Yahoo! announced it has resigned their agreement to provde Naver, Korea's leading search portal, with their sponsored search listings. Overture Korea and Naver have been partnered since Q3 2004, according to Gaude Lydia Paez, Director of Yahoo Public Relations, providing them with paid listings for their search pages from the Naver portal and toolbar.
Naver provides over 70 percent of Korean searches, Paez said, though some reports have the number over 90 percent.
“Naver's leadership position as Korea's most visited online destination provides opportunities for our advertisers. We are proud to continue working with Naver to connect businesses and consumers at the point of search,” said Kim James Woo, Regional Vice President of Yahoo! Search Marketing in Asia and CEO of Overture Korea. “Our priority is to deliver high quality leads to our advertisers and relevant results to users, and this agreement enables us to drive those efforts even further.”
Naver is owned by NHN Corp. and was launched in June, 1999.
The agreement, which continues the Naver/Yahoo! relationship for several years, according to Paez, gives Yahoo Paid Search a large slice of Korean search.
“This re-contract gives us a great opportunity to reaffirm the mutual trust that we built together with an effort to develop domestic search ad market. NHN will continue to work closely with Overture to protect advertiser's rights and interest and provide a valuable ad services to the Korean market", the deputy managing director of e-Biz from Naver, Min-Soo Yeo said.