Thursday, September 23, 2021

Google says it offers more than $10 billion in consumer benefits in South Korea

SEOUL-Alphabet Inc. Google said on Wednesday that its presence in South Korea equated to about $12 trillion ($10.16 billion) in economic benefits for its users, as the US tech giant came under increased scrutiny from regulators and politicians.

The announcement comes a day after South Korea’s antitrust agency fined Google 207 billion for blocking customized versions of its Android operating system, in the company’s second blow to the country in less than a month.

The Korea Fair Trade Commission said it could be the ninth largest fine ever imposed.

Google said during an online event that it annually provides 5.1 trillion won worth of benefits to South Koreans through its Play Store, 4.2 trillion won through its search engine service, and 2.5 trillion won via Google Docs. Including won through its productivity apps, citing a report by consulting firm Alphabeta.

Google said it also provides $10.5 trillion in economic benefits annually for South Korean companies.

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Google did not specify how such assessments were made.

YouTube CEO Susan Wojcicki said YouTube contributed more than 1.5 trillion to South Korea’s gross domestic product (GDP) in 2020 and created more than 86,000 full-time jobs.

“We will continue to do our best to support our partners to grow and advance in the world and make a positive contribution to the South Korean economy,” Google Korea Country Director Kim Kyung-hoon said during the event.

Earlier, in late August, parliament passed an amendment to South Korea’s Telecommunications Trade Act – which was called off by forcing major app store operators such as Google to use their payment systems and effectively charging developers To prevent what has been called an “anti-Google law” to ban major app store operators like Google. Commission on in-app purchases.

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($1 = 1,171.0200 won)

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This News Originally From – The Epoch Times

Google says it offers more than $10 billion in consumer benefits in South Korea
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