Korea’s live audio streaming platform Spoon has been witnessing a big growth in global outreach and revenue.

Launched in 2016 by Neil Choi, Spoon introduced the concept of interactive audio broadcasting, targeting Gen Z.

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.

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 and its 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.

Spoon Radio app exceeded 10 million downloads last year, with more than 55,000 broadcasts on an average per day. For listeners, they can listen to the music of their taste and communicate with the DJs on live chat. As per the startup’s report, 70% of Spoon Radio users are international users. It has found massive success in Japan and the US. The term ‘Spooner’ has become as popular as a ‘YouTube’ or ‘Influencer’ in the countries it is broadcast.

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 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.

“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.