LivingSocial just announced it bought TicketMonster, a daily deals site in Korea.The market is crazy over there.
One person in the space is Bom Kim, co-founder and CEO of Coupang, which he says is the biggest in daily deals in Korea.
He says Coupang is now on a yearly $300 million run-rate in gross merchandise sales. The company launched just a year ago, and was doing $10 million gross/month in April.
That means it’s growing even faster than Groupon was when it was called the fastest-growing company ever. (Like everyone else in the space, though, Coupang isn’t profitable because they’re spending like crazy on marketing.)
Kim also says TicketMaster doesn’t have a chance because he knows the market so much better. (Of course, that’s what he would say.)
In any case, that definitely sounds like a market worth buying into.