SAN FRANCISCO, Aug. 1, 2012 /PRNewswire/ -- Tapjoy, Inc. (www.tapjoy.com), a mobile advertising and publishing platform, today announced that it has entered into a memorandum of understanding (MOU) with SK Planet, an affiliate of SK Telecom, South Korea's largest telecommunications company, establishing a strategic alliance that will bring both companies further success in a rapidly growing mobile advertising market.
As part of the alliance, Tapjoy expects to expand its global footprint through SK Planet's T Store, one of Korea's leading open-market app store, which has more than 15 million subscribers and 300,000 content offerings.
The MOU also allows Korean developers to reach a broader user base overseas, thanks to Tapjoy's global presence. As mobile ad spending is predicted to be $20.6 billion in 20151, the Tapjoy platform will serve as an effective marketing tool and a major stepping stone for developers interested in building app awareness and additional revenue streams. The two companies will also execute joint marketing promotions as part of their app development program. Select T Store apps will be given marketing funds via Tapjoy's platform to increase their chances of global success and increased revenue performance.
"We are excited to be the first global advertising platform to collaborate with T Store," stated Tapjoy CEO, Mihir Shah. "We expect that Tapjoy's partnership with SK Planet will enhance the consumer experience through an increased variety of offerings and provide developers with more opportunities."
The announcement today follows Tapjoy's introduction earlier this year of its new Tapjoy Asia Fund, a $5 million investment, designed to encourage and support the innovation and development of mobile applications for the Android and iOS platforms for the Asia-Pacific market. As part of this MOU, a portion of the Asia Fund will be made available for T-Store developers.
"Now that more than 50 percent of the Korean population use smartphones, the mobile experience has changed, with content being shared across devices and country borders," said John M. Park, vice president of SK Planet T Store. "We look forward to growing our consumer base on an even more global scale through this partnership."
Tapjoy is a mobile advertising and monetization platform whose mobile value exchange model allows users to select personalized advertisements with which to engage for virtual rewards or premium content. Tapjoy helps unlock mobile joy by empowering users on more than 600 million devices to watch videos, subscribe to services, install applications and participate in other types of advertisements in exchange for virtual rewards they can use in their favorite apps. Tapjoy's turnkey in-app advertising platform helps developers to cost-effectively acquire high-value new users and monetize their applications, while its powerful advertising marketplace lets brand advertisers reach a global mobile audience spanning more than 10,000 applications. Tapjoy is backed by top-tier investors, including J.P. Morgan Asset Management, Rho Ventures, North Bridge Venture Partners, InterWest Partners and D.E. Shaw Ventures. Headquartered in San Francisco, the company also has offices in New York, Los Angeles, Chicago, Santa Barbara, Atlanta, Paris, Dusseldorf, London, Beijing, Seoul and Tokyo. For more information, please visit www.tapjoy.com.
About SK Planet
SK Planet, an affiliate of SK Telecom, is a Korean platform service company and was launched on October 1, 2011 with the aspiration to become a global platform innovator. As a key player of SK Telecom's future growth, the company was spun off with industry-leading platform businesses including T Store, T map, Melon, and Cyworld - Korea's biggest mobile app store, mobile navigation, online music service and social networking service, respectively. The company is also a pioneer in new media with services like hoppin, Korea's first multi-screen premium video service, and continues to build momentum in its online commerce leadership with 11th Street. SK Planet is developing a wide scope of global partnerships such as TMK, a media joint venture with Disney. Through collaborations like these, SK Planet is committed to building a global platform business in Asia and other strategic markets. For more information, please visit www.skplanet.co.kr.
© 2012 Tapjoy, Inc. All Rights Reserved. Tapjoy and the Tapjoy logo are trademarks or registered trademarks of Tapjoy, Inc., and all other trademarks and logos are the property of their respective owners.
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SOURCE Tapjoy, Inc.