Chinese mobile Internet products and services provider Sungy Mobile Limited has signed a cooperation agreement with South Korean entertainment celebrity Teddy Hoon-Tack Jung in Seoul, aiming to establish a joint venture named GO Launcher Korea Company Ltd in South Korea.
Sungy Mobile and Jung will jointly invest in GO Launcher Korea and Jung will be the chief executive officer of the new JV. Jung is currently the chairman and largest shareholder of iHQ Inc., a leading entertainment company in South Korea. This company provides personalized management services for public entertainers and artists in various fields of entertainment, such as films, music, animations, broadcasting and variety show programs.
The newly-established joint venture will be primarily engaged in solidifying GO Launcher's market leading position and strengthening its monetization opportunities in South Korea. It will allow Sungy Mobile to indirectly leverage iHQ's rich entertainment resources and extensive experience with marketing and promotional campaigns, further enhancing GO Launcher products' competitiveness by promoting launcher themes and associated merchandise.
Zhang Xiangdong, president of Sungy Mobile said that the cooperation marks an important step in their international expansion. Through this strategic JV, they not only secure a formidable partner in the Android-dominated Korean market, but also significantly enhance their marketing efforts with win-win results for both parties. Their partnership will utilize their synergies to provide mutual leverage and support for expanding and enhancing GO Launcher's Korean market presence, and strengthening their foundation for future monetization.
Sungy Mobile Limited is a leading provider of mobile Internet products and services with a focus on applications and mobile platform development. Its platform product GO Launcher EX manages apps, widgets and functions on Android smartphones and serves as users' first entry point to their phones.
Financial terms of the joint venture were not disclosed.