I'll begin Naver's 2023 Q4 earnings conference call. We have Choi Soo-yeon and Kim Nam-sun here with us, and they will walk you through Naver's business highlights and strategies and financial highlights, after which we will entertain your questions. Please note that the earnings results are K-IFRS-based, provided for timely communications, and have not yet been audited by an independent auditor, and hence are subject to change after such review. With that, I will turn it over to our CEO to present on the business highlights.
Good morning. I am Soo-yeon Choi, the CEO. Naver, constantly striving for new challenges to make a leap as a global company, is devising various strategies to enhance platform competitiveness by leveraging technology and data capabilities in line with users' content consumption behaviors, and is focusing on strategically executing them. In particular, this year, we plan to enhance our services by providing hyper-personalized content based on generative AI technology, ensuring that content of interest to users is more easily discovered. We will endeavor to enhance user experience and also to translate it into revenue. With the overhaul of integrated search in October and the Naver app at the end of November, we have equipped our platforms with UX and UI tailored to discovery-oriented content such as home feed, search feed, and clip.
In addition, we have been making efforts to secure high-quality content in lifestyle areas, including fashion, beauty, outdoor, leisure, and places. In addition, we plan to leverage data from various services, such as shopping, places, and webtoons, to offer personalized recommendations tailored to user interests, enabling them to consume more content. We expect that these improvements in user experience will also be extended to the advertising space, ultimately leading to expanded monetization opportunities. To more actively implement these changes, in November, we welcomed Mr. Kim Beom-jun as our new COO, who brings with him extensive experience and achievements in technology services and overall management from various IT companies, such as Woowa Brothers and NC Soft and SK Planet. Going forward, we expect Mr. Kim to bring a new perspective to Naver's overall technology operations, enhancing productivity.
He will take a lead in leveraging data from the various service platforms, such as Naver Pay, Webtoon, and Snow, to strengthen service and business competitiveness. We anticipate that he will inject our vitality into Naver's continuous global expansion efforts. First, I will discuss the search platform business. Search revenue increased by 4.8% year-on-year, driven by the revamp of mobile integrated search and improvements in ad product UI, which resulted in increased CTR. On the other hand, display continues to face revenue declines due to negative growth in sluggish sectors such as construction, retail, and finance, as well as a prevailing trend of reduced marketing expenditure on impression ads. Lately, there's been a noticeable shift among many small and medium-sized advertisers towards preferring performance-oriented marketing campaigns.
In response, Naver has been rolling out new services like generative AI services, home feed, short form, and CHZZK to strengthen its platform competitiveness. Naver is introducing premium products as part of its efforts to expand revenue streams. On November 30th, Cue: a new generative AI search service based on HyperCLOVA X, was partially implemented in PC integrated search. In line with the year-end and the early New Year season, when demand for gatherings and gifts increases, we have applied local reservations and shopping gift recommendation scenarios. These initiatives have garnered positive feedback, particularly for the convenience they offer in seamlessly transitioning from search to finally booking and purchasing. In the first half of this year, we plan to expand our services to mobile platforms and incorporate multimodal technology to enhance the search experience for more users.
After the revamp at the end of November, the Naver App saw a significant increase in home feed users, growing 2x within just one month. Thanks to the advanced hyper-personalized recommendation technology powered by HyperCLOVA X. Also, the home feed ad efficiency is more than 2x higher compared to ads placed on the main mobile page, which is another noteworthy aspect. The short-form service, Clip, is experiencing solid growth after achieving an annual user and engagement targets ahead of schedule. Recently, the recruitment of Clip creators has seen an influx of 36,000 applicants, indicating a solid foundation for enhancing both the quantity and quality of content. In December, we launched the beta service of our streaming platform, CHZZK, to further strengthen the gaming community that we have been building.
In just one month after its launch, we secured over 1.3 million MAU and successfully attracted top streamers from Twitch, demonstrating a positive progress. Until the official launch, we plan to incorporate features such as video sponsorship, channel subscriptions, in addition to voice sponsorship and ads. We also aim to provide a solution migration program for Twitch streamers and viewers, actively gathering user feedback to support more streamers in settling on CHZZK. Furthermore, we aim to enhance our service competitiveness by integrating with various Naver services such as Search, Naver Games, Naver Cafe, and Clip, introducing new features powered by AI technology. Naver's such endeavors are anticipated to result in the expansion of advertising inventory based on the growth of session duration and traffic, along with the introduction of new creative products, thereby expanding revenue opportunities.
On January eleventh, we joined hands with Nike and initiated pilot testing for a new form of advertising called CLOVA for AD. For the first time in Korea to utilize generative AI to seamlessly connect the brand's needs with the user's information consumption flow, thereby providing personalized experiences. Through buttons displayed at the bottom of the brand's searches on Branding DA, users can now experience brand chat, initiating the conversations that extend from search results to product recommendations and purchases, providing an expanded user experience. During the testing period, advertisements featuring entry points for ads showed approximately 20% CTR compared to those without, and we observed that 30% of the users engaged in product exploration after the chat.
We plan to carry out the CBT within the year to analyze user patterns and incorporate advertiser feedback to further improve the product. Next, I will provide an update on our commerce business. In Q4, NAVER's overall commerce GMV achieved KRW 12.4 trillion, marking an 11% growth year-on-year. The growth rate stood at 4.9% year-on-year, excluding the effect of the Poshmark acquisition. Similar to Q3, there was a noticeable increase in service GMV. Excluding Vietmall, so the on-platform product GMV reached KRW 8.7 trillion, representing a 14.3% year-on-year growth, driven by the steady increase in the number of registered brand stores and GMV. The service GMV recorded a growth of 34.3% year-on-year, reaching KRW 1.7 trillion, driven by the impact of the year-end holiday season.
The Brand Store witnessed different growth across digital electronics, which constitute a significant portion of GMV and health food brands focusing on guaranteed delivery. Moreover, the growth in the number of brands was comparable to the previous quarter. Booking order payments, including MST, continued their growth trend, with offline payment transactions reaching KRW 1.9 trillion, more than the... And despite remaining committed to improving rather the Brand Solution Package, which was launched and began to be charged from October fifth last year, has received positive feedback and for various pay solutions such as Brand Store Tab, Brand Launch Solution, and Brand CRM, contributing to revenue growth. The year 2024 is anticipated to be a challenging year as economic uncertainties and high interest rates put a damper on consumer sentiment.
