Good morning. I am NK from Kakao. Since the beginning of the year, there were concerns over global economic slowdown and macro backdrop. Backdrop has been challenging. High base of earnings seen over the past two years during the pandemic weighed down heavily as a burden in terms of growth, and I expect it will continue to be a burden in the second half. In the face of difficult environment, it's important to clearly identify and define our strength and the core, and we came to the conclusion that to us it is ad and commerce. As mentioned during the last call, Kakao will move beyond the limits of KakaoTalk by moving from real-time communication tool to becoming an interaction-based service free from the bounds of one single objective, allowing a lighter touch and casual interaction while expanding into connecting with strangers beyond friends who share a common interest.
We have already started to redefine the tabs on the Talk platform as we embarked on this evolution. I will go into a little more detail on the strategy and changes that are upcoming in the second half of the year. There will be a revamp of Profile and Friends tab on KakaoTalk with an addition of social interaction elements allowing people to casually interact with friends, going beyond a simple real-time based conversation. Profile was where people expressed themselves, but it was one directional. Through the changes which will happen this year, friends, after discovering your status or messages on the profile can leave behind, for instance, a thumbs up emoji or other interesting emojis, making the Profile segment a place for sympathetic and interactive communication.
These changes will also allow people to express more things under Profile segment if they want to receive encouragement or to be congratulated for certain events. Friends who come by that message can leave behind their reactions or even send gifts without having to leave the profile page to go to the gifting services. Also, we see that people are reluctant to update their profile all that often because on KakaoTalk you have friends who are very close, not so close, and others who you've never even met before. We decided to create a new segment where people can upload content more frequently about what they're doing during the day and what they feel at a certain moment, introducing a new feature allowing users to share such information to predefined group of friends.
This will encourage people to frequently update their content, sharing what they're doing during the day and what they're feeling, and users can visit their friends' profile and consume such shared content. This first tab in KakaoTalk, the Friends tab, will evolve into a window through which you discover what your friends are up to whenever you are feeling bored, and a place where you express yourself. Through such changes, we expect number of profile views and time spent and other user activity metrics will increase and through a strong coupling with Talk Biz, which includes advertisements, GIFs, and emojis, we can look forward to additional monetization opportunities. Before the end of the year, we plan to expand this board surface in the Friends tab, helping to connect more advertisers with users.
We also expect our Emoticon business to further expand as people use it as a tool for interaction inside not just the chat rooms, but in the Profile segment. Bigger potential will be seen from synergies with gifting. KakaoTalk Gift saw a rapid growth following the addition of birthday friends in the first half of KakaoTalk. Apart from birthdays, there was lack of connection between events, either for celebration or for consolation, and the very act of gifting. If it's made easier for people to discover how their friends are or what they are up to by looking at the Profile segment of the Friends tab, the act of gifting for even minor occasions can reinforce the context around gift giving, working as another trigger for growth for us.
KakaoTalk having been a tool connecting friends, has the Open Chat, a feature which is for connecting strangers who share the same interest. Although we didn't run any special promotion for Open Chat, it became a very strong service with a DAU of 9 million users. From the second half of the year, we plan to make improvements for better user entry into Open Chat while making upgrades to broaden the user base and further activate the services. We will start by expanding entry points for the Open Chat in various services within the Kakao ecosystem. Just last month, we added Open Chat shortcut to KakaoTalk More tab and Daum search results.
This month we will add an entry point on the uppermost part of the Chatting tab. Once we create a nexus between Open Chat and content platform like KakaoPage, Melon or large scale events like the MMA, I believe there will be greater inflow of users engaging in open chatting from respective fandom. By way of strong coupling between the Open Chat and Kakao's extensive content and platform that supports mega traffic, open chatting will continue to develop as Korea's biggest interest-based service. Eventually, we will also plan to launch a standalone application called Open Link and go global after we lay down solid bases in the domestic market. In the near future, I hope global fans can talk about their favorite Kakao Webtoons by coming together on the Open Link platform. KakaoTalk fifth tab will also get a new facelift.
