Spoon Radio Achieves Second Consecutive Year of Breaking Even, With Over 60% Overseas Revenue
Spoon Radio(스푼라디오), the company behind the global audio social platform Spoon, has broken even for the second consecutive year, with operating profits expected in 2022 and 2023.
In 2023, Spoon Radio reported revenues of $34.4 million (KRW45.5 billion), operating income of $4.8 million (KRW6.35 billion) and net income of $4.2 million (KRW5.6 billion). Operating margin, a key indicator of corporate profit, was 14 per cent, marking the company’s steady return to profitability since turning profitable in 2022.
Notably, not only did the company’s overall revenue grow, but its domestic and overseas revenue grew in tandem. Spoon Radio’s overseas revenue has outpaced its domestic revenue for two years now, accounting for more than 60% of its total revenue. In Japan, Spoon Radio has been operating for six years after successfully establishing itself in the local market, and in the second quarter of 2023, Spoon Radio launched a pilot service in Taiwan, further expanding its overseas market. As of May 2023, Spoon Radio’s global subscriber base has reached more than 20 million in three countries – Korea, Japan and Taiwan – and its global cumulative downloads have exceeded 30 million.
Spoon Radio has been operating the audio social platform Spoon since 2016. Easy and convenient audio communication between creators and listeners has become popular among Gen Z users, and Spoon has become their communication platform. Since its launch, Spoon has continued to innovate the platform, including research and development to improve audio engineering technology and user experience. Spoon Radio’s continued focus on user acquisition and community building through easy monetisation for creators has helped the company remain profitable in 2023.
Hyukjae Choi, CEO of Spoon Radio, said: “We are delighted to have achieved both growth and profitability for the second year in a row, despite the constant emergence of new platforms and the ongoing economic downturn. This is a testament to our audio social platform, which has been recognised by Gen Z as a way to communicate more comfortably and authentically.” “We are also seeing positive signs in our international sales. Based on the stable service operation experience in Japan, Spoon Radio plans to expand Spoon service operations in overseas markets such as Taiwan and accelerate its global expansion.”