Amidst such circumstances, Naver plans to strengthen collaboration with brand partners by enhancing solutions and expanding coverage of guaranteed delivery services. At the same time, leveraging highly sophisticated AI-based recommendation and search, we aim to provide a more precise and appealing hyper-personalized shopping experience, enhancing Naver Shopping's competitiveness. Poshmark posted EBITDA positive in Q4 and also maintained a growth in all aspects, including revenue, GMV, and market share, solidifying its position as the number one C2C platform in North America. We're working on further strengthening its business competitiveness through the growth of existing business, increased revenue from IP advertising, and expansion of the revenue share of the live streaming show, Posh Show. We will strive to achieve a growth in GMV and top-line revenue through initiatives that can create synergy with Naver. Next, let me provide updates on the fintech business.
In Q4, Naver Pay achieved a TPV of KRW 16.3 trillion, representing a 23.9% increase year-on-year, and a 7% increase QoQ. Non-cap TPV, in particular, recorded KRW 7.7 trillion, marking a 50% increase year-on-year. This growth was fueled by the continued expansion of offline payments and the addition of major new merchants like Life and LINE Life further enhancing Naver's external ecosystem. Booking order payments, including MST, continued their growth trend, with offline payment transactions reaching KRW 1.9 trillion, more than 2.7 times higher year-on-year. We launched the Naver Pay Money Card and diversified the payment methods to allow users to enjoy the benefits and convenience of Naver Pay anywhere in the world.
Cross-border payment services through UnionPay and Alipay Plus have expanded coverage to 65 countries, enhancing usability and strengthening the offline payment ecosystem. In the platform business, the loan product lineup has been expanded with the introduction of mortgage loan comparison service and rental deposit loan switching service. In the case of mortgage loan comparison service, we have strengthened our competitiveness by securing the highest number of partnerships with commercial banks in the industry, along with providing related real estate content. Just six days after its launch, the comparison inquiries surpassed KRW 3.9 trillion in terms of value.
The auto insurance comparison service launched in January has secured partnerships with the most number of insurance companies among platform, and it provides differentiated services through quick and easy premium comparisons leveraging integration with existing Naver Pay services like Naver Pay My Car. We will continue to expand our lineup of loan and insurance products, as well as partnerships with financial institutions, to further strengthen our competitive edge in comparison and recommendation services. Next, let me move on to Webtoon's Q4 performance. In the fourth quarter, Naver Webtoon achieved additional improvement in profitability and reached EBITDA positive for the year 2023. This is thanks to various efforts, such as continuous resource optimization, expansion of cross-border content, and the introduction of new business models.
Despite remaining committed to improving profitability, consolidated GMV of global Webtoons still increased by 9% as compared to the previous year, driven by platform enhancements, such as AI recommendations and the success of new stories. Compared to the previous quarter, however, we saw a decrease of 8% to KRW 444 billion due to Q3 peak season base effect. Webtoon in Japan maintained a high growth trajectory, thanks to increased portion of original series and numerous hit IPs such as Teenage Mercenary, which indeed achieved an annual GMV of JPY 1 billion in 2023 for the first time for LINE Manga. As a result, we solidified the growing position among Japanese manga apps in Q4 in terms of monthly user count.
In addition, in 2023, the annual GMV within Japan surpassed JPY 100 billion, once again breaking the previous record, through the synergy of creating cross-border original series and the expansion of the local creator ecosystem. Also in the U.S., there's been a steady growth driven by platform enhancements, such as strengthened AI recommendations, along with the success of local original IP that achieved record-breaking launch date sales. France also saw a rapid growth fueled by the popularity of new releases, leading to an expansion of paid users. On a platform level, we are expanding reward events and other new revenue models globally, while working on enhancing the convenience of search and personalizing the user experience, through advanced recommendation technologies like AI Curator.
In addition, the community service, Creators Home, introduced last quarter, is actively running with 1,800 writers engaging with 2.4 million monthly users as of November. Additional features like reader comments were introduced, resulting in increased user engagement and product comparison. We're also expanding new interactive services like photo card creation based on generative AI and a year-end review event, leveraging history-based recommendations to enhance user retention. In Q4, numerous blockbuster hits were produced from the rich story portfolio of webtoons, leading to the expansion of our IP business revenue and performance. The webtoon originals like Vigilante, Doona!, and Death's Game found success in their video adaptations. After the release of these adaptations, their original story GMV increased by over 10 times, reflecting the notable impact of original content.
The series, Marry My Husband, adapted from a web novel, has also gained substantial attention and viewership since its release in January. The MD merchandise pop-up stores, held three times in 2023, achieved record-breaking sales at each venue and collectively attracted around 170,000 visitors. These events garnered significant popularity and led to successful collaborations with major brands, underscoring the expanding value of webtoon IPs. In 2024, we plan to sustain our video adaptation initiatives and expand into diverse ventures like merchandise, publishing, and gaming to amplify the influence of our IPs. Last, but not least, I would like to share Naver Cloud's B2B business performance.
In November, we completed the delivery of Neurocloud products, like CLOVA with HyperCLOVA X, securing our first reference for providing hyper-hybrid cloud solutions to customers who require internal generative AI services for security reasons. In December, we signed an MOU with the Bank of Korea, aiming to integrate the expertise, know-how, and technological capabilities of each organization in IT, finance, and economics, as well as to expand the application of our hyperscale AI models to the finance economics, fostering new technological innovation. More specifically, we plan to leverage HyperCLOVA X to deliver convenient public services that search, summarize, and recommend various data held by the Bank of Korea. Also, we plan to integrate Naver's IT technologies, such as AI, big data, IoT, and cloud into the operations of the Bank of Korea to enhance productivity and pioneer various innovative financial services.
In October, we released the HyperCLOVA X model in API format through the AI development tool, CLOVA Studio, which can be customized for enterprise needs. Subsequently, we also observed successful integration of LLM into various services, such as Hancom and Polaris Office. In late January, we released the HyperCLOVA X HCX-003 model, which features enhanced performance in following system prompts more accurately and generating natural-sounding sentences. The model has improved understanding of information and context, as well as writing capabilities. It can perform various types of tasks, and we aim to create more use cases for businesses. Going forward, we will utilize advanced underlying technologies and Naver's unique datasets to offer users, creators, and businesses the necessary tools and tailored services to enhance productivity and efficiency, while also exploring new opportunities for revenue generation.
