Telcos raise subsidies for Samsung’s new foldable phones

[Courtesy of LG Uplus Corp.]

South Korea’s three major telecom companies have collectively increased the subsidies for Samsung Electronics Co.’s latest foldable smartphones, the Galaxy Z Fold 6 and Galaxy Z Flip 6, to up to 530,000 won ($385).

With the addition of a 15 percent extra subsidy, consumers can receive benefits totaling over 600,000 won when purchasing these new devices.

According to industry sources on Thursday, SK telecom Co. has raised its subsidy for the Galaxy Z Fold 6 and Flip 6 from 234,000 won to 530,000 won, while KT Corp. and LG Uplus Corp. have also increased their subsidies to a maximum of 500,000 won.

Under the upgraded subsidy program, an SK telecom customer who selects the 5GX Platinum plan, which costs 125,000 won per month, will receive the maximum subsidy of 530,000 won, plus an additional 15 percent, bringing the total benefit to 609,500 won.

Previously, the maximum subsidies offered by SK telecom, KT, and LG Uplus were 245,000 won, 240,000 won, and 230,000 won, respectively.

The decision by the three telcos to significantly raise the subsidies for the new foldable devices is known to be a strategic move to boost sales of the Galaxy Z Fold 6 and Galaxy Z Flip 6.

“The simultaneous increase in subsidies by the three telecom companies is likely due to relatively sluggish sales of the Galaxy Z Fold 6 and Galaxy Z Flip 6,” said an industry insider.

In conjunction with the subsidy increase, the telecom companies are also launching promotional events to attract customers.

SK telecom is offering a 50,000 won Naver Pay voucher to the first 1,000 customers who purchase the new devices through its online store, T Direct Shop.

KT is giving away a one-year subscription to Samsung Care Plus to the first 1,000 customers who purchase the devices through its official online store, KT.com.

LG Uplus is offering a promotion where customers who receive consultation through its online store will be entered into a draw to win LG Bespoke home appliances and other prizes.