Cyworld, a Korean social network service, announced the company is shutting down its European operation (Cyworld Europe GmbH). Well, honestly I’m surprised they are closing the money-losing European service only now.
Cyworld Europe started as a joint venture between Cyworld and Germany’s T-Online (a subsidiary of Deutsche Telecom), but the service has been struggling in Europe – which isn’t too surprising given the service being “too Korean”.
But perhaps the bigger problem is that Cyworld isn’t growing rapidly in its home Korean market either – in fact, Cyworld’s numbers are decreasing in Korea. (Figures come from Alexa and have been quoted from photouni.tistory.com.)
Obviously there would be many reasons for this decline, but one reason could simply be “fatigue” – I’ll talk about this briefly in a separate post.