Operator
Good morning and good evening to all, and welcome to the C-Limited 4th Quarter and Full Year 2025 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's prepared remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by one on your telephone keypad. If you would like to withdraw your questions, please press star and then one again. For operator assistance throughout the call, please press star and zero. And finally, I would like to advise all participants that this call is being recorded. Thank you. I would now like to welcome Mr. Elson Choi to begin the conference. Please go ahead, sir.
Hello, everyone, and welcome to C's 2025 fourth quarter and four-year earnings conference call. I'm Elson from C's investor relations team. On this call, we may make forward-looking statements which are inherently subject to risk and uncertainties and may not be realised in the future for various reasons as stated in our press release.
Also, this call includes the discussion of certain non-gap financial measures such as adjusted EBITDA.
We believe these measures can enhance our investors' understanding of the actual cash flows of our major businesses when used as a complement to our gap disclosure. For the discussion of the use of non-gap financial measures and reconciliation with the close of gap measures, please refer to the section on non-gap financial measures in our press release. I have with me C's Chairman and Chief Executive Officer, Forrest Lee, President Chris Pham and Chief Financial Officer, Tony Ho.
Our management will share strategy and business updates, operating highlights and financial performance for the fourth quarter and full year of 2020's part.
This will be followed by a Q&A session in which we welcome any questions you have with that let me turn the call over and thank you for joining today's call 2025 has been a great year for C we generated a record 23 billion dollars in revenue representing 36 percent year-on-year growth at the same time just as EBITDA reached 3.4 billion dollars 260 percent and a 75 percent year-on-year increase which is scaled well in 2025 expectations This broad-based and robust growth is healthy and sustainable, underpinked by the growing skill of users that we serve. In 2025, Shopee served around 400 million active buyers and 20 million sellers, achieving $127 billion in GMB. Money gained over 20 million unique first-time borrowers hooked beyond 19 stable risk, 100 million players, generating almost a lot of strategies and we executed them well. 2026 will be a continuation of this approach. Our strategies will be consistent and execution remains key towards delivering another year of strong growth and healthy profits. With that, let me take you through each businesses for PGMV. World Order Wallets, we generated a full year adjusted EBITDA we made for both and their average year-on-year. The strong side of 2025 results is a validation of the effectiveness of our strategic choices for Shopee. Our ability to enhance monetization, as demonstrated by our consistently improved near-term, 2016, NU-GMV, no lower than we believe this is the right strategy to optimize Shopee's long-term plan. Let me highlight a few areas with our continued efforts into logistics, Shopee VIP membership program, and expansion of our... The objective is clear. In 2025, monthly active buyers and average monthly purchase frequency increased by 16% and 10% respectively. In 2026, this priority will benefit us with deeper structural modes that can further depreciate Shopee's In 2025, the cost efficiency approached our market, while customizing delivery options for different user needs. In dense urban areas, we scaled instant and same-day delivery for buyers who value speed and convenience. We expanded instant delivery into additional use cases, including partnering with local supermarkets and suppliers to deliver fresh groceries in Thailand in as little as one night. Faster delivery services reached a double-digit share of order volume in greater metropolitan areas such as Bangkok and Jakarta by the end of 2025. Instant and same-day delivery also spent around 15% more on average. At the same time, we scaled economically year on year. With our delivery capability well scaled, we started to roll. we are seeing encouraging adoption trends, double-digit order penetration in some cases. We plan to expand fulfillment order penetration by the end of the year. The Shopee VIP Membership Program. In 2025, we introduced this program to deepen engagement among our most. It gives subscribers more generous free daily vouchers 7 million as more than double has consistently produced double-digit spending uplift by members of In Indonesia, VIP members have been spending about 30 to 40% more than before joining. In some markets, VIP members already contributed more than 15% of total GMV in the first quarter. Building our Shopee VIP success in Asia, we plan to launch it in Brazil in the coming months. We strengthened our content and affiliate ecosystem in 2025, making discovery more engaging and supporting. We saw strong momentum in our partnership with YouTube, with orders driven by YouTube companies in the fourth quarter, year-on-year. This is launched in October 3 million