AfreecaTV Records Record High with 347.6 Billion KRW Revenue and 90.3 Billion KRW Operating Profit Last Year

AfreecaTV announced on the 15th that it recorded annual consolidated sales of 347.6 billion KRW and operating profit of 90.3 billion KRW in 2023. Both sales and operating profit reached all-time highs on an annual basis, increasing by 10% compared to the previous year. Net profit for the period rose by 25% year-on-year to 74.6 billion KRW.

Last year, growth in both platform and advertising revenues drove the performance increase. Annual platform revenue was 259 billion KRW, up 12% from the previous year, while advertising revenue increased by 3% year-on-year to 82.9 billion KRW.

In the fourth quarter of last year, sales and operating profit were 100.4 billion KRW and 26.4 billion KRW, respectively, representing increases of 26% and 71% compared to the same period last year. During this period, advertising revenue rose 39% quarter-on-quarter to 29.9 billion KRW. In particular, content-type advertising grew by 51% quarter-on-quarter, driving the increase in advertising revenue.

This year, AfreecaTV plans to continue efforts to create a streamer- and user-friendly platform environment by reflecting users’ feedback. The company will strengthen businesses in advertising and commerce sectors and change the domestic service name of the AfreecaTV platform to SOOP within the third quarter. It plans to gradually revamp overall service aspects including brand image (BI), user interface (UI), domain, and design.

Jung Chanyong, CEO of AfreecaTV, said, "2024 will be the inaugural year for the full-scale launch of our global business through the global platform SOOP and a year to strengthen our unique competitiveness. We will actively seize opportunities for the live streaming industry to advance to the next level while creating new changes and milestones for long-term growth."

Meanwhile, the year-end cash dividend for last year was 850 KRW per share, totaling approximately 9.1 billion KRW. AfreecaTV plans to use at least 10% of the two-year average consolidated free cash flow (FCF) over three years, including 2023, as a resource for shareholder returns. Additionally, to enhance shareholder value, the company signed a trust contract to acquire treasury shares worth 10 billion KRW.