Soop Co., Ltd. (A067160) Earnings Call Transcript & Summary

Welcome to the live conference of Soop's Q1 2025 Earnings Report. It's my delight to be in the studio. I'm streamer, Kim Soo-Bin caster. This live conference is open to anyone who is interested in Soop. But as this is related to earnings, only those who have registered in advance can ask questions in the chat. Today, we have our speakers. First of all, CEO, Daniel Choi, could you say hello?

Good morning. I'm Daniel. This is my second time joining. I was quite nervous last time. This one, I don't know why I'm even more nervous, but I'm going to give my all.

And Ellen?

Good morning. I'm Ellen. I came out this morning. It was a beautiful morning and it fills me -- filled my heart with delight. So I look forward to constructive conversation today and good news.

Good news, definitely. How about you, [ Eila ].

Well, time does fly. It's been already 2 months since our last conference, and I'm delighted to be back with even better news.

I'm looking forward to it. So it's going to be a fun conversation today. So just to break the ice, I prepared some questions. Just to alleviate some of the nervousness. Did you all have good breakfast, Daniel?

Well, right before this type of conference, I usually don't have breakfast. I'd like to have empty stomach.

What kind of breakfast do you have?

Well, yes, but on normal days, I would eat breakfast.

How about you?

I came here and I had good coffee and bread.

Is it like a routine for the conference?

Well, because if I'm empty stomach, I don't know, I get even more nervous. So I like to have my stomach filled.

So you guys are kind of opposite of each other. How about you, Eila?

Yes, with Ellen, yes, we had coffee and bread.

I saw the conference last time, and it looks like 3 of you were a little bit nervous, but you were quite active in the conversation and you're nervous, but that means that it kind of gives you a sense of responsibility perhaps.

Yes, that's true because we'll be joined with so many important investors and analysts, and it's an important time. And it's a good time that we communicate with them and also, we listen to the voices of our investors.

How about you, Ellen?

I try not to be too serious about this. And Soo-Bin, you are more about broadcasting, but I'm not broadcasting kind of girl. So I just have utmost respect for the streamers.

Yes, thank you for that. Well, I didn't expect that. How about you, Eila? Are you still nervous?

My nervousness doesn't go away until the end of the conference.

Well, earnings report, the word itself gives me a high sense of responsibility, too, because previously, all the female streamers joined us, and I'm sure that kind of added lightness to the conference, and I'm a male streamer sitting with you next to you, Daniel, what do you think?

Well, Soo-Bin, I'm such a big fan of you. I love sports. I love how you do your channel for sports. So I -- this is such an honor to be sitting right next to you. It's going to be a lot of fun. So eSports is your turf, and you can definitely give us ten cents on that, too.

Well, we're having fun I don't know if the viewers will welcome you.

Well, I'm going to give my best. I'll do my best. So what's the order of business today, Eila?

I will first present our Q1 2025 business performance and financial results followed by Q&A helped by Daniel and Ellen.

Okay. Then without further ado, let's get right into it. So Eila, take us away.