affiliate Shopee, and this partnership has extended our ecosystem coverage across multiple channels. In Taiwan, GMV growth accelerated to double-digit in 2025, including auto-match. Contributed any peer to reference. We still see much headroom to strengthen our market leadership and improve e-commerce penetration in Taiwan. Brazil was our first delivering robust GMV growth and market share gains while remaining profitable. Mass market penetration improved our ability to offer in the fourth quarter days year-on-year. more GMV, more than doubled year-on-year. With these efforts, newer bio-prohort 26, we will accelerate the load. This will enable us to attract and serve even more sellers. Shopee delivered an exceptional 2025, setting new growth. So validating the efforts we made across the year to constantly improve on 26, we will remain to the year ahead. Healthy risk profile. In 2025, in 60% year-on-year growth, adjusted EBITDA exceeded $1 billion, representing 43% year-on-year growth. Remains our core credit business. Existing user is the base approach. We wrote this out. User cohorts scaled well with generally positive unique economics. For quarter, we deepen our engagement with existing credit users. with depreciated price and expanded credit use cases beyond Shopee. Like in a standard of Shopee S-Pay Later has evolved from a nascent offering into a meaningful contributor. By the end of 2025, of Shopee S-Pay Later loans, year-on-year, to 30% of has been driven with user experience. It's true that S-Pay Later put in seconds and used seamlessly for We integrated S-PayLator with national QR payment systems across key markets, making it much easier for consumers to use in day-to-day purchases. We expanded the use of S-PayLator into higher ticket offline, such as electrical. Our credit business expansion is possible by improvements in our risk underwriting capabilities. This improvement tapped on our rich ecosystem data over the years. We made good progress training our risk models, their behavior evolves. That's individual repayment capacity. Enhancing our model's precision and performance enabled us to scale rapidly in 2025, while still maintaining a stable risk approach. The 90-day NPL ratio held steady at the end of the 4th quarter. Looking ahead, I'm incredibly excited about many of our early stages. We have yet to capture progress growing through banking to ensure we believe money will be a significant long-term profit contribution. builder for us. 2025 was a blockbuster year for Garena and adjusted EBITDA to 38% year on year. Free Fire expanded its reach and scale globally for eight years has been truly special. It is remarkable for a franchise of its vintage to still be growing so far. Free Fire has now in the executive year's fast bookings nearly doubled the level reported even as it continued to grow year-on-year. Our ability to consistently deliver high-impact experiences 2025 was a defining year in this regard. Showcasing our in-game project in 2023, when the global gaming industry was struggling with the post-pandemic had the project required in that difficult time, the easier path would have been to focus on smaller, shorter, is the right thing to do. Long-term vision is rewarded with the collaboration's responding success. 2025 was also a big year for our Free Fire Watch series. The game's emotions are already laying the ground. Next phase, including preparation, has delivered a strong early performance. This launch in October, it has become the most downloaded mobile gaming v9, according to Sensor Tower. We hosted the FC Pro Festival 2025, a flagship e-sports and fan event in Ho Chi Minh City. The event was incredibly popular, reaching 18 million viewers online. With excitement for the event, we brought in global football icons Luis Figo and Ricardo Cata to play with local footballers and influencers in a friendly match. The match with this game demonstrates our ability, the engagement of the game, and the exciting opportunities across our businesses and markets. strengthening our communal strategies. We look forward to delivering another strong year.
OCE overall sent year-on-year to $6.9 billion in the fourth quarter of 2000 year-on-year to $22.9 billion for the full year of 2000. This was primarily driven by growth in shopping and money. Total adjusted EBITDA was up by 33% year-on-year to $787 million in the fourth quarter of 2005 by 75% year-on-year, 30% year-on-year to $4 billion in the fourth quarter of 2025, and GMV increased by 29% year-on-year. Fourth quarter GAAP revenue of $5 billion included GAAP marketplace revenue of 36% year-on-year and GAAP products within GAAP marketplace revenue. Garena Bookings grew 24% year-on-year to $672 million in the fourth quarter and grew 37% year-on-year to $2.9 billion, so the full year of 2000.
GAT revenue was up by 35% year-on-year to $701 million.
In the fourth year, EBITDA was up by 26% year-on-year to $364 million. Returning to our consolidated numbers, we recognize a net non-operating income of $62 million in the net income tax for the full year, our net income tax. As a result, net income was up by 73%. For the full year, net income was... Thank you, Forrest and Tony. We are now ready to open the...
