LG Advertising forges first ever JV with broadband ad sales network

LG Advertising, the largest publicly-listed advertising firm in Korea, has forged a joint venture with AdSociety, a pan-Asian broadband advertising, marketing and sales network. The new company, AdSociety Korea, is the first such broadband operation in the country, which is said to be the world's largest broadband market. The JV is seen as a major step forward for both companies because it is estimated that Korea will achieve a broadband subscriber base of 3.4 million by the end of this year, representing a penetration rate of 30 per cent of all households. It is predicted that this figure will almost double to 6.2 million by the end of next year. The joint venture, majority owned by AdSociety, is expected to aggressively compete for the booming online advertising revenue in Korea, which is tipped to exceed USdollars 150 million in 2000. The partnership also allows LG Advertising's clients in Korea to reach AdSociety's regional network of online audiences. In return, AdSociety will gain access to LG Advertising's clientele. This is the first joint venture for LG Advertising, which was established almost 40 years ago. "Broadband has come of age in Korea and is becoming a popular means of accessing and doing business on the Internet across the country," said Mr In Ho Lee, president of LG Advertising. He added: "Our initiative will certainly encourage and drive greater acceptance and growth of broadband and online advertising in Korea." AdSociety founder and chief executive officer Patrick Jonathan Wong said, "We will leverage each other's strengths and experience to facilitate the development and growth of the entire broadband and online advertising industry in Asia's largest broadband market."

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