[비즈한국] Turning on my phone on the morning subway, the Kakao035720Talk screen looks unfamiliar. Instead of the usual list of friends, an unrecognizable feed is displayed first. The office worker next to me also wears a dissatisfied expression. "Why did it change like this?", "It's so inconvenient, it's killing me." The conversation topic among colleagues has shifted from politics or sports to the KakaoTalk revamp. Changes to platforms that have become deeply embedded in our daily lives trigger immediate ripples in every corner of our existence.
At the 'if kakao' conference held on the 23rd, Kakao announced a revamp of KakaoTalk alongside its AI strategy. The 'Friends' tab has been changed to a feed-style UI, and the third tab has been transformed into a space for short-form content. It is an attempt to expand KakaoTalk from a simple messenger into an SNS and content platform.
Korea Investment & Securities projected that this revamp would contribute to earnings starting from the fourth quarter, as advertising inventory increases immediately. Kakao's revenue for this year is expected to reach 8.095 trillion KRW, a 2.8% increase from the previous year, with an operating profit of 656 billion KRW, up 42.5% year-on-year.
However, the problem is user reaction. Critics point out that exposing the daily lives of acquaintances, saved out of necessity, in a feed format could increase user fatigue. Jung Ho-yoon, a researcher at Korea Investment & Securities, warned, "From the perspective of earnings alone, it can be evaluated as a sufficiently positive change. However, since user fatigue could increase due to the continuous exposure of the daily lives of people they have little interest in, a response to this will also be necessary in the future."
Indeed, complaints such as "change it back to the original KakaoTalk" flooded online forums, and some even voiced intentions to switch to other messengers. The user backlash translated directly into market reaction. Following the announcement of the revamp and the subsequent user complaints, Kakao's stock price plummeted by more than 6% on the 26th. Kakao moved to handle the situation, stating, "We will reflect user feedback and make improvements." Ultimately, this experiment by Kakao is set to test the balance between monetization and user loyalty.
Around the same time, Naver is taking a different path. The core issue is the potential for Dunamu, which operates the virtual asset exchange Upbit, to be incorporated as an affiliate. If successful, it appears that expansion into a digital finance and asset platform—involving stablecoin issuance, blockchain payments, and virtual asset services—centered around Naver Financial will be possible.
The securities industry outlook is positive. Ahn Jae-min, a researcher at NH Investment & Securities, said, "If this event materializes, it will have a positive impact on Naver's corporate value. It is expected to improve Naver Financial's earnings, and since it becomes possible to expand into new businesses like a cryptocurrency exchange beyond payment services, and actively enter the stablecoin business, we expect an increase in the corporate value of not only Naver Financial but Naver as a whole."
Kim Hye-young, a researcher at Daol Investment & Securities, projected, "This cooperation is an event that could lead to a re-evaluation of Naver's valuation as its business sectors expand," adding, "The ripple effect will be greater if it becomes a subsidiary."
Both companies have growth narratives. Kakao possesses the asset of a powerful messenger network but faces the challenge of maintaining user loyalty. On the other hand, while Naver can secure a new pillar of growth in digital finance, government regulatory risks could hold it back.
Lee Hyo-jin, a researcher at Meritz Securities, evaluated, "It is not a favorable time for Kakao as the reaction to the first revamp in 15 years and the issue of the first-instance verdict for Chairman Kim Beom-soo on October 21 are intertwined," adding, "I maintain a relative preference for Naver."
Rather than simply comparing the strategies of the two companies, investors should evaluate each firm's risks and opportunities separately before deciding whether to include them in their portfolios. Above all, one must not forget that the success or failure of an investment in a platform company depends not on short-term events, but on how well they manage users and the regulatory environment.