Operator
Now opening the floor for question and answer session. If you would like to ask a question during this time, simply press star followed by one on your telephone keypad. If you would like to withdraw your question, please press star and then one again. In the interest of time, we will take a maximum of two questions at a time from each caller. If you wish to ask more questions, please request to join the question queue again after your first question has been addressed. For this time, we will pause momentarily to assemble our roster. Your first question comes from the line of Pang Viet from Goldman Sachs. Your line is now open.
Hi, management. Thank you very much for the opportunities. Two questions from me. First question is on Shopee. Can you provide more details on how you plan to achieve the target growth in 2026 while maintaining at least flat year-on-year absolute EBITDA? What assumption in specific are you making regarding the competitive landscape? And given the trajectory of lower year-on-year margin potentially, what are the key investment areas and how long should we expect the investment to last? That's question number one. Question number two, this will be on money. The loan book grew very strongly, closing the year, more than 80% year-on-year. Can you elaborate on the key drivers of this strong performance? what is primarily driven by new products new market pricing or stronger demand or how should we think particularly about growth in this year 2026 likewise how should we think about the ebitda margin trend going forward as well for the segment if we start from the shopee side the first questions um i think the um as uh forest mentioned in the openings um there are a few areas we are investing for growth.
If you start with the South Asia, essentially they are kind of two core enemies of this. The first enemy is to increase the share of wallet of the core users. Second is to increase the buyer base. If you start from the first one, the thing we're doing essentially are kind of similar to what we did before, but further enhanced in 2026 is to have better user experience through our logistics, for example, the instant delivery, same delivery, so users have a better experience. On top of the general improvement of our delivery qualities, if you're in South Asia, if you try our services, you will see a general faster delivery and better reliability over the year. We're going to continue to do that. The second part is to have a bigger fulfillment network, And I think this will both reducing the speed of user will receive the item because we can move the items closer to the users before the user actually ordered the items. I think in South Asia, most of the countries have concentrated in the capital regions. So if you're out of capital regions, having a warehouse closer to your area is a big speed improvement. But not only the speed, but also the reliability. of the services and also helping the seller to offload many of their work essentially to make it easier for seller to sell our platforms. The other area is to increase the wallet share is the VIP programs. Not only sort of like offering better service through our own platforms, we are working with many different external partners to offer benefit to the VIP users as well. As you probably can see that we work with OpenAI and JGBTs. We are also working with many local partners in different countries and there are many global and local partners pending in the process. Again, this is on top of the many other things we are doing, for example, the price initiatives to make sure that our platform is always price competitive. We are also continuing the effort on the content side. Our content share of businesses has been growing over the years, more than 20% already. And I think that trend will continue, not only for our own content, but we work with external partners like YouTube, like Facebook apps, and we're discussing more collaboration for the external content provider as well for this. Again, this is a broader segment of increasing the wallet share for our core users. Another part of the effort, as I said earlier, is to increase the buyer base. I think if you look at where we are right now versus, let's say, a year ago, one of the differences you will see that our gross unit economics has been improved meaningfully with the high tech rate through the ad effort also part of the Commission effort we have essentially a higher tech rate on the top line but also reduce our cost to serve essentially for the logistics plus payment essentially this is the raw cost to serve with a better growth margins, there are more and more users we can serve in a profitable way. So this enables us to be able to essentially serve a larger group of users and what we are doing in 2026 is essentially to reach out those users, to convert them to our platforms and enhance the overall, the MTUs and MUs for our platforms. So that's kind of a broader theme of what we are doing in South Asia. In Brazil and Taiwan, many things are similar, but I just want to highlight a few things that are specific for the market as well. So in Brazil, we have been operating with a much efficient logistic network compared to what's available to the other players in the market with much lower cost. And we are able to run the businesses probably with sort of a much lower basket size. With this, we would like to essentially build on top of this to serve the high-end customer swallow over time in a higher basket size categories. In order to do that, there are essentially three things that's important. One is to increase the speed of deliveries. I think as Boris mentioned in the opening, we have reduced the shipping speed over time meaningfully. If you compare Q4 this year versus Q4 the year before, sorry, 2025 versus 2024, you will see one to two days difference on the specific time in Brazil. I think that's very important to make sure that the user gets the item faster with a lower cost without impacting the cost. That's very important. Second one is the fulfillment network that we're building in Brazil. So we've been ramping up this in the past quarter, but 2026 is the really time that we're going to grow this much larger. I think we spent quite a few months to get all the kind of detail right, the system right, get the location right, get the process right. I think it's a time to actually to grow this much faster. The third one is to make sure we have all the right sellers for certain particular categories. like, for example, auto electronics, et cetera, but also for the most other brand sellers coming to our platform. I think with all the three elements