Forest's Q1 Operating Profit Grows 56% Following Twitch Withdrawal Effect

SOOP announced on the 29th that its consolidated sales, operating profit, and net profit for the first quarter of 2024 reached 95 billion KRW, 28.7 billion KRW, and 24.8 billion KRW, respectively.

Sales, operating profit, and net profit grew by 31%, 56%, and 50% respectively compared to the same period last year. With a high operating profit margin of 30%, the company recorded strong first-quarter results.

Platform sales in the first quarter achieved 78.7 billion KRW, a 30% increase compared to the same period last year. The platform ecosystem became more active with the influx of new streamers and users, and the number of users sponsoring streamers increased by 21% compared to the previous quarter. Advertising revenue grew by 33% year-over-year to 15.2 billion KRW.

Indicators reflecting the activity of streamers and users on the platform also showed balanced growth. As of March, the average concurrent viewers increased by 17% compared to last December, the average monthly user viewing time rose by 20%, and the number of subscribers regularly sponsoring streamers grew by 45%. The number of streamers who started activities for the first time also increased by 35%.

SOOP plans to further strengthen its global business through the global platform SOOP, scheduled to launch within the second quarter. The global platform will provide real-time automatic translation features to support streamers aiming for global expansion.

Jung Chan-yong, CEO of SOOP, stated, "We will continue to expand the core platform service, grow into a global platform, nurture strategic key categories, and expand business areas through partnerships in the second quarter as well. As a leading streaming platform in the market, we will pursue new services under the new brand SOOP and create new value."

This content was produced with the assistance of AI translation services.