Korea’s live audio streaming platform Spoon is rising in global outreach and revenue. Neil Choi, the CEO of Spoon Radio Inc. creator of the ‘Spoon Radio’ audio platform, stated in an interview recently that the firm sold $41 million of virtual items in 2019, double the amount sold the previous year. In 2016, Spoon Radio had virtual item sales of $60 thousand, in 2017 of $2 million, in 2018 of $19 million, and 2019 of $41 million. The firm continues to grow at a rapid pace in 2020.
Following its launch in Korea and Japan, Spoon Radio has rolled out its service in over ten countries and launched in the US last year. Virtual item revenue from overseas markets now exceeds that from Korea. Spoon Radio’s cumulative downloads now exceed 15 million, and MAU is above 2.2 million.
There are about 100 thousand audio streams generated on Spoon Radio daily. Securing investment from KB Investment, IMM Investment, Naver, SBI Investment, and others last December, Spoon Radio will focus on improving profitability along with growth in sales this year.
For 2020 Spoon Radio Inc. is forecasting revenue of $100 million and is targeting breakeven.
“As the 1st mover in the Audio Live Platform space, Spoon Radio has demonstrated marketability and potential in many countries and will focus on improving profitability this year,” said Spoon CEO and founder, Neil Choi. As part of setting the strategy for the US market, Spoon Radio Inc. has established its US subsidiary and is preparing to open a branch in San Francisco this April.