Turn on the slide, please. Let me present the business performance and financial results for Q1 2025. As a leading live streaming platform, Soop has long driven the sector's structural growth. And this year, we are preparing and executing diverse business initiatives in both domestic and international markets. In the Platform segment, we are boosting our community by implementing active streamer support programs and introducing next-generation technologies such as AI. At the same time, we are reinforcing a virtuous cycle within the platform by advancing our business model. Specifically, following the launch of Savic last year, equipped with AI video generation capabilities, we introduced the beta version of the AI video assistant SOOPi in the Q1, a test service of SOOPi is focused on the core fans and subscription fans of selected streamers, and we're expanding the pool of participating streamers. Additionally, on April 17, we launched the first version of SARSA, a dedicated manager for streamers and are currently conducting tests. We are accelerating development to ensure that all streamers in select categories will be able to experience the service by the end of this year. On the branding side, to enhance brand awareness and attract more streamers and viewers, we are planning to roll out a branding campaign titled Soop Adventure starting May 16. In terms of the business model upgrade, we are preparing updates to the subscription products, which were introduced in November last year to enhance streamers' autonomy in managing subscription products and to strengthen their relationships with subscribers, thereby driving qualitative growth in subscription-based revenue. Regarding Soop's global expansion efforts, more than 300 streamers are currently doing global simulcasts. As we encourage individual streamers participation, we are also integrating Soop global services and content into Soop Korea's community content through activities such as the April Fool's Day Find Me event and random gifts promotion. In advertisement, we are targeting continuous growth based on our strong partnerships with game companies and our steadily expanding BTL marketing capabilities. Furthermore, through the acquisition of PlayD that completed on April 3, we are to enhance not only our external growth, but also the overall competitiveness of our Advertising business by leveraging synergies with our domestic and overseas affiliates. Now the Q1 2025 earnings results. Revenue in Q1 totaled KRW 107.7 billion, and that's a 4% decrease Q-o-Q, but a 14% increase Y-o-Y. Platform revenue in Q1 was KRW 84.9 billion, reflecting a 3% Q-o-Q increase and a solid 8% year-on-year growth. Despite the absence of large-scale content during the first quarter, streamer activity increased compared to the previous quarter, leading to a rise in ARPU. Q1 Advertising revenue reached KRW 21.9 billion, down 22% Q-o-Q as the peak season effect faded, but up 50% year-on-year. Breaking it down even further, Platform ads decreased 19% Q-o-Q, but it increased 51% Y-o-Y and Branded Contents ads fell 38% Q-o-Q, but rose 45% Y-o-Y. Other advertising section grew 29% Q-o-Q and 57% Y-o-Y. Now turning to the operating expenses. Q1's operating expense totaled KRW 74.9 billion, down 11% Q-o-Q, but up 14% Y-o-Y. Key drivers were a reduction in variable costs tied to advertising revenue as well as a removal of event costs that had spiked due to the year-end events. Meanwhile, the Y-o-Y increase in operating expenses was mainly driven by higher employment costs and an increase in variable costs that came with revenue growth. Breaking down by cost type, paying charges, which is a variable cost in nature, amounted to KRW 14.2 billion, up 5% Q-o-Q and 13% Y-o-Y. Advertising commissions totaled KRW 6 billion, down 59% from the previous quarter and 9% down Y-o-Y. Contents production costs were KRW 4 billion, up 47% Q-o-Q and whopping 155% Y-o-Y, primarily due to the production of large-scale leagues. Among fixed costs, employment costs came at around KRW 24.9 billion, rising 5% Q-o-Q and 11% Y-o-Y. Commissions for copyrights and others totaled KRW 8.1 billion, down 12% Q-o-Q, but went up 26% Y-o-Y. Streamer support payments amounted to KRW 2.4 billion, down 20% Q-o-Q, but up by 23% Y-o-Y. Internet circuit usage fees were KRW 4.9 billion, up 8% Q-o-Q and 17% Y-o-Y. Event expenses were sharply reduced to KRW 0.2 billion, falling by 94% Q-o-Q and 67% Y-o-Y, mainly due to the removal of the G-STAR and year-end event cost. Other expenses rose 26% Q-o-Q and 5% Y-o-Y to reach KRW 4.5 billion. Now for the Q1's operating profit, it reached KRW 32.7 billion, an increase of 18% Q-o-Q and 15% Y-o-Y. And the OPM, the operating profit margin, stood at 30.4%. Q1's net income stood at KRW 27.1 billion, up 4% Q-o-Q and 10% Y-o-Y. Finally, please refer to the full year financial statements for further details on our financial position. Thank you very much.

Thank you for the presentation. Okay. So we are going to now have a Q&A session. [Operator Instructions] But before somebody else raises a question as a streamer and a caster, I have some questions as to your future plans. So for cross-regional, which is the League of Legend and also SOOP Nations Cup, I believe, are some of the events planned out. So streamers in Korea versus those in other countries are competing, and that is something very intriguing and interesting to many of the viewers. So what's your plan in this regard?

Okay. So last year, we launched Global SOOP. And ever since then, many of the foreign streamers are very active in our new platform. In terms of content as well as the usual engagement with the streamers, we have launched cross-region, which is basically the international version of what we already had. And as you mentioned, we started with the League of Legend. And this weekend, actually, towards the end of this week, we will be cooperating with another game and SOOP Nations Cup is going to be the title for that. So it's going to be a one big thing. And very recently, another popular one is VALORANT, as you know, VALORANT, we say Spring for the VALORANT has launched. That's what people say. And a lot of big streamers are on this, and this is becoming really popular nowadays. And also, at the same time from last year, we've been working a lot in Asian markets, especially Thailand and also Taiwan. And in those countries, VALORANT streamers are being really active. We don't have any official announcement yet, but global Deathmatch likely to begin with the VALORANT. That's a plan because that's what you're asking.

