February 29, 2000 in Social Responsibility News

SAMSUNG Electronics and Yahoo! Form Strategic Alliance

SEOUL, Korea #February 29, 2000 #Samsung Electronics and Yahoo!, the world# largest Internet media company, concluded a comprehensive e-commerce agreement that includes the collaboration of the two parties in Internet-related businesses that target customers within and outside Korea.

On February 29, Samsung Electronics vice chairman and CEO Jong-Yong Yun and Yahoo! co-founder and chief Jerry Yang exchanged a memorandum of understanding concerning the cooperation of marketing and e-commerce related activities in Korea and abroad. According to the agreement, both companies will pursue an integrated global marketing plan, where they will focus on #nternet solution products#that wed Samsung# hardware technology with Yahoo!# software technology.

Initially, the two companies will be involved in an on-line shopping mall, events, cyber community operation, and market surveys. Samsung Electronics will operate its shopping mall site on the Yahoo! Korea site, selling products, and promoting events via cyber space.
In addition, Samsung and Yahoo! plan to jointly develop #nternet solution products#with the capability to directly access Yahoo! portal sites. These products will include the existing Samsung Web Phone and Internet Mobile Phone. Samsung will be responsible for the required hardware, while Yahoo! will find ways to offer the Internet solution.

This alliance with Yahoo! will give Samsung a head start in the market for #nternet solution products# which is expected to be worth some US$10 billion in 2003. Samsung aims to grab a 30% share of this market by 2003.

Thus, the company plans to convert its basic business structure, which is centered on the manufacturing of semiconductors, information and communications hardware, and digital products, and emerge as a digital leader through business-to-customer (B2C) e-commerce efforts.

Samsung Electronics currently operates a domestic cyber shopping mall in Korea (www.goSamsung.co.kr) and aims to sell 600 billion won worth of products on line this year. The company also operates the Glonets Internet procurement system and a semiconductor shopping mall (www.e/voice.samsungsemi.com) for sales of non-memory devices.

The strategic alliance will allow Samsung Electronics to recruit new customers from the tens of million users that access the Yahoo! site. Yahoo!, meanwhile, will gain valuable contents to put on its web site.

The recent global boom in Internet use is causing the volume of e-commerce to explode, and manufacturers and Internet operators can join hands in a mutually beneficial arrangement. Therefore, many more strategic alliances like the one between Samsung Electronics and Yahoo! are expected to occur in the near future.

About Samsung Electronics
Samsung Electronics Co., Ltd., with 1999 sales revenue of US$22.8 billion is a world leader in the electronics industry. The Korea-based concern has operations in about 50 countries with 54,000 employees worldwide. The company consists of three main business units: Digital Media System, Semiconductor and Information & Communications Businesses. For more information, please visit our website, http://www.samsungelectronics.com

About Yahoo!
Yahoo! Korea is a life-style company that provides a place where harmony is realized between commerce, such as media, shopping and auction, and communications, such as electronic mail and messenger. Yahoo! Korea is the number 1 Internet media in Korea, connecting users to the necessities of life through 50 some services, such as news, broadcasts, auction, shopping and electronic mail.

Yahoo! Inc. is a global Internet communications, commerce and media company that offers a comprehensive branded network of services to 120 million users each month worldwide. As the first online navigational guide to the Web, www.yahoo.com is the leading guide in terms of traffic, advertising, household and business user reach, and is one of the most recognized brands associated with the Internet. The company also provides online business services designed to enhance Yahoo!'s clients' Web services, including audio and video streaming, store hosting and management, and Web site tools and services. The company's global Web network includes 21 World properties. Yahoo! has offices in Europe, the Asia Pacific, Latin America, Canada and the United States, and is headquartered in Santa Clara, Calif.


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