In the face of significant headwinds, both domestically and internationally, 2023 was characterized by resilient revenue growth and diligent efforts to enhance profitability through prudent cost management. Given the challenging domestic and international environment expected this year, Naver plans to focus its efforts on strengthening the inherent competitiveness of core businesses, such as search and commerce, through the use of AI and data-driven strategies. The goal is to provide more accurate and personalized content recommendations to increase content consumption and usage duration within the Naver ecosystem, and eventually to enhance user experiences and monetization opportunities. Next, CFO Nam-sun Kim will walk you through Q4 financial performance.
Good morning, I am the CFO. I will present our Q4 financial results. Before delving into the specifics, I would like to discuss the accounting method changes in commerce and in fintech.
In Q4, we have transitioned certain revenue recognition practices related to user discount promotions in commerce and fintech from gross revenue to net revenue, and the transition has been reflected in both revenue and expenses for the period. I will provide more detailed explanations regarding the impact of these changes as I discuss each business. Naver recorded a quarterly revenue of KRW 2.537 trillion, an increase of 11.7% year-on-year, and 3.8% QoQ. Naver posted annual revenue of KRW 9.67 trillion, an increase of 17.6% compared to the previous year.
Without the effects of webtoons, shift towards, the gross method post, 2022 and the net method in Q4 2023, as well as, the consolidation of Poshmark, NAVER's sales increased by 8.3%, in Q4 year-on-year and, 11.8% for the full year of 2023 compared to the previous year. NAVER's, Q4 operating profit increased by 20.5% year-on-year and by 6.7% QoQ, reaching KRW 405.5 billion. The OP margin also inched up compared to the previous quarter, reaching 16%. NAVER's annual OP recorded, 1.48 trillion won, up 14.1% from the previous year, while the OP margin fell slightly compared to the year before to record 15.4%.
The Q4 adjusted EBITDA, excluding the volatility of stock-based compensation and depreciation, reached a record high of KRW 580 billion, up 19.2% year-on-year and 5.3% QoQ, backed by improved profitability in Webtoon, increased tech rates in commerce, including KREAM and Brand Store, and enhanced profitability in Poshmark. EBITDA margin, meanwhile, saw an improvement of 1.4 percentage points year-on-year, despite the consolidation of Poshmark. For the entire year of 2023, EBITDA rose 18.4% year-on-year to record KRW 2.13 trillion, and the EBITDA margin edged up compared to the previous year to record 22.1%. Next, let me discuss revenue by each business area.
The search platform revenue in Q4 increased by 1.3% year-on-year and by 3.3% QoQ, reaching KRW 928.3 billion. In Q4, search ad revenues saw a steady growth, rising by 4.8% year-on-year as a result of the revamp of mobile integrated search and improvements in the ad UI/UX, leading to an enhanced CTR. Display ad revenue witnessed a year-on-year decline of 8.1%, in Q4 due to continued weaknesses in sectors such as construction, retail, and finance in Korea, but it saw a growth of 11.1% QoQ, reaching KRW 229.7 billion.
In 2023, annual revenue of search platform recorded KRW 3.58 trillion, an increase of 0.6% year-on-year amidst a stagnant advertising market. At the end of November last year, we partially implemented the generative AI search service Cue into our PC integrated search. Also, in mid-January, we began pilot testing CLOVA for AD with Nike to accelerate the application of generative AI services. In Q4 of 2023, commerce revenue recorded KRW 660.5 billion, up 35.7% year-on-year, and 2% QoQ. Excluding the effects of Poshmark consolidation and accounting changes, revenue grew by 11.8% year-on-year.
The commission and sales revenue surged by 93.3% year-over-year, fueled by the introduction of Brand Solution Package in October and the monetization of the guaranteed arrival service, along with the growth of KREAM. Excluding the effects of accounting changes in Poshmark, the growth rate was 28.3%. Membership revenue saw a growth of 23.5% year-over-year and 5.2% QoQ, backed by a steady growth in the number of subscribers. Annual commerce revenue for 2023 recorded a robust growth of 41.4% year-over-year, reaching KRW 2.54 trillion, driven by growth across Smart Store, KREAM, and travel vertical services. Fintech revenue in Q4 recorded KRW 356 billion, up 11.3% year-over-year and up 4.5% QoQ.
Excluding the effect of accounting changes, it grew by 12.2% year-on-year. Q4 TPV came in at KRW 16.3 trillion, up 23.9% year-on-year and up 7% QoQ. Among this, non-captive TPV surged by 50.1% year-on-year, driving the overall growth. Offline payment volume also soared by more than 2.7% year-on-year, driven by the expansion of MST payments and the continued growth of booking and order services. In 2023, annual fintech revenue reached KRW 1.354 trillion, marking a growth of 14.2% compared to the previous year, driven by sustained expansion of the external ecosystem. Content revenue in Q4 reached KRW 466.3 billion, up 6.6% year-on-year and 7.2% QoQ.
Webtoons global consolidated GMV in Q4 amounted to KRW 444 billion, up 9.3% compared to the same period last year. The success of IP adaptations into video content has led to an influx of users to the original works and increased production revenue. Moreover, platform enhancements like AI-based personalized recommendations and CRM features have driven higher user engagement. Snow's Q4 revenue increased 28.7% year-on-year, driven by the global popularity of AI products like AI Yearbook. Additionally, the expansion of the camera app lineup attracted more heavy users, leading to an increase in paid subscribers.
In 2023, content's annual revenue reached KRW 1.733 trillion, up 337.4% compared to the previous year, driven by Webtoon revenue growth in Korea and Japan, as well as the global success of the Snow camera app. Cloud revenue in Q4 recorded KRW 125.9 billion, up 13.3% year-on-year and 1.8% QoQ. B2B revenue increased by 13.7% year-on-year and by 3.3% QoQ, driven by revenue generated from HyperCLOVA usage fees and the expansion of paid IDs in LINE Works.
Other revenue increased by 9.8% year-over-year, with the additional revenue from Whale contract with the Mongolian Ministry of Education, but it declined by 10.6%, QoQ, due to a decrease in CLOVA device sales. All in all, annual cloud revenue in 2023 recorded KRW 447.2 billion, up by 11%, compared to the previous year. On the cloud front, we secured the first Neurocloud customer in November last year and started service provision. We also signed an MOU with the Bank of Korea to offer Neurocloud services and to develop a HyperCLOVA X model befitting the financial sector. Next is on expense items. Development and operation expenses, including payroll, increased compared to the previous quarter due to the recognition of year-end bonuses and other incentives.
