SOOP sees 9% increase in Q3 OP, due to platform, ad revenue growth

SOOP CI

Kosdaq-listed SOOP announced on Thursday that its consolidated operating profit for the third quarter of 2024 rose to 23.9 billion won ($17.3 million), up 9 percent on-year. Revenue jumped 25.2 percent to 110 billion won, with net profit up by 25 percent to 24 billion won.

SOOP said if a one-time bad debt expense related to its Happy Money business was excluded, operating profit would have been 30.3 billion won, up 38 percent. Growth in platform and advertising revenue contributed significantly to the quarterly gains, with platform sales climbing 27.4 percent to 82.6 billion won. The rebranding effort attracted new streamers and increased the number of viewers and concurrent broadcasts. Advertising revenue also rose, recording a 21.7 percent on-year increase to 26.2 billion won.

Total operating expenses were 86.1 billion won, up 30.5 percent from the previous year and 17.6 percent from the previous quarter. Labor costs accounted for 26 percent of expenses, payment processing fees for 24 percent, and platform fees for 22 percent. Streamer incentives and content production costs each contributed 4 percent.

SOOP launched original content in the third quarter including “Assemble” and “SOOPER LEAGUE,” that are open to all users, as well as securing broadcasting rights for major events including the Paris Olympics, eSports World Cup (EWC), and AFC Champions League.

Moving forward, SOOP plans to strengthen its unique live streaming ecosystem with updates to its domestic streaming services in the fourth quarter. The company also aims to expand broadcasting rights in sports and eSports and increase original content production, creating more engagement opportunities between streamers and users.