So we have a question here. There was a big revenue jump that was observed with Excel Broadcast last year. What will be a new broadcasting trend that can drive up the revenue? And in terms of the viewership, is there any specific contents or marketing strategies that can drive up the monthly viewership for Global SOOP?

In terms of platform revenue, to give you the big picture, nothing will be different from last year. We have high expectation on revenue growth. The users who come to the platform and the streamers have to be expanded. And to do that, we are going to do the domestic and international events such as the -- including the large-scale brand campaign -- branding campaign and programs. And we're going to boost so that they can be transferred to the paying users. For the Global SOOP in the first quarter and the end of last year, we revamped our strategies and upgraded our programs. So we don't -- we didn't see a big jump in the viewership, but with the rise in the number of streamers that do simulcast, there's a revenue increase right there. And we're going to enhance our support to them. The global market in Thailand, eSports content was the core program, but social streamers are being boosted like the visible radio and lifestyle content. So these streamers are working very closely with us. And last month, the management, we went to Thailand and we visited MCN -- local MCN, and we sat down with our partners there. So we look forward to great results from our effort. And not just the Thailand or the Southeast Asian region, Taiwan and the Chinese market will be our next target. We're pouring efforts on to that end.

Now moving to the next question, Mr. Cha Minuh from Goldman Sachs. So if there are any -- are there any barriers to enter for the foreign streamers to simulcast, how could we address those barriers?

Okay. For simulcasting, many streamers are working with us side by side and the active simulcast, there's about 300 of them doing the simulcasting. When you're asking for the entry barrier, I guess, what I can say around that is many of the streamers, they're new to this and the idea -- the system of simulcasting is very new and foreign to many of them, which is why from Soop we're giving a lot of support. Having said that, we will be upgrading the [indiscernible] and many other tools for broadcasting. And these tools can really give them some convenient features. So I think that will be able to address.

Question from Hyundai Securities. I'm kind of curious about this, too. The Q1 advertisement market was quite sluggish, but branded contents and other types of ads recorded good results. What contributed to this trend? And do you think it will continue?

Yes, the Q1 advertisement, especially the branded contents and the eSports original content saw good results. There was a demand for VALORANT and that drove up this results and the marketing through this league is effective because of the demand. We expect the further revenue in the branded contents.

I think it's a follow-up question actually, Mr. Kim Dohyoung from CLSA. What do you expect from the PlayD's acquisition in terms of its profit and the revenue? And also, the Platform revenue grew about 1 digit for the first Q. Do you expect a similar trend for the next quarter and onwards?

Yes. For PlayD, I can take that question. So it doesn't have any impact immediately on the first Q because it only completed in April 3. So I believe it will only start to reflect on the second quarter. Fortunately, PlayD, in fact, the season begins in the second Q. So that's a great timing. We cannot give you a guidance at this point, unfortunately, but I can say from the second quarter. In fact, I mean, we can look at their brief -- highlights from last year. The annual -- about annual revenue was about KRW 38 billion. So that's what they have. And the second Q of that was about KRW 10 billion and the profit of the expense was around KRW 1.1 billion. So you can refer to those numbers from last year because they were already published at then. And then for this year, how that's going to be impacted, we can communicate with you down the road. As for the second part of the question, Mr. Choi can answer.

Sure. Now PlayD acquisition was a big thing for us. And when it comes to quantitative growth is also important. But I will tell you that if you look at our business strategies, we've had businesses from our -- and also [ CTD ], we have subsidiaries and synergy creation is very important with regard to whoever that we acquire, especially the PlayD. Now it's very, very new thing for us. So what kind of synergies strategically are we looking for is a question we don't have an answer that we're working on it at this point. However, I can tell you that we are looking at many of the things on possibilities for the synergy with PlayD, and I have no doubt it will be visible and manifested very soon.

I can see that we talked about Thailand and China. The management also made a visit to them. And I see that you're working very hard to create more content. Now not just the game streamers, but like you mentioned, the visible radio streamers are also quite looking forward to this global simulcasting. Now in Southeast Asian countries, do you believe that the Korean style radio or the visible radio can be a killer content in those countries as well?

So you're saying that how Korean visible radio content can become a killer content over there?