Excluding the effects of accounting changes and consolidation of Poshmark, marketing expenses decreased by 0.5% year-over-year, owing to ongoing efficiency improvement efforts. Partner expenses increased in line with the growth of IP production revenue and payment revenue. Infrastructure costs increased compared to the previous year due to the recognition of depreciation expenses, for the full quarter related to investments in Gak Sejong Data Center and new AI equipment. We will continue to make adequate level of investments in AI equipment in line with the launch of new AI models and services, but we plan to keep this year's infrastructure costs within approximately 7% of revenue, similar to 2023. Next, let me discuss the P&L, by business.
First, the combined margin of search platform and commerce saw an increase compared to the previous quarter, driven by the monetization of brand solution packages and guaranteed delivery service, as well as increased take rates in KREAM and the growth in Poshmark's EBITDA. In particular, Poshmark's adjusted EBITDA improved from a loss of KRW 5 billion in Q4 of last year to a gain of KRW 6.5 billion this year. Achieving a margin level of 5.1%, revenue, Fintech's profit margin decreased compared to the previous quarter due to the base effect of the seasonal peak in Q3, and strategic marketing expenses related to year-end promotions and new service launches.
Content business saw its losses narrow compared to the previous quarter, thanks to the optimization of resources and the expansion of monetization efforts in Webtoons and Snow. In particular, efforts such as optimizing resources, including labor costs and marketing expenses in Webtoons, focusing investments on core services and regions, and expanding cross-border original content, have enabled us to achieve EBITDA surplus both in Q4 and for the full year 2023. Webtoons' successful turnaround from -KRW 20.2 billion in Q4 2022 to +KRW 600 million in 2023 helped to reduce the overall deficit in the content business. P&L stayed flat QoQ, excluding the accounting adjustments from Q3.
Consolidated net profit in Q4 rose 129.1% year-on-year, but dropped to 15.3% QoQ to record KRW 301.8 billion, due to decreases in equity method valuation gains and financial instrument valuation gains. The consolidated net profit for the full year of 2023 increased 46.8% year-on-year, reaching KRW 988.4 billion. Next, I will discuss the cash flow and balance sheet. Q4 free cash flow came in at KRW 382.5 billion, up KRW 219.1 billion QoQ, backed by the growth in adjusted EBITDA and a decrease in CapEx.
Thanks to such cash flow generation, we managed to pay back a total of $800 million in loans taken for the acquisition of Poshmark in January last year. Also, through the rebalancing of non-core investment asset portfolio, such as direct and indirect funds, investment stocks, and income security issued, initiated in the second half of 2022, we have completed securitizing approximately KRW 800 billion worth of assets cumulatively. Lastly, in accordance with the shareholder return plan announced in May 2023, we retired our treasury stocks equivalent to 1% of the total issued shares as of November 7th last year.
We also planned to pay out cash dividends worth around KRW 119 billion, which is equivalent to 20% of the average consolidated FCF over the past two years, following approval at the shareholders meeting in March of this year. The size of this year's cash dividend is 91% larger compared to the dividend for the 2022 fiscal year. Going forward, we will manage dividends flexibly in accordance with Naver's liquidity, debt ratio, and future investment plans. At the upcoming regular shareholders meeting, we will propose amendments to the articles of incorporation to separate the record date for voting rights and the record date for dividends in line with global standards, to allow shareholders to make investment decisions based on the dividend amount. This will help to enhance predictability in shareholder returns.
This ends the Q4 financial performance update. We will now take your questions.
The first question will be presented by Eric Cha from Goldman Sachs.
Thank you.
...이게 그 서비스 플랫폼이나 커머스 성장률에 그 매출 성장률에 올해 직접적인 영향을 줄 수 있는지, 아니면 좀 더 중장기적인 관점으로 봐야 하는지 궁금합니다. 감사합니다.
Thank you for taking my question. I would like to ask two questions. First, relates to the recent trend, where we've seen a quite steep growth of GMV from China-based cross-border platforms. Would like to understand as to what mid to longer term impact this will have on Naver Shopping, and could you, if you could also elaborate on Naver's strategy to counter against this trend? And, do you really think that the advertisement spending that's done by these Chinese platforms will have positive impact on Naver? Second question is, I understand that Naver has focused on revamping your existing apps in order to further drive up engagement of your users. Can this have a direct impact on your service platform or even the revenue growth of your commerce business?
네, 먼저 첫 번째 질문에 대해서 답변을 먼저 드리겠는데요. 중국 커머스 거래액은 굉장히, 이용자들에게 주는 가치가 선명하기 때문에 성장이 가파른 면이 있다고 저희도 보고 있습니다. 다만, 그 상품 정보나 저희가 또 가격대 부분이 저희가 제공하고 있는 상품 커버리지가 굉장히 광범위하기 때문에 네이버 쇼핑이 직접적으로 미치는 영향에 대해서는 아직은 정량적으로 판단하기 어렵고, 그 영향의 규모 자체도 제한적이라고는 판단하고 있습니다. 특히 네이버 쇼핑의 모델 자체가 광고 중심이고, 또 어그리게이터 역할을 하기 때문에 이들은 뭐 저희의 경쟁 상대일 뿐 아니라, 또 전략적인 파트너로 볼 수 있는 부분도 있기 때문에, 앞으로, 이분들이 뭐 자본력을 앞세워서 또 빠르게 침투해 나가고 있는 부분들도 보면서 그 동향이나 파급 효과를 지속적으로 모니터링할 예정입니다.
Responding to your first question regarding the steep growth of the commerce GMV that we see from the Chinese platforms, they provide a very clear-cut value to the consumers, and that is why we are seeing such a growth trend. But in terms of the information regarding the products and the price range, and if you consider the product coverage that Naver Shopping offers, at this point, it is too early to determine as to what the quantitative impact is on Naver Shopping, and we believe that that impact is going to be quite limited. If we think about the fact that Naver Shopping is underpinned by the advertisement, and also we play as a role of an aggregator, these other Chinese platforms are our competitors, but at the same time, they are our partners.
Hence, we will continuously keep a close eye on how the trend plays out, and we'll keep a close tab on what the repercussions or impact from those platforms are on our business.
광고 지출 역시 현재 저희가 개별 광고주별 집행비를 공개하고 있지 않아서 직접적으로 밝히기는 어렵지만, 알리의 경우에는 몇 년 전부터 저희 플랫폼의 DB를 연동하며 광고를 집행 중이고, 최근에 또 급성장하고 있는 테무 역시 국내 시장에 관심을 더욱 높이고 있는 만큼 광고 집행 규모도 늘어날 것이라고 보고 있습니다. 이 부분은 저희에게 긍정적인 영향이 있을 것으로 기대하고 있습니다.
