The only local company listed through a special purpose acquisition company (SPAC) live entertainment platform 17LIVE had a net loss of US$5.2 million (approximately S$6.96 million) in the second half of 2024, a loss narrowing by 96% from the same period in 2023, and the net loss per share narrowed to 3 cents accordingly.

17LIVE Group released its second half of 2024 and its full-year results before the opening of the market on Thursday (February 27), with total revenue in the second half of the year being US$89.67 million, a year-on-year decrease of 29.9%.

In 2024, the group's net loss was US$3.25 million, a narrowing of 98.7% from 2023; its annual revenue was US$190.84 million, a year-on-year decrease of 31.6%.

The group pointed out that profitability has improved due to increased cost efficiency and narrowed year-on-year decline in revenue. The group will make strategic decisions to maintain profitability in 2023, and will inevitably lose some market share. Therefore, while revenue declined in 2024, gross profit margin increased from 41.2% in 2023 to 43.3%.

The group's fastest growth in the past year was its virtual live broadcast business, with revenue increasing from US$5 million in 2023 to US$11 million. The group said that virtual live streaming is becoming more and more popular among content creators and users and is driving the development of the group's new business.

Further reading

17LIVE CEO: Profit momentum will continue to be anime anchors will become core business

17LIVE CEO: Profit momentum will continue to be anime anchors will become core business

Non-operating expenses increase 17LIVE Group's losses in the second half of last year increased

Non-operating expenses increase 17LIVE Group's losses in the second half of last year increased

In 2024, the group acquired mikai, a Japanese entertainment startup company, to expand its virtual IP business.

17LIVE's stock price rose slightly after its performance was released, up 1.23% at 9:50 to 0.825 yuan.