Yes.

Well, for that, it kind of depends on how much push we give to that segment, and that's what we are doing. So what kind of efforts are we pouring into this end? Of course, we give a boost to the current streamers who can do the simulcast, but also, they can do the co-broadcasting with the international streamers and localized visible radio content can be supported by us. And this is seeing some good results. For example, these global local social streamers can do co-hosting simulcast, and that can definitely create some good energy and they can learn from each other. They can give some tips to each other. So this is where we see another level of growth. And our management went to Thailand, they actually saw our journey. They followed our journey. So that shows how passionate they are about this.

I think we have to -- I think we still haven't answered the question on the Platform revenue. So just how we mentioned previously, it doesn't have to be an Excel Broadcast. Streamers always come up with very creative content. The virtual streaming is one example. So new things are happening in that arena, and we give support and we do a lot of collaboration with them so that new content can be created every day. So while doing so, this year, our target, I can give the guidance that it will be a 2-digit growth there. Yes. So we look forward to participation from investors.

I have a question about AI. So there are many attempts being done from your side using AI. What is the direction for AI capabilities?

That's a very, very pointy question. Well, I can say that from Soop's perspective, we are building on ourselves with in-house the AI capabilities to be able to help our users and our consumers to enjoy. From the streamers' perspective, we want to be able to give them a better environment for production of content for viewers to be able to enjoy it. So that is our main goal. And we have Savic from Soop, and we have SARSA, which is also a program and also SOOPi. And those are the AI capabilities that we've already built, and I believe they're already being very, very supportive. So we are already expanding our AI and not just from the service perspective, but for streamers, especially, we're giving them new business opportunities. And internally, we have our business management -- business model development team working hard to be able to give them more, and we're working very continuously with our audiences.

One more question. You started the rebranding from last year. Could you share with us the results by giving us indicators?

That's a difficult question to answer. First of all, internally speaking, we don't say rebranding, but we relaunched ourselves as Soop. So of course, the global platform was launched a new, but Korean platform also, it's not just changing the name of the platform, but also the philosophy behind the platform, the services and the direction where we are heading, we redesigned everything from literally everything. And that's why we use the term as relaunch rather than rebranding. It's difficult for us to disclose all the internal indicators. But first of all, there is a growth in terms of influx in users. And the average stay time of the viewers is also on the rise. The active streamers and average number of simulcasts, these are also steadily growing, even though not a big margin. And we haven't done any aggressive marketing campaign on Soop. So we -- if we don't explain that the former title was AfreecaTV, some people don't even know that Soop is a former AfreecaTV. So from the 16th of May, we're going to launch a large-scale campaign. So once again, I emphasize that it's a large-scale campaign, and we're going to collaborate with the global star. And we're going to launch our teaser tomorrow. Unfortunately, we can't reveal it today, but please look forward to that.

Okay. From KB Securities, what is the content investment plan to attract more light users? Now you said there's about 300 global simulcasting, what is your target?

Okay. To answer the first question. Well, light user is both important in Korea and abroad as well. Of course, from the content perspective, original content is a priority and the licensed content is also equally important. For example, we will continue to have contents to be shared. For example, last quarter, we had a very good response from this kind of approach. And just tomorrow, we have the communication content as well, and this will be a very positive impactful as well. As for the global platform, it's not the at the center highlight. But in Taiwan, to be precise, there is the LCK content. And from this quarter, it will be used for in their own local language, so in Chinese basically. And we began actually, and together with the branded content, we're going to see more synergies coming out of this. So that's the plan for the first part of the question. And for the second part of the question, yes, for the global simulcasters, we have about 300 and a lot of them are very interested actually other than that 300. And for that, we have this playground idea of the alligators, what we call it, and there are many others of such. And from these efforts, many of the streamers who used to be in other platforms are actually approaching us. Now there is something that internally we need to talk about to strike the balance. What I mean is that for simulcasting, this requires investment from our part as well. So we need to be pretty selective and prioritize the streamers with the greatest potential and those that we work with better. So we are prioritizing on those. What that means, though, from our side, the number isn't growing as fast as they'd like to. So there is some concern, but I can tell you that you will see the number growing. We have the drivers already here.

Okay. So I am a caster myself, but I'm here in the Soop as a streamer, but with the major streamers, I also collaborate with them. So that's why I'm always curious about the Soop's -- the vision, the big vision. But 3 of you here are working so hard for not just for this IR call, but for your businesses as well. So I guess the positive signals can be shared with you even when the questions are not asked. So that's why I wanted to give this chance for you to share.