Regarding the amount of ad spend, it is our policy not to disclose each of the ad spend per different advertisers. Now, having said that, AliExpress has connected to our database, upon which they are expanding and making their advertisement spending, and Temu has recently increased their interest into the domestic market, and we believe that this will drive a further growth of their ad spend. So we believe, all in all, this will have a positive impact.
네이버 앱 개편 등 저희가 인게이지먼트 상승에 초점을 두고 여러 가지 개편들을 진행을 하고 있는데요. 현재로서는 굉장히 순조롭게 진행되고 있다고 판단하고 있습니다. 앞서 말씀드린 듯이, 저희가 개인화 추천 기술을 적용한 홈피드의 경우에는 이용자들이 한 달에 2배 이상 증가하면서 빠른 성장세를 보이고 있고, 그에 따른 광고 효율도 기존 광고 대비 2배 이상 높게 측정되는 등, 앞으로 이런 부분들이 저희의 체류 시간이라든지, 광고 수익 증가에 영향을 미칠 것으로 생각하고 있습니다. 단기적인 커머스 매출 성장률에 즉각적인 영향을 미치기보다는 장기적으로 저희 이용자들이 네이버 앱에 체류하면서 여러 가지 활동을 하는 데 더욱 영향을 미칠 것으로 보이고 있고요. 이것들이 저희의 광고의 전환율에 도움이 되게 된다면, 저희의 커머스 매출 성장률에도 긍정적인 영향을 미칠 것으로 생각하고 있습니다.
Regarding the second question on our application revamps, which is geared towards further driving our user engagement, I can tell you that we are on smooth sailing at this point. We are very much focused on applying the hyper-personalized recommendation features to our home feed, and after that application, we have seen the user count actually double, which has shown a very positive trend. Also we see on an ad efficiency or CTR basis, compared to the existing products, we've seen a twofold growth. That has played a positive role on the time spent by the users on our platform, and we believe that this will have a positive impact on the ad revenue as well.
Rather than looking towards a short-term gain on the commerce business, we believe that this will have a long-term effect of extending the time spent by the users and also driving up the engagement of these customers. All in all, this will also have positive impact on our advertisement conversion rate, which will, at the end of the day, be a positive force behind the growth of our commerce business.
다음으로 질문해 주실 분은 NH 투자증권의 안재민 님입니다.
Your next question will be presented by Jaemin An from NH Investment & Securities.
안녕하세요. NH투자증권의 안재민입니다. 질문 기회 주셔서 감사합니다. 최근에 이제 빅테크 업체들의 실적들을 좀 보면 이제 구글은 좀 AI 관련해서 머니타이징을 잘 못하고 있는 상황이고, 검색도 좀 부진하면서 주가가 좀 하락하고 있는 것 같고요. 메타 같은 경우에는 이제 숏폼이나 광고 쪽에서 성과들이 잘 나오고 있는 것 같은데, 저희의 이제 저희는 사실 두 가지 사업들을 좀 같이 잘 믹스를 하고 있는 것 같긴 한데, 이 광고 쪽에서의 이런 상황들에 대해서 좀 말씀해 주시면 감사하겠고, 올해 좀 전망도 같이 이야기해 주시면 감사하겠습니다. 그리고 두 번째는 뭐 비슷한 이야기이긴 한데요. AI 관련해서 어떻게 이제 이건 매출적으로 뭐 광고나 커머스에 좀 연동을 시킬 수 있으실지에 대한 전략, 좀 구체적인 좀 시기나 이런 것들도 말씀해 주시면 감사하겠습니다.
Thank you. I am Jaemin An from NH Investment & Securities. My first question relates to... if you look at some of the global Big Techs like Google, we are seeing them quite slow in terms of monetizing the AI technologies, and their search ad performance has also been quite sluggish. On the other hand, Meta has shown quite good performance in terms of their short form and their advertisement business, and Naver seems to have a very good mix of these two elements. So can you provide us with an update as to how you view this advertisement business going forward? If you could also share with us the outlook, that would be helpful. Second part is, we'd like to understand as to how you're going to actually bring that AI capabilities to your advertisement and commerce business in terms of driving the top line revenue from these two businesses.
Can you share with us your strategy and timing as well?
네, AI의 광고 상품에서의 어떤 직접적인 수익화는 아직 아무도 그 방법을 좀 잘 터득하지 못한 상황인 것 같고요. 네이버 또한 광고 효율 개선 그리고 검색 경험의 개선을 위한 AI를 적극 도입하고 있으며, 메타 같은 경우는 쇼트폼이 쇼트폼 광고의 기존 광고의 cannibalization 효과가 이제서야 드디어 거의 뉴트럴로 돌아선 것 같습니다. 원래는 연간 $150 million씩 마이너스라고 발표하다가 이제 와서야 만회한 것 같은데요. 네이버 또한 피드 그리고 클립의 도입 활성화로 이쪽 동영상 시장도 적극 진출하고 있으며, 올해 한국의 광고 시장은 네이버는 작년, 저희는 작년하고 비슷하게 생각하고 있습니다. 그래서 한 자릿수 중반, 초중반 수준으로 한국 시장은 성장할 것으로 기대하고 있고, 네이버 또한 내수 경기의 진작이 이루어지면, 저희 또한 광고 매출은 성장세가 더 견고해질 것으로 기대하고 있습니다.
Regarding how to monetize the AI-driven advertisement products, it seems like no one yet clearly knows as to how to go about doing that. Naver, however, is focused on improving and enhancing the advertisement efficiency and also enhancing the search-related experience. If you look at Meta, it seems that it seems like Meta has now been able to neutralize the cannibalization effect that it experienced from its short form ads. It's cannibalizing to the existing ad product, because previously they have been reporting about $0.5 billion per annum and a minus impact from this approach. Now, Naver has, through its home feed and the introduction of Clip, activated its endeavors to really go into the video advertisement segment.
We think that in terms of the advertisement market outlook, it will be more or less flat on a year-over-year basis. Korean market, we think, is going to post about a mid- to early-single-digit growth in the ad market. Naver believes that once the domestic economy starts to rebound and is more activated, we think that that will be the timeline in which the advertisement revenue will start to show a more solid growth.
