[Next K-Startup] Bartle Seeks Reasonable Market Price for Golf Green Fees...

Hansungsoo Bartle CEO "Golf Popularization Requires Tee-Off Time Deal Commerce"
'Tmart' Offers Up to 40-50% Discount on Green Fees

Editor's NoteMore than 430 startups applied for the 2nd program of Next Elevation, a startup accelerator established by Asia Economy. This is more than three times the number of applicants for last year's first acceleration program. Among them, six startups were finally selected. These startups, which overcame a competition rate of 71 to 1, are currently honing their innovations. In preparation for the demo day to be held next month, they are working on business advancement tasks such as setting Key Performance Indicators (KPIs) and establishing product strategies with mentors tailored to each company. We visited the scene.

In the era of 5 million golf players in Korea, although the market size is growing, both golf courses and golfers?the customers?still have their own 'pain points.' Golfers feel burdened by the much higher green fees compared to countries like Japan. Golf courses, despite the increase in golf population, have many 'tee-offs' that remain unsold and unused, making it difficult to increase revenue. Bartle is a startup that has stepped up to solve this problem through its golf tee-off time deal commerce platform, 'Tmart.' It sells tee-offs, which become worthless over time, in advance at discounted prices, aiming to find a reasonable market price for green fees.

Next Elevation CEO Han Seung-su is being interviewed by Asia Economy. Photo by Jo Yong-jun jun21@

On the 3rd, Han Seung-su, CEO of Bartle, said, "In Korea, people think golf courses are overcharging, but in reality, golf course revenues are declining, and expensive green fees remain a barrier for golfers. Without the introduction of time deal commerce, popularizing golf will be difficult." Tmart, which started its service in August last year, positions itself as a time deal commerce that discounts all remaining tee-offs after golf courses disclose tee-off information one month in advance. It applies variable pricing depending on the date, and when remaining tee-offs occur due to cancellations a week before, it sells them at special prices. To sell as many tee-offs as possible, unlike the existing fixed-price post-payment golf reservations, it applies a discounted variable price prepayment system. CEO Han said, "Currently, reservations can be made at prices discounted up to 40-50% compared to regular prices."

What differentiates it from other reservation platforms? CEO Han said the definition of the customer itself is different. He explained, "Other reservation companies target golfers, so they need to sell at high prices to increase profits. Although they also discount last-minute remaining tee-offs, there are limits because of price conflicts with existing sales." On the other hand, Tmart targets golf courses. Since golf courses want to sell as many tee-offs as possible, it is possible to sell remaining tee-offs at different discount rates. There is also a perception that remaining tee-offs can only be booked during less preferred time slots. However, CEO Han explained that due to the nature of public golf courses, which do not impose financial penalties for cancellations, cancellations also occur during preferred time slots, and this is when Tmart's service operates. "The repurchase rate reaches up to 22%, indicating high satisfaction among golfers," he added.

Results have begun to emerge. From August to December last year, Tmart achieved sales of over 200 million KRW, and despite the off-season from January to March this year, it recorded sales exceeding 100 million KRW. With a cumulative membership of 70,000 and currently only 11 golf courses?8 in the metropolitan area and 3 in the Chungcheong region?Tmart has proven its market potential. This year, as the service is fully launched, the goal is to increase affiliated golf courses to 150. CEO Han said, "If we consider that there are 300 public golf courses available for partnership in Korea, our current market share is just over 3%. Once the ongoing investment is completed, the number of affiliated golf courses will increase rapidly."

Next Elevation CEO Han Seung-su is being interviewed by Asia Economy. Photo by Jo Yong-jun jun21@

Through this, Bartle aims to find the optimal green fee. CEO Han said, "Securing 150 golf courses will strengthen platform power and help establish market prices. Based on verified data, we can also request discount rates from golf courses, allowing golfers to enjoy golf at more affordable prices."