such as SK Telecom and LG Uplus during the event. He further explained, "Korean app and game developers are connected to 2 billion users in 190 countries through Google Play and Android, generating approximately 3.5 trillion KRW in revenue in both domestic and international markets."

Google also revealed the impact of its major services, including YouTube, on the Korean economy. Susan Wojcicki, CEO of YouTube, stated, "The YouTube creator ecosystem has contributed more than 1.5 trillion KRW to Korea's Gross Domestic Product (GDP) and supported over 86,000 jobs."

According to global economic analysis firm Oxford Economics, as of the end of last year, there are 5,500 Korean channels with over 100,000 subscribers, and the number of Korean channels generating more than 10 million KRW annually through YouTube increased by 30% compared to the previous year.

Kim Kyunghoon, President of Google Korea, said, "Google for Korea will continue, and we will create greater achievements in more diverse areas. We will do our best to help more Korean startups, partners, and creators grow and enter the global market, and based on this, positively contribute to the Korean economy and local communities."

Meanwhile, the Korea Fair Trade Commission issued a corrective order and imposed a fine of 207.4 billion KRW on Google the day before, related to abuse of market dominance and unfair trade practices such as forcing smartphone manufacturers to preinstall its operating system (OS), Android. Google has announced plans to appeal this decision.

This content was produced with the assistance of AI translation services.