네, 그리고 네이버의 AI 전략은 저희 사업 포트폴리오 전체적으로 잘 정리되어 있고, 그 시기는 각각 다르지만, 앞으로 그 전략에 맞춰서 성과가 나올 것으로 저희는 기대를 하고 있는데요. 가장 중요한 저희의 핵심 사업인 검색이나 광고, 커머스에는 그 상품 본연의 강점을 더 제고함으로써, 특히 개인화를 더 제고함으로써, 앞으로 저희가 제공하고 있는 상품 추천이라든지, 광고의 효율을 더 극대화할 수 있을 것으로 기대하고 있고, 특히 저희 또 그 웹툰이라든지, 스노우와 같은 콘텐츠 부분에서는 AI 그 자체가 하나의 프로덕트로 제공되면서, 저희 스노우의 AI 이어북과 같이 또 B2C 매출을 일으킬 수 있는 부분으로 제공이 이미 되고 있다고 생각하고 있습니다. 그리고 가장 중요한 저희 네이버 클라우드가 제공하고 있는 B2B 서비스 역시 아직 시장이 매우 초기인 단계이기 때문에, 저희가 시장을 함께 만들어 가기는 해야 하지만, 이미 의미 있는 그 레퍼런스를 만든 만큼 올해는 더욱더 그 방향으로 가속화할 예정입니다.
Inside NAVER, regarding the AI strategy, we have that strategy well-defined for all of our business portfolios. It just has different timeline, and also, as we apply the appropriate strategies, we will be able to drive good results from that approach. Basically, in terms of the AI, we will be using that to further strengthen the core fundamentals of our businesses of search, advertisement, and commerce, especially focusing on hyper-personalization. I believe that bringing that AI capabilities is going to help us further maximize the efficiencies of our recommendations and our ad business. And in terms of the content, including the Webtoons and Snow, we have already seen very good performance from AI standalone products.
The B2C revenue is being generated from the yearbook products that we have launched.... For the cloud business, the B2B services is still at its very infant stage of the market development, and we think that we are together with other, partners creating this market as we go along. And we will, set up different reference sites, and we will accelerate that speed.
The next question will be presented by Stanley Yang from J.P. Morgan.
네, 질문 기회 감사합니다. 저 두 가지 질문이 있습니다. 첫 번째 질문은, CFO 님이 그 올해 국내 광고 시장 전망을 좀 해주셨는데요. 저희 네이버의 광고 시장은 뭐 저희 국내 광고 시장을 아웃퍼폼 할 수 있을 거라고 생각을 하는데, 그 정도에서 어느 정도 예상하시는지 궁금하고, 그다음에 지금 저희가 타겟팅 광고에 저희가 이제 고도화, 타겟팅 고도화에 따른 어떤 광고 매출 상승에 대해서도 기대를 하고 있는데요. 그 기여도가 어느 정도가 되는지가 궁금합니다. 두 번째 질문은 그 영업 마진에 대한 부분인데요. 영업이익률이 이제 점진적으로 상승할 것을 올해 예상해야 되는 건지 궁금하고, 이제 저희가 비용 절감 노력을 작년에 기울였고, 또 성과도 있었습니다. 근데 향후 추가로 어떤 코스트 커팅 할 수 있는 여력이 있는지 궁금하고, 아니면은 이제 코스트 커팅보다는 어떻게 오퍼팅 레버리지를 통한 어떤 영업 마진이 올라가는 걸로 저희가 이제 앞으로 기대를 해야 되는지 설명을 해주시면 감사하겠습니다.
Thank you for taking my question. My first question relates to what the CFO mentioned about the advertisement market outlook. Can we continue to expect that NAVER is going to outperform in terms of its advertisement business versus the advertisement market growth, the overall market that is? Can we expect that going forward? And I believe that as you further fine-tune your targeting capabilities, that's going to make bigger contribution to the advertisement revenue growth. What is the extent of that contribution? Second question, in terms of your operating profit margin, can we also continue to expect that your margin is going to uptrend as we go forward? And last year, you were driven by cost savings, and is cost-cutting still a viable option for you this year, or would that improvement mainly arise from the operating leverage?
감사합니다. 네이버는 일단은 그 견고한 검색 광고 프로덕트는 국내에 그 유일한, 그 큰 위치를 차지하고 있기 때문에, 국내 광고 시장의 최소한 평균 이상은 검색 광고 견인을 할 것이며, 그동안 최근에 네이버의 어떤 타겟팅의 어떤, 그 절, 그 어떤 적용의 부재 등으로 디스플레이 광고가 그동안 최근에 좀 빠진 경향이 있는데, 앞으로 빨리 타겟팅을 도입을 하고, 특히 뭐 CTR의 약간의 향상, 이 향상만 있어도 그거는 그 전적으로 그 광고 매출 상승으로 돌아올 수 있기 때문에, 뭐 충분히 한국 광고 시장 평균 이상의 아웃퍼포먼스는 낼 수 있다고 생각은 하고 있고요.
If you look at Naver, we have a very solid search ad product, which is unrivaled within the market in terms of its market positioning. So we believe that we will be able to do above the market average growth. And recently, with the absence of any targeting related, I guess, improvements or upgrades in terms of our display ad, we've seen in our display ad dip in terms of its performance. So we believe that with the adoption of a sophisticated targeting approach, even with a slight increase in CTR rate, is going to directly translate into an improvement in advertisement revenue. Hence, we think that we will be able to outperform the overall market.
그 수익성 향상은 당연히 계속 가져갈 것입니다. 지금까지의 어떤 수익성 향상은 말씀 주신 것처럼 비용 절감, 뭐 불필요한 비용 절감 정도에 그쳤으나, 지금부터는 본격적인 어떤, 그 생산성과 체력 향상을 기대합니다. 가령, 그 네이버에 가장 많은 기술 직군인 60% 이상의 인력의 어떤 퍼포먼스 향상은, 최근에 합류해 주신 김범준 COO 님께서 특히 저희의 전반적인 기술 조직, 그리고 오퍼레이션, 그리고 프로덕트의, 기능성 향상을 그 면밀히 살펴보아 주실 것이며, 그동안 뭐 최수연 대표나 저나 그 당장의 어떤, 그 전략적인, 재무적인 성과에 집중했던 반면, 이제부터는 본격적인 그 생산성 향상이 시작될 것으로 말씀드리고 싶고요.