coming in place, I think this will enable us to reach out to a new segment that we are not able to serve in the market, right? I think in Taiwan, we have a kind of quite a special network we've built for our deliveries. I think in order for us to capitalize on that, we also start building the fulfillment part as well to have an integrated operation. So not only sort of just for me, but it's an integrated operation with our local networks. So we are able to serve the users in a much lower cost end-to-end, but also a faster speed compared to what they experienced before with the other networks in the market. Yeah, so this is kind of the things we are doing. And many of this has an investment cycle as well. If you look at the fulfillment network, there will be a pure time we'll build it up, but there's a clear investment cycle come with it rather than that it's an ongoing perpetual investment. For example, if you look at the faster deliveries we're building, I think there is a pure time that we will scale the delivery fleet, et cetera. It's a size separate fleet from the typical STX services. For example, if you look at the VIP program, there's a pure time that will kind of educate the market and also attract our partners as we get everything in place. I think the cost structure will be a lot better. I think there's been proven in many other markets, as you probably have been aware. If you look at the sort of the overall profitability margins, our Q4 EBITDA margin is around 0.55, as you can see. Compared to the year before, 2024, we're actually improving on the margins. If you look at over the years, in the early part of the year in 2025, we guided the market to grow around 20% for our top lines. Over the year, we actually realized that we're able to grow the businesses much faster. We end up with much higher than that. If you look at the year-to-year growth, if you look at Q4 growth, we grow much larger, much higher than 20%. I think essentially over the year we realized that there are areas we are able to drive the market to grow. And we also learned that there are different levers that we can pull to drive the market growth. And 2026 essentially is an extension from where we are in Q4 2025. And if you look at sort of like Q4 2025, if you look at the end of the year 2026, I do believe that we are able to expand the possibilities, the margin there as well. And this trend can continue over the years. And I think we talked about a 2% to 3% margin for e-commerce businesses over time. I think the belief is still clearly there. And we will demonstrate it to the market over the years. And at the same time, we also believe that the market potential is probably larger than kind of many projections before. And the 2026, as we shared earlier, we are able to grow around 25%. And, of course, we will observe how the market behaves over the years. and over the quarters, I think the core thing for us is I think the businesses I think is in a shape that we are very confident that there are things we can do to drive the business growth and the things are within our controls and the things we are doing has a clear investment cycles that we can drive over time. Regarding your question on the competitive landscape, I think what we observed is relatively stable competitive landscapes across most of the market. Yeah, and I think that we didn't observe anything very different from what we see from last I think that's sort of a question to the e-commerce side. On the money businesses, there are multiple drivers driving the growth. On the broader scales, we see that there is a different phase of our businesses that we roll out in different markets. There are also different products we roll out in different markets, in different phases. For example, the early market that we start, our financial service businesses was indonesia so clearly indonesia was the first country that grow uh much faster than others um then over time we started kind of like the services in countries like thailand and malaysia etc so this this kind of countries will catch up on the growth and at the initial phase of the new market clearly will grow faster than the market's been there for quite a period of time um another example would be like brazil if you if you look at um essentially it's actually our our latest market when we launched many of our products. Brazil also in a pretty high growth space as well. The other drivers on the product side as well, in most of the country we started with SP later which is our consumption loans. So, you know, that's the first growth driver and later we roll out the cash loan, the personal cash loans. We also roll out the off-shopees and then the cash loan and off-shopee, off-platform loans will be the growth driver. So if you look at the growth, the on-Shoppy side, we still see more penetration possible on-Shoppy. And even within Xperlator, we have differentiated products for different users, especially for the more higher income segment. We offer differentiated product with longer tenures, slightly lower interest rates, et cetera, to those segments. So we still see opportunity to grow these segments. And for the off-platform lending, I think we shared quite some in the opening as well. For example, in some countries like in Malaysia, we see the off-shop has been 30% of the overall portfolio already. And I think all these are driving the growth for our loan books. Regarding the margins, I think the margins influence quite a lot by the country mix, product mix, and also whether we see a good opportunity to acquire users. I think it might fluctuate a little bit quarter to quarter. But the fundamental of this is how is our risk management capabilities that we see. We are seeing very stable risks. If you look at a particular product for a particular market, the risk is very stable for us. You can see this from our NPL number as well. And we track this very closely internally to make sure that we don't sort of like grow the loan book because we want to grow the loan book on the top lines. We want to do it very prudently. At the same time, we actually upgrade our risk management models over the years, especially with many of the new AI technology. We're experimenting with the new AI, new risk model with the transformer structure as well to do a long sequence data training fit into our model to utilize many of the e-commerce data that we're not able to use in the traditional risk modeling, and it has been showing us very good performance. And so many of this will help us to manage our risks, to reach out to the user base we're not able to serve before, so that we can grow the loan books over time.
