Catenoid ramps up efforts to penetrate Europe market

Catenoid Inc.‘s CEO Kim Hyoung-seok

South Korean video technology services company Catenoid Inc. is targeting the European market in its expansion plans as its Japanese business gradually stabilizes, according to its Chief Executive Officer Kim Hyoung-seok.

“With the Japanese business gradually stabilizing, we are now planning to venture more boldly into the European market,” Kim said in a recent interview with Maeil Business Newspaper.

Kim, who worked at Dacom, the predecessor to LG Uplus Corp., and CDNetworks, Korea’s first content delivery network companye, founded Catenoid in 2011 after 15 years in the corporate world.

“I thought an era where videos would become mainstream would come,” he said. “I believed there was a need for a platform that allows even those who do not know coding to provide video services.”

Catenoid developed a platform that allows companies or individuals to easily provide video services via their mobile phones or websites.

Thanks to its early prediction that video content like YouTube and short-form videos would become widespread, Catenoid has been experiencing rapid growth.

[Courtesy of Catenoid Inc.]

Over 300 educational companies and institutions, including MegaStudy, are using Catenoid’s platform, Kollus, for its online lectures. Catenoid currently has over 800 clients in total, with annual sales exceeding 17.7 billion won ($12.9 million).

After expanding into the Japanese market in 2014, just three years after its founding, last month, the company laid the groundwork for entering the European market in May 2024 by acquiring Spanish startup HISPlayer, which services metaverse streamlining technology.