Interpark changes name, aims to draw 50M inbound tourists

Industry

Published: 20 Jun. 2023, 18:03 Updated: 20 Jun. 2023, 18:38

Interpark changes name, aims to draw 50M inbound tourists

Kim Jong-yoon, CEO of Yanolja Cloud, speaks during a press conference on the future vision of InterparkTriple, Interpark's rebranded name following its merger with Triple, on Tuesday at the Fairmont Ambassador Seoul in Yeouido, western Seoul. [INTERPARKTRIPLE]

Interpark, an e-commerce company, changed its name to "InterparkTriple," and reoriented its business focus towards inbound tourism sales.

The concert and travel ticket provider, which was acquired by a travel startup named Yanolja in 2021, set an ambitious goal of attracting 50 million tourists annually to Korea by 2028.

To attain this goal, it plans to incorporate its K-content products into package tours as well as to leverage big data and machine learning tools like ChatGPT, the company said Tuesday.

The rebranded name combines Interpark and the artificial intelligence (AI)-driven travel planning platform, Triple, following their merger in 2022. Yet Interpark and Triple will maintain their individual platforms, while users can still have access to each other's services from each platform.

"Despite Japan's 'Lost Decades', the country has made a breakthrough by attracting 30 million inbound tourists,” said Lee Su-jin, the founder and CEO of Yanolja, during a press conference on Tuesday. “Interpark and Triple plan to capitalize on their strengths and continue developing and expanding K-package tours to contribute to the realization of an era with 50 million inbound tourists.”

Kim Jong-yoon, CEO of Yanolja Cloud, emphasized that Korea is highly regarded as a desirable travel destination due to K-content, K-pop and K-food.

“However," Kim added, "until now, Korea lacked products that fully harnessed its potential as a tourism powerhouse and limited distribution channels hindered its global reach, which made the goal of attracting 50 million inbound tourists seem unrealistic.”

Kim noted that InterparkTriple is building a network with over 20,000 travel agencies worldwide, which could enhance understanding and promote Korean travel as an appealing choice.

InterparkTriple plans to introduce package tour products that include a wide range of Korea's entertainment content, including concerts, exhibitions and sports, that are sold by Interpark. By offering products that showcase the unique characteristics and attractions of each country, the company aims to attract diverse inbound tourists from regions beyond Asia.

Collaboration with key entities such as the Korea Airports Corporation and local governments is also on the agenda for InterparkTriple. This collaboration will involve the development of customized packages for different regions, connecting international airports in Yangyang, Muan, Cheongju, and other areas to boost local tourism.

Additionally, InterparkTriple will make use of Triple's AI-powered travel itinerary assistant service and link with machine learning tools like ChatGPT to overcome language and culture barriers. The company aims to simplify the trip planning process for travelers without the need for extensive independent research.

"We plan to offer its services in multiple languages, including English and Japanese," a spokesperson for InterparkTriple added.

The company has been actively strengthening its brand identity as a comprehensive travel platform.

In late 2021, Korean travel startup Yanolja acquired a 70 percent stake in Interpark for 301.1 billion won ($234.86 million). The merger received approval from the Fair Trade Commission in March 2023, finalizing the corporate merger process.

In March 2022, Interpark divested its Interpark Commerce division, which includes shopping and book-selling businesses, by selling them to Singapore's Qoo10. In June of the same year, Interpark further expanded its portfolio by acquiring Triple.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]