SOOP Q3 profit falls 60% as platform revenue weakens

SOOP reported the results Oct. 30 for the quarter ended Sept. 30. Revenue was 105.7 billion won ($73 million), down 16% from the third quarter of 2025 and up 1.8% from the second quarter of 2026. Operating profit rose 15% from the previous quarter.

Net profit fell 64% year over year to 10.6 billion won ($7.3 million), but increased 21% from the previous quarter. Operating expenses were about 91.2 billion won ($62.9 million), roughly unchanged from a year earlier.

The quarterly increase in profit came mainly from higher advertising revenue and the absence of one-time costs recorded in the second quarter.

Platform revenue fell 21.3% year over year to 66.1 billion won ($45.6 million). The category includes payments for digital items such as “star balloons,” which viewers send to streamers, and remains SOOP’s largest revenue source.

SOOP attributed the decline to lower activity among large streamer groups, the departure of some streamers and stronger competition for creators and content. Visitor numbers increased, but a relatively small share of users spent money on the platform.

Advertising revenue fell 5.5% from a year earlier to 36.8 billion won ($25.4 million), while rising 35.4% from the second quarter. Content-based advertising revenue increased 54.6% from the previous quarter to 19.5 billion won. Platform advertising revenue rose about 30% to 3.2 billion won, and other advertising revenue increased 16.5% to 14.1 billion won.

SOOP linked advertising growth to campaigns tied to esports events, including FC Online and the VALORANT Champions Tour Busan Roadshow. New game launches and offline marketing projects, including tournaments, showcases and pop-up events, also contributed.

For the fourth quarter, SOOP expects some major streamers to return to broadcasting and anticipates increased advertising spending at the end of the year. Its planned coverage includes the ASL StarCraft league, Korea’s LCK League of Legends competition, the League of Legends World Championship, international esports and women’s professional volleyball.

SOOP launched an Emblem system in September that awards badges based on a streamer’s accumulated activity. In October, it began a Partners Mentoring program with multi-channel networks and partner streamers to help new and returning creators plan content and adapt to the platform.

The company plans to present a redesign proposal for its website and app by the end of 2026 and begin a phased rollout in 2027. It is preparing SOOPHERE, an integrated marketing brand scheduled to launch in the first quarter of 2027.

“Platform market conditions continue to change, and the recovery in platform revenue is taking longer than we expected,” CEO Lee Min-won said in the company’s earnings update.

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