Legal, Tax, Psychology, Fitness, and More
Online Consulting Brokerage in 64 Fields
Paid Expert Consultations Averaging 10,000 to 50,000 KRW
Transaction Volume Increased 18-Fold Year-on-Year
High Earnings Through Curriculum Development
Seeking Win-Win Cooperation with Offline Groups
[Asia Economy Reporter Bu Aeri] "Is the luxury item I bought really authentic?" "How can I lose 5kg in one month?" For the past 18 years, Naver Knowledge iN has been answering the public's questions, and now it is evolving. This change began last year with the launch of the 'eXpert' service. eXpert is a paid consultation service with professionals. Users can easily receive consultations or lectures from experts through the Naver app, while experts earn substantial income online. Some experts have even reached annual earnings of 100 million KRW, making it a 'new market' attracting attention.
Transaction Volume Increased 18 Times in One Year
According to Naver on the 6th, the paid consultation transaction volume of Knowledge iN eXpert increased 18 times compared to last year. The cumulative number of consultations has reached 390,000. Knowledge iN eXpert allows users to pay an average of 10,000 to 50,000 KRW and receive real-time expert consultations in fields such as law, taxation, psychology, and fitness via chat or video calls on the Naver app. Kang Chunsik, leader of Naver Knowledge iN, said, "Due to COVID-19, the demand for consultations shifted to non-face-to-face formats, and the services Naver had prepared shone."
In particular, Knowledge iN eXpert has provided a lifeline to small and medium-sized businesses severely impacted by COVID-19, much like local gyms. Fitness is one of the fastest-growing sectors before and after COVID-19. Transaction volume increased 12 times compared to early in the year before the pandemic spread. As gym operations became difficult due to COVID-19, users and fitness trainers conducted 1:1 personal training sessions through the Naver app. Leader Kang explained, "Fitness is the fastest-growing and most profitable sector," adding, "There are trainers earning 100 million KRW annually."
Knowledge iN eXpert is gradually expanding its scope by recently adding a 'Class feature (lecturing).' This system allows experts to increase their earnings by offering structured courses such as 'Abs Workout Mastery in 20 Minutes' or 'Labor Lecture for New Entrepreneurs,' going beyond simple consultations. Leader Kang said, "Recently, more expert groups, such as cultural centers, have been proactively proposing partnerships." In fact, the number of fields has increased from the initial three (psychology, labor, taxation) to 64 fields including law, college admissions consulting, real estate, fitness, and fashion.
Challenges in New Business
Since Knowledge iN eXpert provides a new concept service of 'online consulting brokerage' across various industries, it has faced several challenges. In July, the Korean Bar Association filed a complaint with the Seoul Central District Prosecutors' Office against Naver CEO Han Seong-sook and eXpert staff for violating the Attorney-at-Law Act. eXpert lawyers pay Naver a payment agency fee of 1.65% to 3.74% of the consultation fee, which is alleged to violate the Attorney-at-Law Act. Article 34 of the Attorney-at-Law Act prohibits providing money, entertainment, or other benefits as compensation for introducing or recommending lawyers.
Regarding this, Leader Kang stated, "We will explain Naver's planning intention to resolve information asymmetry by cooperating when expert organizations provide guidelines and communicate to find solutions."
Naver views knowledge content as a long-term business area as significant as shopping. The goal is to expand the 'Naver Expert Group' to create a virtuous cycle revenue structure. Co-growth is possible through mutual growth with expert groups. For Naver, whose major revenue source is search advertising, small and medium-sized businesses are also major advertisers. When SME businesses do well, advertising and search data increase, enabling Naver to generate revenue. Leader Kang said, "Just as Naver grew through bloggers, influencers, and SMEs, we will create a new ecosystem with the 'Expert Group,'" adding, "As the topics of Knowledge iN eXpert diversify, the business scale will grow infinitely."
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