Why LivingSocial Is Buying Into South Korea: The Market Leader Over There Is Growing Faster Than Groupon

south korea snow

Photo: ap

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.

More On How To Beat Groupon: Our Interview With Bom Kim → 

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