KT lays out vision to grow into global media content distribution group

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KT lays out vision to grow into global media content distribution group

Marking the launch of the second term of its Chairman and Chief Executive Officer Lee Suk-chae, KT presented this morning its aim of doubling its sales revenue to 40 trillion won ($35.6 billion) in three years.

To that end, the nation’s leading mobile and fixed-line operator came up with two key future management strategies: fostering and distributing quality media content globally, and reforming its management system by converging mobile and land-line business divisions.

“We have been confident about our technologies but not really confident about the information and content,” said Lee in a press conference at Olleh Square at the company headquarters in Gwanghwamun, central Seoul. “From now on, however, KT will spearhead the move to freely circulate virtual goods.”

Virtual goods refer to the content and applications. Several of KT’s up-and-coming venture affiliates will facilitate creation and distribution of them, Lee said.

Lee was appointed at the shareholders meeting last Friday. This is the first time that KT CEO has had his term extended ever since the firm was privatized in 2001. Lee will lead the firm through 2015.

Earlier this month KT executives announced emergency management measures amid rapidly shrinking revenue from its land-line business, vowing to give back part of their pay if they fail to meet their goals. But Lee explained at the press conference that the measures are meant to prepare for the costs set aside for the hefty investments planned for this year. He said the scale of investments for its long-term evolution technologies and other software is seen to grow 20 percent this year compared with last.

by Seo Ji-eun [spring@joongang.co.kr]

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