This tab works as a nexus connecting with services across greater Kakao affiliates. We plan to redesign the tab to make it a convenient channel through which we reach out to the world, enabling users to connect to services inside the Kakao ecosystem, as well as access everyday service from all platforms, making the tab another reason for users to come and use KakaoTalk every day. Enhanced user activity will also eventually form the basis for Kakao's core businesses, i.e. advertisement, commerce business, notching up profit generation capability of the Talk Biz. Next, I will elaborate on Talk Biz. First is platform. For Talk Biz ad, driven by inventory optimization on Biz Board and surface expansions outside the Talk, revenue was up 20% year-on-year. We plan to aggressively expand Biz Board surfaces in the second half as we go into the second half of the year.
Now, we have plans to introduce Bizboard in the Friends tab, that is the first tab, and expand into KakaoPay and KakaoBank. We also expanded ad surfaces off platform like Baemin, BGZT, Everytime, and L.POINT. We are getting inquiries from companies who wants to adopt Bizboard, and so we expect our inventory to grow going forward. For KakaoTalk Channel, there was 27% rise in number of large channels who have more than 100,000 friends, as revenue posted a 47% growth. Kakao Sync continues to support the increase in KakaoTalk Channel friends for advertisers, through which advertisers are engaging in active marketing communication, and this linkage is becoming stronger. As of the second quarter, there are now 20,000 advertisers who adopted the Sync, and this uptrend is expected to continue supported by the e-commerce platform connections.
For the entire year, we are looking forward to a solid growth from the Talk channel. Next is on the Talk Biz commerce business. Second quarter's Talk Biz commerce total GMV was up 19% on-year, reporting KRW 2.1 trillion. Talk Gift GMV was up 19% on-year, while Talk Store posted a 7% growth. On full lifting of social distancing measures in the second quarter, there were signs of slowdown across domestic e-commerce market, as impact was felt by our major business verticals and the commerce business, including Gift and Talk Store. High base from special demand during the pandemic period is expected to weigh down heavily on commerce growth for Q2 and the second half of the year.
As I've mentioned before, from the second half, as social interaction elements will become stronger on the Talk platform, the gifting scene expands to include minor everyday occasions and through strong coupling with open chatting, which can activate active gift giving to people who aren't necessarily friends. We will all be leveraged as new driver for growth for KakaoTalk Gift. Talk Store, which has developed based on Talk Deal, will evolve into B2B2C commerce platform unique to Kakao, which combines a real-time message type ad, which is the Talk Channel, and through a new expansion into commerce search ad business model, we will secure a foothold for another growth forward. Next, Senior Vice President of Kakao, Bae Jae-hyun, will walk through Q2 highlights of our key affiliates.
Hello, this is Bae Jae-hyun. Let's begin with the global performances for the Q2.
Let's begin with global story business results first. In North America, we are ramping up growth by taking our K-Webtoon, which is proven and tested. Tapas, the webtoon platform from North America, is gradually expanding original IPs, which led to more than 75% of revenue coming from IPs of Kakao Entertainment. In August, with finalization of the Radish, Tapas, and Wuxiaworld mergers, we now have a more solid platform network. We plan to further build on these synergies through integrated marketing strategy underpinned by content library across K-Webtoons, English native web novels, and contents that cater mostly to male audiences. Through such original IPs and synergies with the platform, we are targeting about KRW 500 billion of North American platform GMV in 2024.
In Japan, Kakao Piccoma has a solid number one position in Japan's app market, with monthly users surpassing 9.5 million in Q2, driving a record high monthly GMV of above JPY 8 billion. Piccoma Europe, with its launch in France last March, is seeing steep growth in number of downloads and users, driven by competitiveness of having both K-Webtoon and Japanese manga very quickly solidifying its market position. In Southeast Asia, services in Taiwan, Thailand, and Indonesia went through a renewal as Kakao Webtoon. Triple A IPs that had a successful domestic run are being showcased in sequence, and we will endeavor to become a number one platform in the ASEAN market by speeding up offering of competitive titles on the ASEAN platform. Kakao's global story business is strengthening its global positioning underpinned by extensive content library, advanced platform, and specialized marketing strategies.