Now, relating to the question on whether we will be able to drive improvement and profitability, up to now, we. Yes, we admittedly focused on cost savings, meaning removing the unnecessary cost drivers. But from now on, going forward, we will focus more on enhancing the productivity and strengthening the fundamental resilience of the company and the business. For example, the company has about six- more than 60% of our headcount is in the technical, the engineering skills. And if you look at their performance, in terms of their performance, we will continue to skill them up. And with the joining of Kim Beom-jun as the new COO, he will look after the technology, the operations, the product related, the productivity aspect. So he will make that contribution.
To date, myself and the CEO has had a priority on focusing on the strategy and the finances of the company, but from now on, you will see that we will see a full-fledged focus on the productivity improvements.
마케팅 또한 마찬가지인데요. 지금까지는, 저희가 생각했던 불필요한 프로그램들의 일부 축소 정도의, 어떤 굉장히 소극적이고 단순한 비용 절감 활동이었다면, 앞으로의 마케팅 기능은 네이버 또한, 제대로 된 그로스 마케팅, 그, 역량을 갖추고, 앞으로 저희가 어떻게 하면 더 많은 ROI를 낼 수 있는, 그-
그동안에는 오히려 외부 매체에서도 마케팅을 적극적으로 사용하지 않았던 반면, 앞으로는 여기서 또한 그 유의미한 성장의 새로운 축이 생길 수 있다고 기대를 하고 있습니다.
Also, in terms of marketing, our approach to date has been to downsize on the unnecessary, marketing program. So it was more of an inactive approach and a simple, simple approach, if I may say that. But Naver, going forward, is going to equip itself with a more growth-driven or growth-oriented marketing approach, which is going to help us further enhance our ROI. So up to now, we have not yet been as aggressive in terms of our marketing endeavors, but with the take of an avenue approach, we will be able to see some new meaningful approaches and pillars put in place in terms of marketing.
다음으로 질문해 주실 분은 키움증권의 김진구 님입니다.
The next question will be presented by Jin-gu Kim from Kiwoom Securities.
네, 질문 감사드립니다. 그 포괄적 질문 한 개를 좀 드리려고 하는데요. 그 글로벌 빅테크의 AI 사업 강화, 그리고 중국 이커머스 사업자의 국내 진입, 이런 것들이 그 최근 국내 경쟁 강도를 끌어올리고 있는 주요 사안인데요. 이런 잠재적 위협에 좀 대응하기 위한 좋은 방안은 내재 데이터를 활용해서 부가가치를 끌어올리는 것이라고 저는 좀 판단을 하고 있습니다. 그 회사가 이런 관점에서 작년 AI 전략을 공개하신 이후에 데이터 기반 사업적 부가가치를 얼마나 좀 끌어올리셨는지, 그리고 앞으로 이를 높이기 위해 어떤 플랜을 가동하실지 좀 말씀을 부탁드리겠고요. 특히 커머스에서 유저 구매 히스토리가 연동된 최적의 상품 추천이나 셀러의 판매 데이터와 연동한 판매 전략, 그리고 재고 관리 프로세스 지원 등이 이제 시장에서 기대하고 있는 사안인데, 이에 대한 진행 경과하고 뭐 향후 계획 등에 대해서 좀 자세히 말씀을 부탁드리도록 하겠습니다. 이상입니다.
So thank you for taking my question. I have a very overarching question. In terms of this AI trend that we see from the big techs and also China's e-com players making entrance into the domestic market, this seems to be heightening competition within the market. When you look at this as a potential risk, how... You know, what are your strategies and plans to counter that? And I think the best way is to make use of your internal data in order to unleash the value that the company may be able to employ. So would like to know as to what your plans are and how things are going in terms of this data-driven business approach.
So in terms of commerce, using user data to actually further you know further drive your commerce business and also using the seller's data to facilitate that aspect of the business. So any update and plan on this?
네, 지난 저희가 뭐 팔월에 했었던 단 공개 전후에 저희가 주주분들께 발송했었던 레터를 보면은, 저희가 정말 full funnel로서 저희 채널의 강점에 대해서 말씀드린 적이 있었는데요. 이를 위해서는 사실 플랫폼 뒷단에서 해야 할 일이 굉장히 많았습니다. 이용자들이 검색으로부터 시작해서 저희 콘텐츠를 보고, 또 리뷰를 보고, 그리고 뭐 쇼핑을 하고 광고를 보고 하는 모든 데이터들이 저희들에게 집적되어 있지만, 이것들에 대한 저희 내부적인 데이터 리터러시를 어떻게 활용을 하고, 또 이것들을 어떻게 통합을 하고, 그러한 플랫폼들을 만드는 작업들을 지난 작년부터 해왔던 것 같습니다.
So after the DAN conference, which was held in August, we sent out a shareholder letter specifying that we have a very strong, full funnel-based channel strategies. In order to employ our business strategies behind the platform, there are multiple things that have to happen. Because the users who actually search for information on our platform will be able to access the content, they write reviews, they read, look at reviews, and when they engage in shopping behavior, all of this behavior actually translates to a buildup of a data. Over the past year, we focused on how we could enhance the data literacy regarding the data that we house within the company and how to best utilize the data that we have.
이런 작업들은 작년부터 계속해서 진행하고 있기 때문에 올해부터는 보다 가시적인 성과들로 나올 것이라고 생각을 하고 있는데요. 우선은 아까부터 제가 계속 말씀드리는 저희 뭐 검색이라든지, 저희 내 앱의 콘텐츠 추천에 있어서의 초개인화된 추천 부분에서 극대화되는 부분이 있을 거고요. 또한 예로 들어주신 저희 커머스 부분에서 저희 셀러들에게 저희가 제공하는 가치, 상품을 어떻게 저희가 추천을 해줄 것인지, 그리고 그 셀러들이 어떻게 하면 더 저희 플랫폼 내에서 상품을 잘 판매할 수 있도록 그런 툴을 제공을 하고, 더 나아가서는 광고 상품까지 제안하는 그런 통합적인 패키지가 제공이 가능할 것으로 기대하고 있습니다.
So we've been at those, we've been endeavoring to prepare for that last year, and this year I think we will be able to see some visible results come forward. As I mentioned from the very beginning, we were focused on search as well as content recommendation. All of these aspects will be equipped with hyper-personalization capabilities. And as you've mentioned in your question, regarding commerce, there will be a lot of value that could be unleashed. For instance, helping the sellers with the what types of products that should be recommended to the consumer base, and providing a tool for the sellers so that they could better sell their products. And also advertisement recommendation would be another aspect that could benefit the sellers. So through these integrated solution packages, we believe that we will be able to create value.
