About 250 employees at Yahoo! Korea branch will have to pack their belongings before the New Year eve including taking home their Gangnam Style music attires and stuffs. According to a blog post posted on Yahoo! corporate site, the Silicon Valley-based company is quitting the South Korea market and return to America. In term of Internet and mobile phone usages, South Korea is considered as one of the most advanced nations in the Far East and also has the fastest broadband access in the world.
Yahoo! opened its office in South Korea in 1997, after 15 years, it is about time to call it quit before the New Year 2013. Yahoo! Korea is fighting hard and facing an incredible challenge from a couple of local search engines such as Naver and Daum. While Yahoo! was the pioneer of search engine which started in the mid of 1990s, Yahoo! have continued to lose market share in America and worldwide. Yahoo! signed a 10-year global deal with Microsoft in July 2009 and has been using Bing to power its Internet properties. However, Bing remained at a stable level and still unable to compete with Google to gain search market share.
Yahoo! has a new management under a new CEO and former Google executive Marissa Mayer. Mayer has started to clean up the house before taking a leave due to family reason. The company will downsize and will let go a bunch of unproductive employees. After South Korea, the new management team is looking after other regions to save cost of operations.