[Alpha Biz= Paul Lee] SK Telecom’s share of the South Korean mobile telecommunications market has fallen below 40% for the first time, as a result of massive customer defections following a major hacking incident in April.



According to the Ministry of Science and ICT’s report on wireless and wired communication services as of May 2024, SK Telecom’s subscriber base stood at 22,499,042, accounting for 39.29% of the total market. This marks a 0.79 percentage point decline from April’s 22,924,260 subscribers (40.08%).



This is the first time SK Telecom has lost its dominant 40% market share.



A total of 835,214 subscribers left the carrier after SK Telecom waived early termination penalties for those wishing to switch providers following the cyberattack. The net decrease in subscribers amounted to 601,376.



In contrast, rivals KT and LG Uplus gained market share. KT's subscribers rose to 13,610,780 (23.77%) and LG Uplus to 11,131,466 (19.45%), representing increases of 0.32 and 0.23 percentage points, respectively, compared to April.



The data indicates that most of SK Telecom’s lost subscribers migrated directly to its competitors.

 

 

 

 

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