SOOP, Global Expansion with Domain Change
SOOP has embarked on global business expansion by changing its website domain to a global one. This year, the company plans to expand its global in-house content and strengthen e-sports, including 'League of Legends Champions Korea (LCK)'. With CEO Choi Young-woo celebrating his second year in office, attention is focused on the tangible results of this expansion.
According to industry sources on the 26th, SOOP recently changed its domain from 'www.sooplive.co.kr' to 'www.sooplive.com'. The .com domain is the most widely used domain globally, advantageous for expanding global visibility and attracting users.
In January, SOOP consolidated its separate platforms for domestic and international operations into one. The domain change is expected to enhance the global exposure of the integrated platform. Instead of nurturing overseas markets as separate services, the strategy is to build a structure where streamers and users interact within a single platform.
A SOOP official stated, “Based on our experience operating overseas streaming platforms, we anticipate synergy from integrating domestic and international platforms,” adding, “This can also lead to cost savings incurred from operating separate platforms.”
In his second year as CEO, Choi plans to expand e-sports content at SOOP. Last year, he diversified the business into e-sports and sports, establishing 'SOOP Global' and laying the foundation for overseas operations. The company will produce its own global content alongside joint broadcasts involving domestic and international streamers, and will broadcast various e-sports tournaments such as League of Legends (LoL), Valorant, PUBG, and Tekken in multiple languages. These measures aim to strengthen its role as a unified platform encompassing both domestic and international markets.
In particular, starting this year, SOOP will enhance its e-sports capabilities based on the exclusive live broadcast of LCK in collaboration with Chichijik. SOOP has partnered with 7 out of the 10 LCK teams, and is expanding collaboration with manufacturers by broadcasting LCK on LG Electronics' Smart TV platform.
However, there are significant challenges to be addressed as CEO Choi enters his second year in office.
Firstly, SOOP must demonstrate its future growth potential. Despite achieving record-high revenue and operating profit last year, as well as setting a new revenue record for 14 consecutive years, concerns have been raised about the growth trajectory of its core platform business.
Boosting stock prices is also a key challenge. As of the 25th, SOOP's stock price was at 61,200 won, representing a 38% decline from its peak of 98,500 won in the past year. Considering the recent upward trend in the domestic stock market, the stock price weakness becomes even more pronounced.
Diversification of business is also necessary. Last year, 71% of SOOP's total revenue came from the platform sector, with the majority from virtual gifts (star balloons). While the platform revenue share in 2024 (79%) has decreased, the company still relies heavily on specific revenue sources.