[Edaily Reporter Kim Hyun-ah] As discussions regarding the sale of One Store, Korea’s only major homegrown app marketplace, gain momentum, the labor union has publicly voiced its opposition. The union argues that the company’s value must be fairly assessed, not merely as a means of recouping investment, but because it serves as a core infrastructure for the domestic mobile content ecosystem.

The One Store labor union issued a statement on the 8th, declaring, “We oppose the fire-sale of One Store, Korea’s leading app marketplace,” and added, “We cannot accept a sale being pushed forward without a fair valuation and transparent procedures.”

This statement follows a series of reports that #SK Square, the largest shareholder, is currently pursuing the sale of One Store, with blockchain company Nexthus being cited as a leading candidate for acquisition.

One Store is referred to as the “domestic alliance” in the Korean app market. It was launched in 2015 through the integration of KT’s Olleh Market, LG Uplus Store, and Naver App Store, building upon SK Telecom’s T Store. It is the result of a partnership between the three major telecom companies and Naver to establish an alternative platform in a market effectively dominated by Google Play and the Apple App Store.

In fact, One Store was the first in the industry to introduce a 20% commission policy, reducing the burden on developers, and has served as an alternative distribution channel for domestic game and content companies.

However, as the app distribution market has shifted toward global platforms, its growth has hit a ceiling. Last year, it recorded 113.3 billion won in revenue but posted an operating loss of 9.6 billion won.

In a statement released today, the union emphasized that One Store should not be viewed merely as a loss-making company.

The union argued, “The value of One Store lies in the alternative distribution network it has provided to developers, the freedom of choice it offers users, the payment and distribution infrastructure established with the three major telecom carriers, and the market trust accumulated as Korea’s leading app marketplace,” adding, “This is not a general asset that can be disposed of based solely on the financial judgment of a specific shareholder, but rather a platform asset built collectively by the domestic mobile content industry.”

In particular, the union raised concerns about the potential erosion of value surrounding the recently discussed sale price.

According to industry sources, while One Store was valued at around 1 trillion won when it pursued an initial public offering (IPO) in 2022, its valuation has dropped significantly following the withdrawal of its listing due to a combination of deteriorating market conditions and poor performance. Some speculate that a deal could be worth as little as several hundred billion won.

The union argued, “When evaluating One Store’s value, factors such as its status as an alternative app marketplace, its cooperative structure with the three major telecom companies, its network of developers, its payment and settlement infrastructure, and the sustainability of its business must all be taken into account.”

The union demanded that SK Square and One Store’s management: △disclose whether a sale is being pursued and the transaction structure; △explain the basis for the company’s valuation; △disclose the process for selecting acquisition candidates; △present measures to maintain the app store’s neutrality; and △develop measures to protect employee shareholders.

In particular, they expressed concern that the nature of One Store could change if a new owner emerges.

Nexth, currently being mentioned as a potential buyer, is a blockchain company founded by Jang Hyun-guk, the former CEO of Wemade. The industry believes that Nexth is considering utilizing One Store as a distribution platform for Web3 games and blockchain applications.

In response, the union emphasized, “One Store must be maintained as an independent and fair app market that is not subject to the interests of any specific operator,” adding, “A clear explanation is needed regarding the impact that a change in the operating entity will have on developer accessibility, user protection, and trust in payment and settlement processes.”

As One Store is a leading homegrown platform that was nurtured through the joint efforts of the government, the telecommunications industry, and internet companies to counter the monopoly of foreign platforms such as Google Play and the Apple App Store, controversy is expected to continue during the upcoming sale process not only regarding corporate value but also concerning the platform’s public interest and its role in the ecosystem.