Operator
Your next question comes from the line of Piyush Dari of HSBC. Your line is now open.
Yeah, hi. Good evening. Thanks for the opportunity. The first question is on Shopee. You have elaborated on various investment buckets. Could you also elaborate on how long these investment cycles could last in the context of how we should think about margins for 2027? And what are the likely deliverables from your partnership with Google to deepen AI-powered solutions for Shopee? And second question is on Garena. could you talk about the outlook for the booking growth in 2026, you know, pipeline for any IP collaborations which you can share? Thank you.
For the investment cycle, as I shared earlier, I think for different initiatives, there are different investment cycles and also for different markets, there are different investment cycles. So it's a little bit sort of like tricky to generalize it, I guess, from a top-down perspective. But as we guided in the openings, that we do want to make sure, number one, that the total probability in the absolute number in 2026 is better than 2025. And also, if you look at the probability levels, I do believe that if you look at sort of like end of the year or over the years, I think it will not be worse than Q4, 2025, and it should be able to grow over the years. And if you look at, we're not providing guidance, let's say for FY 2027 yet, but as a medium-term to long-term trend, I think the two to three percent EBITDA margin, I think it's well achievable based on what we see so far. It's in a way with choices on how much we want to draw on the margins versus the growth levers that we have in our hand from what we see it's a we don't have any concern on that in terms of the partnership for with Google we are still in the process of developing the product and I think that it shouldn't take too long I believe I think when we have the product I think we will be able to share with everyone. We've been working with Google for many years on Google Shopping and Google Ads and many other things on YouTube as well. So this extension of our partnerships.
At this moment, we still see the double-digit growth for Garena for 2026. And in terms of the collaborations motivated with IP such as Naruto, actually this year we're going to extend that IP collaboration. So this probably will be around Q3, so based on our working with other potential like IP collaborations. Meanwhile, this year is a big football year, so for FIFA World Cup, the global football community has a very variety. So during the FIFA workup time, we're going to have a lot of football related.
Operator
Question comes from the line of Alicia Yap of Citi. Your line is now open.
Hi, good evening management. Thanks for taking my questions. Two questions here. Number one, could management provide some insights into the retentions and also the renewal rate for your VIP member subscription program? And then furthermore, if you can give us how does the VIP members influence the different purchasing frequencies and also the preferred product category? And also, are there any difference between the behavior in the customer profile across the different countries and how does this affect your strategy? And then second question is on AI. So wonder to us, you know, given like, you know, can management share with us on your investment priority, given, you know, So how are you prioritizing your investment given – so how are you prioritizing investment between the e-commerce fintech and AI amid the latest competitive environment and also the importance of the AI initiative? So if management can share how we are leveraging your synergies between your three core business to strengthen your competitive advantage and also to enhance your ecosystem value. Thank you.
