[비즈한국] Kakao has launched a pilot version of "Kakao Membership," its first integrated paid subscription product that bundles core services together. The move is designed to lock users into the KakaoTalk ecosystem and secure new growth drivers ahead of the company's planned corporate split early next year. With Naver already established as a leader in the subscription economy with a robust membership ecosystem, attention is focused on whether latecomer Kakao can successfully open the wallets of consumers.
On the 1st, Kakao launched a pilot of "Kakao Membership," its first integrated paid service. Starting at 10 a.m. that day, the company began accepting registrations on a first-come, first-served basis for a small group of users to stabilize the service.
Benefits for early subscribers have also been prepared. New subscribers receive a one-time gift of 6,000 won worth of Melon Cash and 4,900 won worth of domestic stocks. The stocks are provided randomly from a selection of options that support fractional trading, while users under 19 receive a 5,000 won Olive Young discount coupon instead of stocks.
The monthly fee is 4,900 won, the same as Naver Plus Membership. Previously, Kakao sold Talk Cloud storage capacity by volume and operated Emoticon Plus as a separate monthly subscription service for 3,900 won. Kakao Membership bundles these two services as an optional benefit, allowing users to choose between either Emoticon Plus or 130GB of Talk Cloud storage each month.
However, there are restrictions for existing users. If a user is already subscribed to Emoticon Plus, they cannot select it as their membership benefit. The same applies to those who are already using 130GB or more of Talk Cloud.
Shopping benefits include earning 0.5% to 5% in shopping points based on the purchase amount. Other financial and insurance benefits are included, such as 2,000 cash for KakaoPage, discounted Melon subscriptions, cashback on KakaoPay Securities stock trading fees, and protection for smartphone screen damage through KakaoPay Insurance.
This marks the first time Kakao has bundled its various affiliate services into a single paid product. While Kakao has expanded its business into commerce, content, and finance based on KakaoTalk, subscriptions and benefits for each service had been operated separately until now. The membership is interpreted as an effort to increase the use of Kakao services by combining them into one package.
Notably, Kakao is preparing for a spin-off into KakaoAI and KakaoX in January next year. KakaoAI is set to launch as an operating company that combines AI with advertising and commerce, centered around KakaoTalk. While a sales target of over 6 trillion won by 2030 has been set for KakaoAI, market skepticism regarding the profitability of the business and the ability to secure new growth drivers remains high.
Market Leader Naver Recorded 235.7 Billion Won in Membership Revenue Last Year
Competitor Naver has already grown its paid membership into one of its key commerce strategies. Since launching Naver Plus Membership in 2020, it has expanded its benefits from shopping rewards to include content, delivery, and offline partnerships. Last year, Naver Plus Membership revenue reached 235.7 billion won, a 20.7% increase from the previous year.
Naver allows users to choose one of the following each month: Netflix Ad-supported Standard, Spotify Premium Basic, PC Game Pass, or 49 Webtoon/Series cookies. Separately, it also provides 80GB of MYBOX and 10 cookies. Up to three family members can be invited for free, and university students are offered up to three months of free service.
Naver has also recently been focusing on linking its membership to delivery competitiveness. Starting this month, the company is operating return centers for members and expanding early-morning delivery benefits. During the Q2 earnings call, Naver CEO Choi Soo-yeon emphasized the virtuous cycle of their membership ecosystem, stating, "Strengthening existing delivery benefits has led directly to an increase in purchase frequency and transaction volume from membership customers."
Benefits Are Broad, But... Can They Provide a Reason to Sign Up?
According to the KT Economics & Management Research Institute, the domestic subscription economy market grew by 54.8% from approximately 26 trillion won in 2016 to 40 trillion won in 2020, and it is estimated to have reached 100 trillion won last year. While Kakao has expanded the scope of benefits by bundling major services into one membership, it faces the challenge of securing subscribers as a latecomer in a market where various subscription services are already well-established.
Unlike Naver, which has expanded its benefits to include external content and delivery centered around shopping rewards, Kakao has focused on bundling its own internal services. Because it is limited to combining existing Kakao services into a single product, analysts suggest the attractiveness of the currently revealed benefits may be somewhat lacking to draw in new subscribers.
In response, a Kakao official stated, "Kakao Membership is significant not just for bundling various benefits, but for enabling users to enjoy an organic benefit experience within a single membership," adding, "We plan to continuously provide benefits that can only be experienced through Kakao Membership in the future."