네, 첨언하면 올해의 경우에는 저희 브랜드 스토어 중에서 핵심 브랜드의 경우에는, 저희 데이터, 통합 데이터를 활용한 상품 추천이라든지 광고의 셀렉션까지 저희가 제공을 하는 그런 좀 통합 데이터 커머스를 실험적으로 올해부터 진행할 생각입니다.
And also to note is that starting this year for one, so for some of our major brand stores, we would use this integrated data that we have in-house and use that to make product recommendations as well as advertisement recommendations. So more integrated data-based recommendations and approach, commerce approach will be put in place starting this year.
네, 많은 질문 감사합니다. 지금 거의 한 시간이 돼 가는데요. 시간 관계상 마지막 한 분 질문 더 받도록 하겠습니다.
Well, thank you. We are almost at about an hour since the beginning, so we will take the last, the final question.
question is Donghwan Oh from Samsung Securities.
The last question will be presented by Donghwan Oh from Samsung Securities.
네, 질문 기회 감사드립니다. 두 가지 질문드리려고 하는데요. 첫 번째는 저희 커머스 쪽 GMV 성장률이 제휴몰 중심으로 좀 둔화되고 있는데, 올해 같은 경우는 좀 GMV 성장을 위한 어떤 전략들이 준비가 되셨는지 좀 궁금하고, GMV 성장을 좀 포커스를 하실 건지, 아니면 테이크레이팅 상황상 매출 성장에 좀 집중을 하실 건지가 궁금합니다. 그리고 두 번째는 저희 최근 들어서 이제 쇼핑 라이브 쪽의 최근 성과가 좀 궁금한데요. 최근 들어서 이제 Clip이나 CHZZK 같은 신규 영상 플랫폼들 출시하셨는데, 향후에 이런 플랫폼들이 이제 커머스 쪽과 어떻게 연계될 수 있는지, 그 부분 장기적인 관점에서 말씀해 주시면 감사하겠습니다.
Thank you. I have two questions. We've recently seen some slowdown in your commerce GMV growth. What is your strategy for GMV growth for 2024? Will you focus on the growth and/or, you know, increasing the GMV, or would it be a top-line revenue focus? Regarding Shopping Live, with the launch of the new platform like CHZZK and the Clip product, what, you know, how are you going to bring that together with your commerce business, your long-term perspective, that is?
네, 국내 소매 시장 그리고 커머스 시장 전체가 내수 심리의 약세에 따라서 최근 들어 많이 둔화되었는데요. 내년 같은 경우 저희는 국내 커머스 시장이 약 한 자릿수 중후반 정도 성장할 것으로 기대하는 예상을 하고 있고, 네이버는 당연히 거래액도 그렇고, 또 매출은 그 저희가 이제 테이크레이트를 올리면서 당연히 그 이상, 두 자릿수 이상을 계획을 하고 있고요. 특히, 국내 같은 경우에는 오히려 내수가 좀 취약한 틈을 타 북미 같은, Poshmark 같은 시장은 오히려 더 견고하기 때문에 최근 들어 Poshmark 같은 경우에 어떤 거래액이나 그 매출 상승세가 국내의 이커머스보다 더 좋게 보여지고 있습니다. 그래서 그 두 가지 다 감안을 하면서 올해 역시 둘 다 그 치중을 하겠다라는 말씀드리겠습니다.
So looking at domestic, retail, and commerce market, the domestic consumption sentiment has been quite weak, and that is why we've seen some slow performance from these markets. As we look out into next year, we think that the commerce market will show about a mid- to top-single-digit growth. If you look at Naver specifically, we've in terms of GMV and revenue growth, because revenue has been driven by increasing the take rate, we are expecting to see a double-digit growth. Now, as the domestic market, the domestic consumption sentiment was quite weak. On the flip side, in North America, if you look at Poshmark performances, it's been quite solid. So compared to the domestic performance, we think that the GMV and the top-line revenue growth from these overseas markets, Poshmark will be quite positive.
We will continue to have a strong focus on both of these pillars.
저희 라이브, 라이브 커머스의 경우에는 업계 일위의 그 지위를 더욱더 공고히 하면서 성장이 매우 순조롭게 진행 중에 있습니다. 전 분기 사분기의 경우 전분기 대비 11% 이상 상승했고, 전년도 대비해서는 한 18.8%, 20% 가까운 성장을 하고 있고요. 지금도 이제 그 숏 라이브의 경우에는 클립이라는 저희 숏폼 콘텐츠와 밀접하게 결합해서 진행을 하고 있고, 저희가 좀 긍정적으로 보고 있는 분야는 틱톡과 같은 그런 매체들처럼, 저희 클립의 크리에이터들이 더욱 적극적으로 저희 커머스에 참여하는 그런 크리에이터 커머스도 진행할 수 있을 것으로 기대를 하고 있습니다. 치지직은 현재 그 클로즈 베타이기 때문에, 그리고 또 기본적으로는 저희 플랫폼 자체가 라이브 커머스와 기술적으로 크게 다르지 않은 부분이라서, 플랫폼적으로 어떤 시너지가 있을지는 앞으로 치지직 서비스를 진행을 하면서 보아야겠지만, 치지직의 스트리머들의 결합이라든지, 다양한 콘텐츠적인 재미를 줄 수 있을 것으로 앞으로 기대하고 있습니다.
So looking at the live commerce business, we have a very strong market one number one position, and the growth is also taking place quite smoothly. Looking at the growth of Q4, it was 11% QoQ growth. YOY basis, it was about 18.8%, very close to 20% growth. The Short Live and Clip has already a very close combination between the two. Just like we are seeing creators on TikTok platform, we want to have the Clip creators to really actively engage with the commerce commerce segment. So we're even looking towards or expect or hoping for creator commerce ecosystem to come out of, or rise out of, these approaches.
Now, CHZZK was only in the closed beta, so but in terms of the technical similarities with live commerce, it is quite similar in terms of the platform that is being used. So we will through the CHZZK platform, we will look forward to have a more stronger integration, more stronger connection to the streamers and also be able to provide more entertaining elements, in terms of the content.
네, 질문 못 받은 거는 저희 IR팀에서 따로 연락하겠고요. 이상으로 2023년 4분기 실적 발표를 마치겠습니다. 오늘 참석해 주신 투자자 여러분 감사드립니다. 그리고 앞으로 많은 격려와 성원 부탁드리겠습니다.
We will be happy to take any unanswered questions through the IR division. This brings us to the end of the Q4 earnings presentation of NAVER. I look forward to your continued support. Thank you!