As a result, global mix out of the total story platform, including Piccoma and Entertainment in Q2, went up to around 80%, continuing its growth trajectory as truly a global business. In our media business, the film Hunt was invited to Cannes and Toronto Film Festivals and had a presale run in 144 countries, attesting to Kakao Entertainment's global content production capacity. With the release in the second half and featuring of lineup of content through a global OTT platform, including Director Yoon Jong-bin's Suriname, we expect to continue on with a steep uptrend in media business. Global OTTs have announced that they plan to continue to invest in Korea as its drama, films, and entertainment contents are at the forefront of the content market. With the content capabilities of Kakao Entertainment aligned with market opportunities, we expect growth to further speed up.
For the music business, as global fandom for K-pop expands, music revenue is growing fast, with also the support of a solid Melon revenue and artists like IVE, Monsta X, and THE BOYZ are planning on going global to US and Japan, and we expect this will also drive the growth of the music business and will also expand the global fan base. For Kakao Games, on the back of a successful run of the mobile games Odin and Uma Musume Pretty Derby, we proved yet again the company's acumen in running the game business. Uma Musume was launched in June 2020, and with a major update in July, became a top- grossing title in both marketplaces, and on the day of the update, recorded the highest daily revenue and rebound in user metrics.
The game will serve as an important underpinning of the game lineup for the company, and in the second half, it will bring visible performance from the global market. We will also release new titles, including Eversoul and Dysterra, and will launch Odin in Japan, North America, and Europe sequentially starting the first half of the year. First half of next year, that is. The global expansion of K- content cuts across story, music, media, and games, which is building a global fandom base, and we believe this will open up opportunities for our global commerce business. We are hence making preparations to take our commerce business global, starting with Zigzag and Grip, and we're testing Zigzag Global for an official launch in September, targeting Japan, North America, and Canada.
We are also planning on supporting Korea's fashion and beauty businesses so that they may go global with Korea's highly competitive fashion and beauty K-style merchandisers, elevating their brand awareness in step with K- content. Now for the mobility business. Since the lifting of social distancing last April, we are seeing an explosive growth in demand for mobility. This drove solid growth for taxi and driver for hire business, which make up the key revenue stream, and parking business, which is a new revenue source, has hit record high quarterly revenue and is uptrending following the footsteps of taxi and driver for hire. With recovery in demand, daily average completion rate for taxi was up 38% year-on-year, while driver for hire saw demand recover. As users largely preferred app-based driver service, total revenue was up 46% year-on-year.
Parking is a new business area for us, and after acquiring a parking management company, we also bought a specialized operator called GS Park24 last June, gaining a meaningful basis for growth and becoming a car owner's platform. In order to prepare for the age of future mobility, we are making investments into autonomous driving and urban air mobility. In partnership with Splyt, a global mobility platform company, we launched mobility roaming services sequentially across global markets, supporting the use of Kakao T app, signaling a start of full-fledged attempt at global expansion. For Kakao Pay, we continue to increase acceptance points and universality by increasing core merchants on offline for payment. Following the launch of loan comparison service and MTS, we opened insurance marketplace last July, diversifying revenue stream for financial services.
Kakao Pay achieved operating profit margin of 10% on a separate basis, entering a stable profit growth phase, and we expect growth to continue on diversification of business models for financial services. It is also worth noting that total TPV was up 19% year-on-year to KRW 29.1 trillion, and revenue TPV, which includes payment and financial services, showed steeper growth versus the total TPV, accounting for 29% of the total TPV. Also, number of transactions per user was up 25%, hitting above 100 transactions for the first time. Lastly, let me run through the update on ESG management. Kakao has been aligned with the greater society in setting sustainable growth as our objective, and we wish to further advance it. To make a system where ESG is embedded in Kakao and its affiliates, we appointed Simon Hong as a co-CEO of Kakao.
