Since the beginning of the year, there is a

Since the beginning of the year, there is a company that foreigners have bought about 200 billion won, which is 14% of the current market capitalization. It is Afreeca TV.

Afreeca TV received a foreign love call along with the benefits of the withdrawal of its domestic competitor Twitch, its global presence, and the attractiveness of Valuation. This year, foreign net purchases reached 200 billion won, with UBS funds securing a 7.33 percent stake.

Platform sales, which account for 7% to 80% (68% based on 4Q23) of sales, are the core of Africa TV. More than 95% of platform sales are donated economic gifts called <Star Balloons>. If you bring the star balloon aggregation site Pung Today data, the total number of BJ TOP 50 star balloons from 24.01 to February is 43.8 billion. Compared to the same period last year, YoY +101% growth is noticeable. The growth of the most important core data is noticeable.

* 1 star balloon = 1,000 won, 1 million star balloons = 100 million won
** However, it is important to note that despite the YoY +59% growth of the same data in 23, platform sales have not increased significantly, and the accuracy of the Wind Today site data cannot be guaranteed.

Naver is definitely attractive, but the Africa TV trip of major streamers is also a fact. I'm guessing the movement of major streamers helped sales of star balloons.

On top of that, advertising sales are also rising. Based on 4Q23, advertising sales grew by YoY +20% to 29.9 billion. The proportion of annual sales is 23%, which is -3%p lower than the previous year, but the absolute amount is the largest ever and is growing again. Africa TV with the image of Akdong was shunned by advertisers in the past. The unit price of advertisement was also discounted compared to similar traffic platforms, but I think the atmosphere has changed recently.

It is a company with a strong economic moat, at least in Korea. It has won the competition with Coutee TV in the past and Twitch in the present. It is a company that talks a lot and has a lot of troubles, but it is attractive from an investor's point of view.