SOOP Shuts Loss-Making Units, Refocuses on Music and Global Expansion
SOOP Co., Ltd., the South Korean IT and media firm that rebranded from AfreecaTV in 2024, has finished liquidating two loss‑making subsidiaries—Primeta, its Metaverse arm, and Afreeca Open Studio, which ran esports PC cafés. The company is now turning its attention to music intellectual property and international growth, seeking new revenue streams through live performances, events and sponsorships.
The move follows a series of ventures that failed to diversify revenue. In 2023, user support and subscriptions made up about 71 % of SOOP’s total sales, while advertising and other lines contributed far less. Experiments such as esports cafés and Metaverse projects did not deliver the expected returns. Afreeca Studio earned a modest 4.3 million won in 2023 but posted losses of 60 million won in 2024 and 56.72 million won in 2023. Primeta, launched amid the COVID‑19 boom in virtual worlds, lost 1.7 billion won in 2024 and 1.3 billion won in 2023.
With the subsidiaries closed, SOOP’s strategy pivots to its core live‑streaming platform and streamer community. The company plans to pair music streamers with external artists, creating content that can be monetised through live shows, ticketed events and brand sponsorships. Internal reports say the platform’s real‑time broadcasting infrastructure can accommodate music workflows without costly facility investments.
The shift also signals a broader push into global markets. SOOP has launched an English‑language interface for international users and is analysing streamer ecosystems and content demand by country. The firm intends to partner with local creators to grow its overseas user base and to secure unique music IP that can compete with established global platforms. In addition, SOOP is exploring ancillary services such as advertising agency functions and e‑commerce integration.
Industry observers note that the music and global content strategy aligns with SOOP’s existing strengths, but the markets remain highly competitive. A senior industry official said, “SOOP already has a streamer ecosystem and live infrastructure, so the expansion of music and global content is a more realistic revenue model than other new businesses in that it can leverage existing assets.” The same official warned that “both music IP and global operations are already highly competitive markets, so if SOOP fails to secure differentiated content and a user base, it may be difficult to establish them as the growth drivers it anticipated.”
The reorganisation comes at a time when many streaming platforms are looking to diversify beyond user‑generated content. By focusing on music IP and international expansion, SOOP aims to build a sustainable revenue mix that reduces its reliance on subscriptions and advertising.
Next steps include finalising partnerships with artists and content creators, launching new music‑centric features on the platform, and expanding its presence in key overseas markets.
At present, SOOP has completed the liquidation of its loss‑making units and has outlined a clear roadmap for music and global content. Whether the company can translate its live‑streaming strengths into a profitable music ecosystem will determine if the strategy delivers the expected growth.
