The Evolution of App Tech... 'Jjantech' Is a Thing of the Past
Using Various Apps More Efficiently
#.Office worker Mr. Kim runs 7 km once or twice a week in a park near his home. When he runs, he uses a 'two-track strategy' by turning on both a pedometer application (app) and a running app simultaneously. Both apps provide rewards based on the number of steps, and he does this to maximize his earnings. He said, "After consistently doing this for a month, I can easily earn enough to cover the cost of coffee, so it's quite rewarding."
#.College student Ms. Yang records her daily life in short video content. She uploads these to a social networking service (SNS) that connects content creators with companies needing marketing materials. If the content she uploads is selected for a company's advertising campaign, she can expect to earn income. On this SNS, users earning over 1 million won continue to emerge.
'App-tech' is evolving. Previously, app-tech involved apps that provided rewards for walking, accumulating small amounts like 10 or 100 won, a level known as 'jjantech' (frugal tech). But now, the focus is on efficiently utilizing various apps to increase earnings. As the 'three highs' phenomenon?high exchange rates, high prices, and high interest rates?continues, everyone's financial situation has become tighter, leading to a more strategic approach to app-tech. Consequently, various new apps are emerging to attract users.
On the 21st, Progound, which operates the reward-based healthcare platform 'Superwalk,' announced that the cumulative number of users exceeded 300,000 after 1 year and 9 months of service. Especially, about 30,000 new users were added in March and April this year, when demand for outdoor exercise surged. Superwalk is a latecomer in the app-tech market, having started service in July 2022. It combines blockchain technology with a reward-based exercise app, where users purchase non-fungible token (NFT) shoes suitable for their preferred exercise and receive tokens as rewards based on exercise volume and shoe performance. Accumulated tokens can be transferred to virtual asset exchanges and then converted into cash.
The interest poured into this app can be seen in the cumulative transaction amount of NFT shoes. It exceeded 5 billion won in the eighth month of service, recorded 10 billion won in the first half of last year, and 23 billion won in the second half. This year, after reaching 26 billion won in February, the transaction amount has continued to increase, currently surpassing 30 billion won. Superwalk has a high utilization rate, with a monthly reuse rate reaching 90%. This is due to the earnings. A Progound official explained, "Running for one hour a day with a mid-tier NFT shoe can generate about 230,000 won in monthly earnings."
Apps that allow users to upload short-form content reflecting their lifestyle and preferences and receive rewards are also gaining attention. DotSlashDash connects users and brands, providing cashable rewards when personal daily videos are selected for brand advertising campaigns. Since starting service in 2021, it has surpassed 250,000 cumulative subscribers this year and continues to show a growth curve. Interest in successful monetization cases is high, with some participants earning up to 4 million won through participatory campaigns.
There are also apps that enable income generation through completing specific tasks. 'Obey,' a survey app by consumer data platform company Open Survey, rewards users for participating in surveys. The reward amount varies depending on the survey difficulty. These rewards can be used to purchase mobile gift certificates and can be withdrawn in units of 10,000 won.
The popularity of these new app-tech trends is expected to continue for the time being. Among young consumers in their teens and twenties, app-tech has become essential. According to Hana Financial Management Research Institute's 'Financial Awareness and Transaction Status Report of the Jjalpa Generation,' 77.7% of the Jjalpa Generation (Generation Z plus Alpha Generation) use app-tech, and more than half (51.5%) use it daily. The amount they earn through app-tech is about 6% of their average monthly allowance. The intention to continue participating in app-tech is also high at 80.4%. An IT industry official said, "As consumers try to reduce spending amid high prices, demand for app-tech has increased and evolved in various forms, leading to a significant rise in users. Apps that secure users also have excellent advertising effects and are expanding their platforms through collaborations with various brands."
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