South Korea’s SOOP Co., formerly known as AfreecaTV Co., has reported impressive financial results for the first quarter of 2024. The company posted an operating profit of 28.7 billion won ($20.79 million), marking a significant 56 percent increase from the same period last year. This figure surpassed market expectations by 20 percent, with revenue totaling 95 billion won, up 30.7 percent year-over-year.
The platform’s success can be attributed to a 21 percent increase in users sponsoring streamers, as well as a 17 percent rise in average concurrent viewers and a 20 percent increase in average monthly viewing time. The number of subscribers supporting streamers regularly also saw a substantial 45 percent growth, while the influx of new broadcasters and users following Twitch’s exit from the Korean market contributed to a 35 percent increase in first-time streamers.
Operating expenses for the quarter amounted to 663 billion won, with personnel expenses accounting for the largest share at 34 percent. SOOP’s CEO, Jung Chan-yong, highlighted the company’s focus on community revitalization and the importance of content creation in e-sports and games for global expansion.
SOOP is set to launch its global streaming platform ‘SOOP’ in May 2024 and rebrand its domestic platform under the same name in the third quarter. The company’s rebranding from AfreecaTV to SOOP reflects its commitment to innovation and enhancing user experience. With a strong financial performance and strategic initiatives in place, SOOP is poised for continued growth and success in the competitive streaming market.