We announced our net zero pledge last April and was the first Korean internet company to join the SBTi, a global initiative. Guided by our mission that everyone should benefit from equal access to all of Kakao's service offerings, we were the first to create a DAO, short for Digital Accessibility Officer. We will also actively engage in human rights-based management, and also in ethics for technology, which are areas that we can excel in. To that end, we launched Technology Ethics Committee, which was a first attempt by a local tech company. The committee will explore ways to contribute to greater society through promoting transparency for algorithms, monitoring compliance of AI code of ethics, and lowering the risk that technology may entail.
For more details, please refer to our ESG report titled Kakao's Pledge and Responsibility 2021, where we list our goals and results, and we will build on the trust by living up to these objectives. I will now move on to key financial highlights for the second quarter. Q2 consolidated operating revenue was KRW 1,822.3 billion, up 10% on- quarter and 35% on-year. Platform revenue was up 5% on- quarter and 22% on-year to KRW 930.7 billion. Office revenue was down 2% on- quarter and up 16% on-year to KRW 453.2 billion. Despite economic slowdown, thanks to optimized inventory, onboarding of big advertisers, ads revenue was up 28% on-year, while Kakao Bizboard reported 20% and KakaoTalk Channel a 47% growth.
Talk Biz commerce revenue was impacted by limited growth from the online commerce market on the back of the pandemic. On top of the high base effect, we saw slower GMV growth. Due to the decline in GMV from directly sourced merchandise, which are booked on a gross revenue basis, and termination of non-core services like Hairshop, revenue growth came in at 2% on-year. For the portal biz, due to changes in accounting treatment for revenue and exclusions to the consolidated statement, revenue was down 10% on-quarter and 18% on-year to KRW 102.4 billion.
Aside from such accounting changes, Q2 revenue was up 6% on- quarter on the back of high seasonality and down 4% on-year due to slower traffic from subdued online activities. For platform and other revenue with the easing of social distancing leading to demand recovery, taxi and driver for hire revenue reported a robust growth. With KakaoPay's steady earnings expansion from payment and financial services business, revenue was up 21% on- quarter and 52% on- year to KRW 375.1 billion. Content revenue was up 16% on- quarter and 51% on- year, reporting KRW 891.7 billion. The game revenue reflects Odin launch in Taiwan for the full quarter and new revenue from Uma Musume release.
Thanks to positive top line performance of new businesses in Kakao VX, revenue increased 37% on-quarter and 162% on-year, reporting KRW 336.8 billion. Supported by solid Melon platform revenue, global distribution revenue was up on good performance from the company's artists. Music revenue was up 2% on-quarter and 11% on-year to KRW 209.3 billion. Story revenue, on the back of increase in outdoor activities weighing down on domestic user activity and weak yen impact for Piccoma, revenue was down 5% on-quarter and up 22% year-over-year, reporting KRW 227.6 billion. Piccoma revenue was down 4% on-quarter and up 17% on-year.
Carving out the weak yen FX impact, the growth was 5% Q-on-Q and 27% Y-o-Y. Lastly, an expanded lineup of production content underpinned by our internal capabilities. Media revenue was up 57% on- quarter and 35% on- year to KRW 118 billion. Let me now move on to consolidated operating expense and operating profit. Q2 consolidated operating expense was up 11% on- quarter and 39% on- year to KRW 1,651.3 billion. In terms of the key expense items, labor cost was flattish Q-on-Q. On headcount increase, followed by rise in wages and bonus, labor cost was up 42% Y-o-Y to KRW 426.2 billion.
Driven by rise in production cost and commissions paid on the back of strong game revenue linked expense was up 12% on-quarter and 23% on-year, reporting KRW 654.8 billion. On rise in taxi related commissions for mobility, our sales infrastructure expense was up 15% on-quarter and 43% on-year, coming in at KRW 235.8 billion. Driven by strong marketing on global expansion of the story business and launch of new game titles and MTS launch from KakaoPay, marketing spend was up 31% on-quarter and 65% on-year to KRW 150.3 billion. For your information, marketing spend ratio against our revenue was at 8.2%.
