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Spoon Radio Records Profit for Second Year, Expands Globally

2024-02-07 2 min read


Spoon Radio Records Profit for Second Year, Expands Globally

Reading Time: 2 minutes

The South Korean company, Spoon Radio, which operates the audio social platform Spoon, recorded profits for the second consecutive year in 2023, following its profitability in 2022. In 2023, Spoon Radio reported revenues of KRW 45.5 billion, an operating profit of KRW 6.35 billion, and a net income of KRW 5.6 billion. The operating profit margin, a key indicator of corporate profitability, stood at 14%, marking two consecutive years of profitability since turning a profit in 2022.

Both domestic and overseas sales experienced growth, with international sales surpassing domestic ones for two years, accounting for more than 60% of the total sales. Spoon Radio has successfully established its market in Japan, continuing its service operation for the sixth year, and further expanded its overseas market by starting a pilot service in Taiwan in the second quarter of 2023. As of May 2023, Spoon Radio’s global subscriber count exceeded 20 million across South Korea, Japan, and Taiwan, with the total global downloads reaching 30 million.

Spoon Radio has operated the audio social platform, Spoon, since 2016. The platform has become a communication hub for Generation Z, whose needs align with the easy and convenient audio communication between creators and listeners. Since its launch, the service has continuously strived for platform innovation through research and development in audio engineering technology and user experience improvements. By facilitating easy creator monetization and strengthening the community, Spoon was able to maintain its profitability in 2023.

Hyuk-Jae Choi, CEO of Spoon Radio, stated, “I am pleased that we have managed to achieve profitability for two consecutive years and capture both growth and profit amidst the continuous emergence of new platforms and the ongoing economic downturn. This success is the result of being recognized as an audio social platform that offers more comfortable and genuine communication for Generation Z. There are also positive signs in overseas market sales. Based on our stable service operation experience in Japan, Spoon Radio plans to expand the operation of Spoon services in overseas markets, such as Taiwan, and accelerate our global expansion.”

[Korean Contents Startup News]

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