South Korea: mobile phone carrier market share 2023

In 2023 a little over 48 percent of mobile phone service subscribers in South Korea used services provided by SK Telecom. In South Korea, KT Corporation, SK Telecom, and LG U+ are the main telecommunication companies that provide mobile phone services. However, in recent years, Mobile Virtual Network Operator (MVNO) services were also on the rise. 

The leaders of the telecommunication market

Among the three leading telecommunication companies, SK Telecom had the highest net profit as of 2023 with more than 1.14 trillion South Korean won, which corresponds to around 839 million U.S. dollars. The net profit of KT Corporation amounted to almost 989 billion won that year. At the same time, LG U+ recorded a net income of roughly 630 billion won.

MVNOs on the rise

As of 2021, the number of MVNO mobile phone subscribers reached its peak with more than 10 million people in South Korea. One of the main reasons for choosing MVNOs was the cheap monthly fees. Customers were satisfied with the quality of phone calls and data as well, which might be the reason behind MVNOs gaining popularity. MVNOs are becoming an attractive alternative to traditional Mobile network operators.