Amortization from intangibles such as original video content declined, but an increase in depreciation of lease assets from the new office building lease depreciation expense was up 4% on-quarter and 72% on-year to KRW 135.6 billion. All in all, operating profit for Q2 reported KRW 171 billion with OP margin of 9.4%. Kakao's standalone revenue, comprising ad and commerce business, reported KRW 596.4 billion of revenue and KRW 137 billion of operating profit with OP margin of 23%. An expanded operating leverage from the core biz, the Talk Biz profitability continues to improve. Next is our non-operating revenue and expense.
With the final closing of Lionheart Studio acquisition by Kakao Games last June, there was disposition gain from equity method shares with other revenue reporting KRW 138.6 billion. Due to reclassification of accounts for Dunamu Holdings and base effects thereof, there was a decline of KRW 1,526.7 billion Q-o-Q. Other expense came in at KRW 34.4 billion on the back of disposition loss from equity method shares following the sales of invested holdings. Q2 corporate income tax was KRW 135.3 billion, with consolidated net profit of KRW 101.2 billion. Lastly, for CapEx, server and tangibles were KRW 116.2 billion. Intangibles, including IP, around KRW 54 billion, amounting to a total of KRW 170.3 billion of CapEx. This ends the presentation and business highlights.
We will now begin the Q&A. Please be mindful and limit your questions to two per person.
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Now Q&A session will begin. Please press star one that is star and one if you have any questions. Questions will be taken according to the order you have pressed star and number one. For cancellation, please press star two, that is star and two on your phone.
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The first question will be presented by Sung Jong-hwa from eBest Investment & Securities. Please go ahead with your question.
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I would like to ask you two questions. First question relates to your Talk Biz. I see that your year-over-year growth trajectory is easing as we move from Q1 to Q2. Would like to get some color as to what your outlook is for the second half of the year growth prospects. Looking at the current trend, do you have any plans to adjust your year-over-year growth guidance for your Talk Biz? Where do you see key growth drivers coming in for this business as we enter into the second half of the year? My second question, if you look at since the fourth quarter of 2019, there's been quite sizable impairment loss that has been booked under other expenses. Would like to understand what is the current outstanding goodwill that you still will need to further impair going forward.
Should we also expect about KRW 400 billion of impairment losses for the fourth quarter of this year? If that is the case, when will, you know, what will be the timing for us to see the end of the incurrence of impairment loss going forward?
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This is Bae Jae-hyun. I will respond to your first question, and I will begin with what our second half outlook is. If you look at our Q2 top-line growth, it was year-over-year 35%, which was above what we've seen in Q1. Against a very volatile macro environment, and on the back of the endemic, basically the volatilities of the user metrics have also gone up. We do expect top-line growth to somewhat slow in the second half of the year. In light of heightened uncertainties, we are at this point very closely revisiting our business plan in terms of the investment plans and risk management, and we are in the process of making some internal adjustment. We will do our utmost to make sure we bring a fundamentals-based growth in the second half of the year.
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Because of the macroeconomic uncertainties, we've seen advertisers cut their marketing budget and with the overall consumption sentiment degrading, as well as on the back of endemic, the online commerce market grew at a much slower speed. Because of these unexpected external factors compared, well, if you look at the year-over-year growth, in the first half of the year, the growth rate only was at around 20%. As mentioned during our presentation on the earnings, starting the second half of the year, we are going to bring about a very special service offerings under KakaoTalk.
Once again, just to emphasize, this board is going to expand into the friends tab, and we will see fundamental changes in our profile tab, whereby we will be able to expand on gifting, and we will also strengthen synergies with our emoticon business. Through gaining of such additional growth drivers, our objective is to bring about a higher year-over-year growth compared to that of the second quarter. This is NK. Responding to your question. Now, if you look at Kakao's overall advertisement business, about 1% of our advertisers are generating 70% of the revenue. Basically, these are large sized advertisers based off of our Talk, KakaoTalk platform. It is true that when these large companies are tightening their belt, it is going to be less favorable for us in terms of our advertisement business.
