SpaceCloud Surpasses 70 Billion KRW in Cumulative Transaction Volume

Cumulative transaction amount of SpaceCloud. [Graph=SpaceCloud]

[Asia Economy Reporter Kim Jonghwa] SpaceCloud, a lifestyle space service, has surpassed 70 billion KRW in cumulative transaction volume in its 'space rental' sector.

SpaceCloud grew as a business targeting the MZ generation last year, surpassing 1 million cumulative members and 3 million cumulative transaction reservations, establishing itself as the largest space rental service in Korea. The number of registered hosts managing space content has exceeded 40,000 teams, expanding nationwide from the Seoul metropolitan area.

The growth trend until reaching 70 billion KRW in cumulative transaction volume is also noteworthy. It took 2.5 years to surpass 10 billion KRW after the initial launch, 1.5 years to reach 50 billion KRW, and less than a year to exceed 70 billion KRW.

In the early stages of the service launch, party rooms and practice rooms, popular among teenagers and people in their twenties, opened up market potential. Recently, business spaces sought by office workers in their 30s and 40s, such as shared kitchens, rental studios, and shared offices, have increased. This is why the proptech scene has focused on the 'lifestyle space rental' sector.

The Host Care Team, responsible for space content at SpaceCloud, stated, "To find a breakthrough amid the crisis faced by the space industry due to COVID-19, we grew the service with a marketing strategy that diversified users' lifestyle space demands by providing spaces for small gatherings and shooting locations."

Especially targeting 'remote workers who work alone,' customized space content marketing such as the shared office channel 'One Day Office,' where users spend a day like digital nomads; the practice room event 'Cover Week,' strategized around K-POP culture; and 'Concept Day,' reflecting the profile culture of the MZ generation, proved effective.

Jung Suhyun, CEO of SpaceCloud, said, "As the first service in Korea to open the culture of space sharing and create digital transformation across lifestyle spaces from rental to occupancy, we feel a strong responsibility for the growing service," adding, "We will do our best to help hosts (operators) who create space content and new value grow as local brand entrepreneurs together with the SpaceCloud service."