SK Telecom, Comcast launch joint esports company
In a Korean lan...
South Korea’s largest telecommunications company, SK Telecom, is partnering with the US’s Comcast to form an esports joint venture.
In a Korean language press release, the company set out the terms of the deal, with SK Telecom holding a 55% stake in the joint venture, which is to be named SK Telecom CS T1, or T1 for short. Comcast and investment fund Highland Capital are investing a combined $41mn in the endeavour. Comcast’s pre-existing esports team Philadelphia Fusion is not affected.
The new company will act as a stable for existing esports teams including the highly successful SK Telecom T1 League of Legends team, which has won three world championships. From a base of three, T1 is said to be targeting an expansion to 10 teams, covering games such as Hearthstone, Fortnite and PUBG, with teams located both in Korea and the US, particularly the cities of Seoul, Philadelphia and Los Angeles.
As Korea Times reported, the Seoul-based side of the joint venture will also be exploring other esports related business models. With Goldman Sachs expecting the esports market to be worth $3bn by 2022 (up from $869mn in 2018), the two telecoms companies are no doubt hoping to exploit their communications nous to reap the rewards of such growth.
The move is a development of the partnership struck up back in February between Comcast Spectacor, the sports and entertainment subsidiary that owns hockey team the Philadelphia Flyers among others, and SK Telecom. At the time, SK Telecom’s CEO Park Jung-Ho said: “We are delighted to announce the joint venture with Comcast Spectacor. We at SK Telecom feel that esports is becoming increasingly more popular, especially among the young generation. We have thus founded T1 in 2004 and made the number one team in Korea. Together with Comcast Spectacor, we hope to become the global number one team.”
Bukalapak raises $1.5bn in record Singapore IPO, say sources
Bukalapak, currently the fourth largest Indonesian ecommerce company, is said to have raised $1.5 billion in the first IPO by an Indonesian tech unicorn.
Three unidentified, but likely reliable, sources told Reuters the order books for Bukalapak’s IPO were covered by multiples, with one source claiming the issue attracted more than $6 billion in demand despite being listed at the top of its indicated price range.
Bukalapak's 50x growth
Bukalapak was looking to raise just $300 million just a few months ago. The figure grew to $800 million before rising to $1.5 billion as investors jockeyed for a piece of the company.
Covid-19 has had a positive impact on many ecommerce operators, and Bukalapak also has strong investment lines via Singapore sovereign investor GIC and Microsoft, among others. The company focuses on micro, small and medium-sized enterprises.
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Bukalapak is an Indonesian e-commerce company. It was founded in 2010 as an online marketplace to enable small and medium enterprises go online and has expanded to support smaller traditional family owned businesses.