Carrot, a location-based platform, posted 270.7 billion won in revenue last year. This represents a 43% increase from the previous year. Advertising revenue drove the performance. It is being evaluated that the company successfully converted the regional advertising market, which had been fragmented offline through methods like flyer distribution, to online.
Carrot announced on the 27th that its operating profit on a consolidated basis last year was 14.6 billion won, a 481% increase compared to the same period the previous year. During the same period, Carrot's revenue was 270.7 billion won, a 43% increase year-over-year.
The company is making money from local advertising. Last year, the number of advertisers increased by 37% compared to the previous year, and the number of executed advertisements increased by 29%.
The number of secondhand transaction connections recorded last year reached 190 million. Carrot Alba job applications surpassed 50 million. Cumulative meetups increased by 63% compared to the previous year, and meetup members increased by 125%. The cumulative number of Biz Profiles, a local marketing channel for neighborhood business owners, also increased by about 2.65 million, up 32%.
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A few years ago, I wondered if Carrot could ever find a revenue model, but it looks like they succeeded.
And they did so without introducing a secondhand transaction fee model while maintaining Carrot's identity.
Impressive!