Go ahead, Ellen.

Well, Global SOOP, our streamers -- there are a lot of streamers who want to do the global simulcast. And as Daniel said, so investing and also preparing ourselves for such programs, we want to do it right. And Taiwan, we saw a big hope in Taiwan to be exact. When we do this simulcast with overseas streamers, we see, "oh, there's a jump over there, that content looks really intriguing and exciting," and that's happening in Taiwan. They have huge interest in Korean eSports. So after doing some test runs over there, we can tell which country is showing more interest. So definitely, we are going to pursue those countries with our priority there. And the result will be very positive and not just for the users, but also the streamers. And I'm sure you also want to do the global simulcast. And I think everyone is doing so well, and we give them full support.

And so when you create content, and content is created by the streamers and the users too. I saw some Thai Songkran Festival that was covered by Korean streamers. And is that something that Soop can support?

So thank you for that. As was already mentioned by Ellen, the positive signals that you mentioned, I think there are 2 things that I can mention. First of all, internally, so in Korea, from the game content's perspective, at least, eSports, the game is a very important keyword for us. And what is the sustainable content? It's a question that we need to ask. What games specifically are going to grow? Well, what I can tell you is [indiscernible] is FSS. And that is one thing that's going to grow very well for sure because we've seen the growth already. And VALORANT, as had been mentioned, is an important thing. The teenagers, when they go to PC room, there most of the time are playing VALORANT, nothing else. So it's a very, very hit and popular game title. And from Soop, we've been working very consistently with VALORANT. I think it's time that it's really being paid off as many of the streamers are finally getting interested and playing VALORANT more than before. So we can say VALORANT really grew exponentially nowadays. Now there are many VALORANT streamers from other platforms who are willing to join with us. And so we're collaborating with them at this point. Now on the social content, for example, the visible radio and there is this -- together -- I mean content that we watch them together. But not only that with partnerships we will be creating more opportunities. So that's the positive signals, if that's what you're asking. Now for the global platform, Ellen already briefly touched upon this, but Taiwan is something that we see a great opportunity. The biggest reason for that is if you look at Thailand, we've worked very hard to build that market ourselves. But in Taiwan, they have a very clear preference, and that preference is very much aligned with the Korean audiences preference. Number one, is the League of Legend, of course. It's extremely popular, their LCK as well. So Korean streamers can see a great opportunity to grow in the Taiwanese market organically. Now for social content, it's really the Taiwanese people that are interested in showing their excitement about this already. But one thing, though, that I do need to mention is that especially when it comes to global, it's always something that takes longer. So we need to approach this with a bit of a patience there.

Another question. Can you update on in-app payment situation for South Korea and Global? And would that have an impact on user indicators?

Well, to answer that question, we had the situation happening last year. And at that time, I believe our users kind of learned how to do it and how to make the payment. So the Android phone users make the purchase on ONE Store. So we -- there is minimal impact on user impact -- user indicator and the data that is showing.

Now we welcome more questions. Now I think though, I mean, if -- even if it's not an answer to any questions, maybe you two can share your thoughts or any other positive signals that people might be interested in knowing, although there aren't any specific questions.

Well, I can tell you that. So I already mentioned some signals from Korea and from abroad. But I guess what I can do to use this time is to talk about our May plan, which is a brand campaign. So to give you a little bit of a peek on the upcoming events. So there are some teasers highlights that have already been -- that will be shared from tomorrow on. So sorry to keep you wait. I guess the highlight of the branding campaign is to be with the global stars, and that's basically the advertisement. So in the previous time from AfreecaTV to Soop until now, we haven't had any external those advertising campaigns. So this will be the first ever in our history of the platform. And we also have this outdoor advertising. For example, it could be the subway stations, the bus stations or in the buses themselves as well and other screens on outdoor spaces. So we're going to use all those spaces throughout main downtown Seoul. So you'll be able to see us there. And also, we'll be using social media and digital media as well to really spread this campaign. In fact, it will be done in other countries as well, some of the major markets in their own local languages. So it's going to be a large-scale campaign of advertising. Many streamers and users are likely to join us through this campaign. The name of it will be Soop Adventure. And at the same time, we will do more than just user events because then it's not fair for the streamers. So we will have Soop streamer adventure, in short Soop streamer adventures. So this could be for the new streamers or the streamers that had kind of churned, but are likely to come back to us. So we will be giving a lot of support and benefits through the mission projects. And once you accomplish those missions, you get the benefits. And also, we have other programs as well. It's a very 3-dimensional campaigns doing all aspects, covering all aspects of it. So get excited for this.

