The smart phone is globally spreading, since the Apple rolled out the iPhone. Thereafter the smart phone ecosystem is being reorganized and strongly governed by the Apple and Google, the mobile OS providers. And the mobile carriers are pushed out of the ecosystem with the progress of the dump pipe. Even though the South Korea has the strong position as a global leader in ICT industries, it have not properly coped with this new situation and is falling to the follower in the smart phone era. Therefore it should try to take advantage of the current of the times like its component industry who already enjoys the fruit. This paper reveals the new structure of the ecosystem along its value chain with the digital open markets, OS providers, phone manufacturers, and mobile carriers. And it shows the economic spillover effects using the input-output analysis. Consequently, this paper will provide the valuable implications to companies in setting up the efficient strategies and the regulator in promoting the ICT industry.