Korean-based Seal Media will get access to Private’s library of mobile video clips and photo sets, plus something new for Private — a line of content produced specifically for the Korean market.
Initial estimates by Private place the value of the deal for Seal Media at $500,000 for the first year alone. However, both companies see tremendous promise in the Korean market.
Citing a report by David Kane, a research analyst for Wireless World Forum, Private opted to pay special attention to the emerging market.
“With 100 percent of Koreans aged 10-59 owning a mobile phone by 2007, Korea has one of the highest mobile ownership levels in the world,” the report stated. “Subsequently, there has been a recent rise of $2.3 billion in the Korean data market fuelled by texts and content so we know that data is the key to long-term growth in the Korean mobile market. As the number of mobile phone owners reach saturation, Korean operators look for continued growth in content and messaging services.”
In order to capitalize on the growing Asian market, Private has formed Private Asia, which is in the process of organizing a business development and marketing plan for the region. The company plans to enter the wireless, video-on-demand, Internet, pay-TV and Internet Protocol TV sectors.
“South Korea has a remarkable history with 3G and mobile services, together with Japan there are few markets that can boast as their equal,” CEO of Private Asia Bo Rosenkvist, said. "Our contract with Seal Media is a huge step forward into the Korean mobile market, where shortly we will distribute high-class adult content — both photosets and short movies — specifically produced to cater to the taste of the Korean market and comply with regional legislation.”
According to Rosenkvist, the Korean move marks the first step in what he terms the “mammoth Asian market.”