Yes. I was asking those questions wearing the hat of investor. Another question from Shinhan Investment. Could you give us the breakdown on the labor cost, advertisement and contents production in comparison to last year?

For the overhead this year, it's not going to be as big as last year. It's going to be almost the same. And if you see the Q3 -- until the Q3 that the scale will be stayed. And the advertisement cost, it's not going to be any big TV ad or commercials and will not run on major channels. It will be mostly ATL and platform events and digital advertisements are the main ones. Content production cost, it is connected to the branded contents and the eSports production content. So please refer to our guidance on that end. So of course, the headover -- the overhead and the advertisement cost, and it's going to increase Y-o-Y, but that is the variable cost connected to advertisement and the overhead is going to be -- it's a fixed cost very close to Q1.

Okay. From DB Securities. Just an announcement. If there aren't any further questions while we answer this, I will have to ask 3 of you to your -- for your final remarks. Anyways, from DB Securities, how much expense do you expect for this rebranding from May? And do you think this expense is likely to continue onwards to the second and the third quarter?

Sure.

Maybe we can also read out the second question from [ DB ] Securities. Okay. So in Global SOOP, the chat isn't as active. When this chat is likely to be converged, which is something that may be able to address this problem? What is your plan for this? And also, what's your strategy for the better engagement with the global version, global audience, especially the chat I mentioned?

Okay. So I think the answer is simple. It's not about global audience versus Korean audience. This is about what is this content. For example, let's say, also it's the role of the streamers, how well are they leading this conversation, especially if it's game like eSports, then, for example, the famous ones like [indiscernible], they are very good with engaging with the global audience in chat room. However, though, either for simulcasting or local broadcasting for the visible radio, especially even for the Korean platform, chat isn't just active compared to what we see in the game. So I mean, it's not about how many words are written in the chat. It's not the quantitative measure that's important for the chat. I mean, technically, we are able and we are already offering the convergence of the chat global and local platforms. For the -- some of the streamers that are already using this integrated chat. So for what we can do from our side is basically to encourage more streamers to utilize this integrated platform that we already offer. And for the local streamers who know this very well, they're really fully utilizing these capabilities. Another approach is we can have events like [ drops ] to encourage more people to use the service.

Okay. We talked about AI and the global platform and our plans. Thank you so much giving us the star balloons, 482. Fantastic, thank you. So before we close, let us go around the table and with a parting comment. How about you, Daniel?

Well, I was quite nervous in the beginning of the conference, but thanks to you, thanks to your very good guidance. I became quite at ease with the conference, and I think I was able to give full response to all the questions. While we are communicating with the investors, and it's very important for us to be aligned with the market. So our strategies and our businesses campaigns down the road will be communicated to you in the most transparent way.

Thank you for that. Ellen?

Well, thank you for all your questions about our businesses in Korea and on global platform. Before we began, we talked about SARSA and Savic. It's an intro video on SARSA and Savic that recently launched. And SOOPi is also there for the users and SARSA, it's an AI manager for the streamers and Savic, that's a video generation tool. So these AI tools and those AI tools can be utilized very actively within Soop platform. It's going to make user experience and streamer experience even more exciting and convenient. And Savic balloon, that's something that we look forward to. And for Savic, when streamers come in, there is a barrier, but Savic is definitely will be there to ease their entry into our platform. So within our ecosystem, these AI tools will be very much powerful tool.

Thank you so much. Lastly?

Hello. Yes. So looking back at what happened in Q1, it was quiet, but very strong. So I think really the gist was all delivered. And the second quarter, as 2 of you already mentioned, we'll focus on the brand marketing and upgrades of our AI capabilities and more esports leagues planned. So I think it will be a bit louder, if you know what I mean, and I look forward to meeting you with more exciting news the next time. Thank you all very much.

Great. Thank you. So yes, we look forward to the second quarter. We're very much excited about what's going to happen. Okay. With that, we round up the first Q highlights and the outcome. So thank you all very much. Thank you all. Goodbye.