[CEONEWS=Journalist Park Soo-nam] Naver stands at a pivotal moment in its history. No longer just a search portal, it is striving to become a global tech company powered by AI, cloud computing, big data, and the metaverse. However, the international market operates under entirely different growth dynamics. While Naver has established itself as the dominant platform in South Korea, whether its name will carry the same influence on the global stage remains uncertain.
For such a transformation, leadership is crucial. At the center of Naver’s ongoing evolution is CEO Choi Soo-yeon, a leader with an unconventional background in law. She is not a conventional IT expert. Having studied Environmental Systems Engineering at Seoul National University, she later pursued a law degree at Yonsei University Law School and further honed her expertise at Harvard Law School. She is one of the few executives who possess a unique combination of legal acumen, technological insight, and business strategy—an essential trifecta for navigating today’s complex digital economy.
Her journey with Naver began in 2005, not as a legal advisor but in the marketing and branding division. It was an unusual path for someone with an engineering background, but it was more than just a career detour. She gained firsthand experience in how organizations function and how corporations grow and evolve. She later joined Yulchon LLC, where she specialized in corporate mergers and acquisitions (M&A) and capital markets law, equipping herself with the strategic and legal foresight necessary to steer a global enterprise.
Naver has never lacked technological prowess. The real challenge lies in its ability to meticulously navigate legal risks and establish a robust global network. Before rejoining Naver, Choi worked closely with multiple global tech companies, gaining deep insights into the intricacies of international business. In the global market, success is not solely determined by product excellence. Companies that dominate internationally do so by meticulously crafting legal strategies, adapting to data protection regulations, and aligning with industrial policies in diverse jurisdictions. To become a true global company, Naver needs a strategic mindset that extends beyond technology, and Choi Soo-yeon understands this better than anyone.
However, corporate growth is not just about an upward trajectory on a financial chart. It is about changing the DNA of an organization and redefining its identity. Recognizing this, Choi’s first priority was cultural transformation. For years, Naver operated with a highly hierarchical decision-making structure, leading to slower execution and a lack of agility. But such an approach does not work in global markets. She introduced agile methodologies, enabling faster decision-making and promoting a culture that tolerates failure. Without the ability to embrace failure, innovation becomes impossible—something she understood better than most.
Under her leadership, Naver has continued to grow. In 2018, the company’s revenue surpassed 5 trillion KRW ($3.8 billion) for the first time, and by 2024, it is projected to exceed 10 trillion KRW ($7.6 billion). In 2023 alone, its search platform revenue increased by 11.0%, commerce by 12.0%, fintech by 13.0%, content by 6.4%, and cloud services by 17.0%. Over the past decade, Naver has invested 16 trillion KRW ($12 billion) in R&D, allocating over 25% of its revenue to developing future-focused technologies. Naver Webtoon now boasts over 100 million monthly active users globally, solidifying its role as a major force in digital content. Meanwhile, Naver Cloud has rapidly expanded in Japan and Southeast Asia, achieving a 25% year-on-year revenue increase in 2023.
Yet, growth alone is not enough—direction matters. Despite its impressive financial performance, Naver's revenue structure remains heavily reliant on advertising and search services. On the global stage, its search engine has a market share of less than 0.01%, compared to Google’s over 90% dominance. If Naver fails to innovate beyond its traditional search model, competing in this space will remain an uphill battle.
Another critical issue is brand recognition. While Naver Webtoon and LINE have seen moderate success overseas, the core Naver brand remains largely unfamiliar to global audiences. Even in AI, where Naver has made significant investments, it struggles to match the visibility of Google’s Bard or OpenAI’s ChatGPT. For Naver to succeed internationally, it must build a compelling brand narrative, ensuring that it is recognized not just as a Korean tech company, but as a global digital powerhouse.
However, the most formidable challenge to Naver’s global ambitions is regulatory compliance. The company must navigate Europe’s GDPR (General Data Protection Regulation), the U.S. and EU’s Digital Markets Act (DMA), and various antitrust laws worldwide. In recent years, major tech giants have faced regulatory roadblocks, and without proactive legal strategies, Naver could face similar setbacks.
Despite these challenges, Naver is making bold moves. Under Choi Soo-yeon’s leadership, the company has unveiled its “Global Strategy 2025”, which aims to:
- Increase overseas revenue to 25% of total earnings
- Establish 10+ new regional offices in Japan, Southeast Asia, North America, and Europe
- Expand global partnerships by over 50%
Whether these goals will materialize remains uncertain. However, what is undeniable is that Naver is moving with a clear strategic vision.
Looking ahead, what will Naver look like a decade from now? Will it emerge as a dominant force in AI and cloud computing, or will it instead solidify its place as a global content leader? Or, alternatively, will its ambitions stagnate, forcing it to retreat back to its domestic stronghold? One thing is clear: Naver is taking a different path from its past, and at the heart of this transformation is Choi Soo-yeon.
Corporate evolution is never-ending. For Naver, its greatest challenge—and opportunity—begins now.
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