Over the past 15 years, Naver has led the South Korean Internet search market, through which it generates decent revenue growth, high margins and strong cash flow. Although Google has captured overall search market share, we estimate that Naver retains about two-thirds of the overall search market and a higher percentage of lucrative South Korean local searches, which it monetizes primarily through advertising display and paid search placements. Naver’s strategy has been to use this strong search business to create an integrated Internet platform business by adding other services, including e-commerce, financial technology, content production and cloud services. Naver has not yet been able to monetize these other businesses to the same extent as its search business, but has a strong number one or two position in most of them in the South Korean market.