Social networking site Cyworld is launching in the US following on from its popularity in Asia.
The site claims that 92 per cent of the 24-29 age group in its domestic market of Korea are Cyworld members.
Cyworld claims to have attracted over 1.8 million registered members in China in just six months after launch. It has also seen success in Japan and Taiwan, and hopes to bring its platform to the 16-24 year-old group in the US.
The business model is the same as in Asian markets, comprising multiple revenue streams including advertising and the sale of items such as skins, avatars and charms. These sales in Asia are expected to reach $100m in 2006.
Cyworld provides members with a suite of services which links to networks of established friends.
Features include animated Minihomes, Minimes and Minirooms giving members choices and customisation tools for building, decorating and networking in personal media.
Cyworld members use 'acorns' as currency to shop for digital items. Photo features offer unlimited storage and editing capabilities so that members can share their lifestyle through visual images.
"Everything from the clothes we wear to the music we listen to is an act of self-expression. Cyworld brings that idea of individuality to the online community in a safe and expressive environment," said Cyworld chief executive Henry Chon.
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