When the first wave of the COVID-19 pandemic hit South Korea in early February 2020, people were basically grounded because of strict social distancing guidelines issued by the government. Face masks were compulsory and online a small limited number of people could meet at restaurants or gatherings. Many people chose to spend time at home to consume entertainment content instead of going out. Traveling abroad was virtually prohibited because of quarantine regulations.
South Koreans felt that it was safe to go out, travel, and enjoy in 2022 when the South Korean government took step-by-step to ease the social distancing regulations. Mandates on masks in outdoor environments were lifted and compulsory polymerase chain reaction (PCR) tests became optional only for those who feel that they have COVID-19 symptoms and require an accurate test. While many of travelers headed to various parts of South Korea, many flew to nearby countries including Japan and Southeast Asian countries like Vietnam and Thailand.
According to data released by Yanolja on March 31, the company maintained a meaningful growth rate even in the face of a global economic downturn and a rapidly changing external environment, such as high-interest rates. The specific reasons for the good results are attributed to the stable increase in platform sales and the substantial growth of the Yanolja Cloud division, as well as the acquisition of Interpark.
Yanolja acquired a 70% stake in Interpark's business division for about 311 billion won and filed for post-merger notification with the Fair Trade Commission on May 24, 2022. Yanolja received the final state approval for the merger on March 28. Interpark is one of South Korea's most popular online shopping malls. The online retailer is specializing in online ticket reservations for concerts, musicals, and operas.
"We achieved both quantitative and qualitative growth through portfolio diversification, including overseas travel and domestic leisure, in addition to stable growth in the domestic lodging industry amidst rapidly changing external environments. We will continue to strive to leap beyond a travel platform and become a global company," a Yanolja official said in a statement.
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