For the Shopee VIP program, it has been growing quite a lot over the past few months. In some countries, it has been more than 15% of our total GMBs for the VIP members. I think we do believe that this will grow further to double or triple from where we are right now. The retention has been pretty good, actually. The renew rate, so one of the core challenges historically for similar programs in our region is a payment success rate when sort of when they roll from sort of one month subsequent to another the many people drop off simply because there's no credit card available for many of our users in our region versus if you look at the more credit card market I think we solve this by working closely between shopping and money to enable there's a smooth payment process for our VIP program and as a result our subscription rate has grown from 40% to 70% for Indonesia over the past few quarters. This is a big achievement for us in terms of how we can retain the VIP members as ongoing basis. And for most of the VIP members, if you look at the average purchasing, we do see that much higher frequent purchase and sometimes with the higher baskets as well. I think overall, if you look at the general number, the VIP member spends 30 to 40 percent more than the average. For different markets, actually we see quite similar behaviors in different markets. I think probably the difference, I guess, in the market is probably the offerings because there are different preferences in different markets in terms of user behaviors and what people care about. So we actually tailor the VIP offering, quite a customized tailor for each of the local markets. I think that's probably more the difference than the other behaviors. On the investment front, so if you look at our different businesses, Our money businesses, it's a very popular business, and for most of the new user growth or for most of the new initiatives, it comes with their quite positive customer lifecycle values. So it's kind of like, so in a way, every initiative has a positive ROI. I think if you look at the e-commerce side, we do spend quite a lot of effort on the AI. I think you mentioned about AI investment there. For the investment on the e-commerce for AI, we also look at the positive return of investment across the initiatives. For example, if you look at one of the areas we spend on F&L AI is our search recommendation and also ad systems. the uplift on our ad take rate is a consequence of many of our AI effort for example how do we actually expand the description for our products so we can understand the product better for example how can we expand the queries from the users so we can understand user intention better recently we also wrote out a multi-model search in our platform as well so users can search a picture plus lunges questions, and we are able to serve that just similar to how Gemline, which ICT would do. I think all those AI investment has a clear ROI. We also spend quite a lot of effort using AI to help our sellers. For example, if you go to many of our countries, you can talk to the sellers with the help of AI already. So we build an AI chatbot for our sellers. our seller can customize it for their own purposes, this will help the seller to reduce their manpower and also make it not only reduce costs, but also have a better upsell for the buyers. And we also have tools for the seller to create videos and picture descriptions for their product, et cetera. All those typically come with the fairly positive return investments for our ecosystems. For the synergy across our businesses, Clearly, there is a lot of synergy between e-commerce and financial service businesses. The financial services are essentially leveraging a lot of data of user behaviors from Shopee to be able to risk assess the users. And we still believe, as I said earlier on the previous questions, we still believe there's a sizable room for the money to penetrate the Shopee user base there, not only for credit but also for our banking businesses, insurance businesses, our payment businesses, et cetera. Our money business also works with our game site to help the game on the payment process as well. that is a collaboration with gaming business from Shopee as well in terms of the merchandising, in terms of the user acquisition side. So there are different types of collaborations among our businesses.
Operator
Your next question comes from the line of Divya Gangahar of Morgan Stanley. Your line is now open.
Thank you very much for the opportunity. My first question is on the Brazil space. Could you comment if you expect GMB growth in Brazil to accelerate this year, given all that we are doing on the fulfillment capability? And what kind of impact would that have on our AOVs? Are the AOVs still significantly lower or one-third of the market leader? And what kind of gap do you expect to be able to cover with this fulfillment uplift? Could you also comment on what the penetration levels for Shopee Pay later in Brazil are? And should that also see a significant uplift this year? So that's my first question on Brazil. And my second question is on the content ecosystem that you alluded to. Could you comment on where do you see the e-commerce content ecosystem plateauing in ASEAN specifically? And what are the unit economics now versus shelf e-commerce for us? And how is our market share trending in this?
For Brazil, we come with a pretty high growth rate in 2025. We do believe that growth will continue in 2026. We don't have a guidance for a particular country on the growth rate, but in general, we will see pretty good growth in the market. We also believe that we will outgrow the overall market in Brazil. On the ALVs, we do believe that the ALV will, over time, grow. The gap with Mali, I think it will still have, but I think we will narrow down the gap over time. For the escalator penetration in Brazil, it's still in a very early stage, honestly. I think we've grown quite a lot in Brazil. And the penetration in Brazil is still – I think essentially we start Brazil a lot later in other countries. and the penetration level in Brazil is similar to the early time of what we observed in our early market. So we believe the trend will continue in terms of the penetration of SPL in Brazil in 2026, similar to what we observed in other Asian markets. For the content ecosystem, we don't think it's plattering yet for our platform. I wouldn't comment on the other platforms, But for our platform, we do believe there are further room to grow in the coming quarters. The economic has been improving over the years. I mean, sometimes there's a slight fluctuation from month to month, but general direction is the economic still improving over the time. I think the gap between the content ecosystem and the non-contents unicnomics, it will be narrow over time and it will not be too much difference in future.
Operator
Thank you. This concludes our question and answer session. I would like to turn the conference back to Mr. Elson Choi for any closing remarks.
Thank you all for joining today's call. We look forward to speaking to all of you again next quarter.
Operator
Thank you for attending today's call. You may now disconnect. Goodbye.
