Kakao Corporation is a South Korean internet conglomerate based in Jeju City. It was formed through the merger of Daum Communications and Kakao Inc in 2010 and was later renamed Daum Kakao in 2014 before reverting back to its original name in 2015. In May 2015, the company acquired Path, a successful American social media company in Indonesia, and in January 2016 it acquired a 76.4% stake in LOEN Entertainment for $1.5 billion. This company was later renamed Kakao M. One of its most popular products is KakaoTalk, a free mobile instant messaging app with text and call features that had 220 million registered users and 47 million active monthly users by May 2017. Currently, Kakao is competing with Naver Corporation for dominance in the Japanese web comic and web novel market.