사진 확대
As Kakao is divided into ‘Kakao AI’ and ‘Kakao X’, the group’s business structure is expected to become clearer. Kakao AI is in charge of artificial intelligence (AI) businesses, including “Kakao Talk,” and Kakao X is in charge of other businesses such as finance (techpin) and mobility.
According to the governance reform plan announced by Kakao on the 21st, Kakao AI will play a role in connecting AI and advertisements with commerce centering on Kakao Talk, its main business. Operating subsidiaries such as DK Techin and K&Works will be under Kakao AI. Through this, the plan is to redesign the data and service connection capabilities that KakaoTalk has accumulated over the past 15 years to suit the AI era. The goal is to evolve into an ‘Agency AI interface’ that understands the context of 50 million KakaoTalk users.
The head of Kakao AI, the newly established corporation, will be headed by Chung Shin-ah, the current CEO of Kakao. CEO Chung said, “Kakao AI is able to separate its subsidiary management role through the division of personnel,” adding, “We have a clear business structure that focuses on core businesses.” “In 2030, we aim to have more than 20 million users use Kakao AI every day,” he said. “We expect Kakao Talk’s stay time to increase by more than 50% as agent relationships and experience expand.” Through this, it also presented a goal of achieving more than 6 trillion won in Kakao AI sales by 2030.
Kakao X, a surviving corporation, will play the role of a future value investment company. It will steadily grow major vertical businesses such as Kakao Bank, Kakao Pay, Kakao Pay Securities, content affiliates such as Kakao Entertainment, SM Entertainment, and Kakao Piccoma, and promote investment in new businesses and innovative companies. It aims to achieve an average annual growth rate of 13.3% of major business sales by 2030 and establish a growth base of more than 10 trillion won in sales.
Kim Do-young, CEO of Kakao Investment, who was appointed as the head of Kakao X, said, “Kakao X subsidiaries also have a fairly heartbreaking growth agenda,” adding, “It will be combined with a firm B2C business model and technology.” CEO Kim stressed, “The three major businesses owned by Kakao X, Techfin, Content (Entertainment), and Mobility alone, have quite attractive future values.” Techfin will have no questions about achieving the No. 1 operator in the virtual asset ecosystem, he added. The strategy is to become the strongest in stablecoin, a virtual asset, with Kakao Bank and Kakao Pay at the forefront.
Kakao expects the reorganization to realize early monetization of the AI business. Analysts say that the undervaluation currently being received in the market will also be resolved. When Kakao’s profit model received great attention in 2021, the 12-month leading price-earnings ratio (PER) rose to 80 times, but it shrank to 21 times this year.
At the same time, Kakao decided to expand its shareholder return policy. It will use the profits from the sale of Dunamu’s stake to push for a total of 300 billion won worth of treasury stocks and retirement for three years after the division. Kakao AI will use 20% to 35% of its free cash flow as a basic shareholder return resource, and Kakao X will use 30% of its subsidiary dividends as a resource.
The role of founder Kim Bum-soo is expected to be maintained even after the restructuring of the governance structure. CEO Kim explained, “Since the share ratio is equally distributed before and after the human division, the share of K-Cube Holdings held by the founder (Kim Bum-soo) is also distributed equally, so there is no change in the share ratio.” Meanwhile, Kakao is scheduled to complete the division on January 1, 2027, after an extraordinary shareholders’ meeting on December 17. [Reporter Kang Young-woon / Reporter Jung Ho-joon]