ONE Store secures 10-million-dollar investment from Digital Turbine
Wednesday, February 14, 2024
- Global mobile growth leader Digital Turbine invests in ONE Store, acknowledging its potential for global expansion beyond the Korean market.
- Both companies will concentrate their collaborative efforts on advancing ONE Store's penetration into international markets and enhancing its app store business.
SEOUL, South Korea, Feb. 6, 2024 /PRNewswire/ -- Korean app market ONE Store (www.onestorecorp.com), a provider of mobile content including games, apps, and multimedia content, announced that it has secured an investment of ten million dollars from Digital Turbine (NASDAQ: APPS), the global leader in growth solutions for the mobile ecosystem, bringing Digital Turbine's innovative SingleTap® technology to over 40+ million ONE Store users in South Korea, and joining forces in bringing ONE Store's app marketplace to key markets overseas.
Digital Turbine is a global leader in mobile growth solutions. Its technology enables frictionless distribution of apps and content to mobile users around the world, delivering solutions for results for the world's leading telcos, advertisers, and publishers. DT's technology is installed on 800+ million devices worldwide through partnerships with over 40 mobile operators and device manufacturers in multiple markets.
Digital Turbine decided to invest in the growth potential and business synergies of Korea's leading app market, which plans to extend its reach into the global market.
As part of this strategic partnership, app developers distributing their apps through ONE Store's leading application marketplace will benefit from an optimized app install journey and best-in-class conversion rates, and both companies will leverage their unique combined capabilities to facilitate ONE Store's entry into international markets and expanding its app store business.
The two sides expect synergies in different markets around the world by combining ONE Store's expertise in distributing games and apps through the mobile app market and capabilities in running a platform, and Digital Turbine's on-device technology and suite of user acquisition and ad monetization solutions. The companies plan to grow the app market platform into a highly competitive alternative app store that unlocks new growth opportunities for more app and game developers across more devices worldwide.
The investment from Digital Turbine further validates ONE Store's potential, following a 15-million-dollar investment from Microsoft and Deutsche Telekom Capital Partners in 2021, and an investment of 20 billion Korean won from Krafton, a leading game developer in Korea, last October.
"Digital Turbine's investment offers a great opportunity for ONE Store to work with an outstanding partner in expanding into global markets," said Peter Chun, CEO of ONE Store. "We will go beyond being Korea's leading app market to grow into a global player."
"We're excited to partner with ONE Store, trailblazers in alternative app markets reaching tens of millions of users," said Bill Stone, CEO of Digital Turbine. "This partnership will bring DT's unique technology to tens of millions of users and hundreds of app developers in Korea. We look forward to building on our partnership with ONE Store in Korea into other parts of the world such as the EU with the pending implementation of the Digital Markets Act next month."
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SOURCE ONE Store
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