Now, before moving on, I think it will be helpful if I define some of the terminologies that are used in the advertising industry. There's DA, display ad, and SA, search ad. Mostly Kakao's advertisement business is structured around DA, display ad, and our plan going forward is to expand into the SA segment, the search ad segment. Now, search ad, as the name implies, is based off of, has a strong underpinning of search. Basically, it's the origin of this advertisement model goes back to the search itself. Now we are seeing a trend where we are expanding into not a mere search, but to area of interest. It's more of a discovery and exploration concept that is being added on to this advertisement definition.
Going forward, I mean, as of today, we do have search ad with that happening or that's being used within the Daum platform. Going forward, supported by our KakaoTalk platform, we believe that we will be able to expand our advertising in not just the search segment, but in the whole overall discovery segment. Starting the second half of the year, we are going to introduce in the Open Chat service, basically an advertisement that has the strong underpinning of search plus content. Open Chat is where there is high level of traffic. We will conduct and run multiple number of tests and really enhance the level of completeness of this service offering that we are currently planning for.
Just like people do shopping on KakaoTalk or search for a certain location by using the KakaoMap, I believe that the advertiser will feel a sufficient appeal to want to also run a search ad marketing in places and in space where the users come together under a common interest. We will be testing many different products as we develop and release them going forward. Another fundamental improvement that we need is to move away from a static image to a video image as part of our advertisement, you know, in expressing or in surfacing the advertising itself.
Despite the fact that we have a very strong traffic and we have the broadest base of users, the reason why we have been unable to gain the majority of the wallet share of large advertisers is because other players have gained an upper hand in video-based advertising. For Bizboard, we are mostly using performance ads, and starting last year, we've re-launched and released Bizboard Expandable, which uses video as the key advertising element, and we've been receiving very positive responses from the advertisers. We think that this is going to help us increase our wallet share within the video advertisement segment. We plan to further expand our advertising space for such video-based advertising, which has a good efficiencies and high level of appeal. Now the question on goodwill.
As of the second quarter, consolidated basis, goodwill totaled KRW 5,432.5 billion, which is about KRW 454.9 billion Q-o-Q increase. As we finalized the terms and conditions of Lionheart Studio acquisition, there was about KRW 260 billion increase in goodwill. With the acquisition of GS Park by Kakao Mobility, there was some additional goodwill that has been booked. Now in terms of the size of the goodwill, the size of the impairment loss, we would have to closely follow the market value as well as the market situation and the business, overall, conditions, and would need to wait for the opinion of the auditor. It would be difficult for us to provide you with any specific number at this point. Next question, please.
The next question will be presented by John Yu from Citi Securities. Please go ahead with your question.
I would like to ask you two questions. Can you provide a bit more color on the timing during which you will be adopting a business model and additional features for the Open Chat? It would be helpful if you could also provide some detailed examples of the business model, the monetization model that you are currently thinking of. Second question relates to the in-app payment by Google. There's recently been a news article on this as well. Would like to understand if there's any changes in your pricing policies for each of the services that you offer, such as Webtoon, Melon, et cetera, and any initial user reactions for that, against that.
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Regarding Open Chat, aside from how it's going to couple with KakaoTalk, Daum, and Melon through many other strong couplings with the services that Kakao currently offers, we're currently discussing quite aggressively as to what other groups or what other interest groups we will be able to engage in this process. Even without any particular promotion, we were able to grow this service into a service with 9 million daily active users, and we will continuously try to expand the nexus of these services with other content platforms and other Kakao services. I believe that supported by our broad user base, we will be able to bring that additional growth. In terms of the timing for the business model for Open Chat, we will begin to employ that starting Q4 of this year.
Most likely it is going to take the form of an advertisement related business model and, so-called B2C2C model, which is, recently really talked about under the Web 3.0 approach.
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Yeah. Just to elaborate a little more on the business model for the advertisement and the B2C2C model. Basically, as this also relates to my previous answer relating to the Bizboard. The existing ad model that we had employed was a mostly display ad, but in the open chatting space, it will be interest-based search advertisement that's going to come into play. The reason is because basically a person opens up an open chatting room in order to bring people that share a common interest. Which means that targeted advertising will be made possible for each of the themes and the topics that people are interested in. This BM is not just going to be a simple display ad model. It will be once again based off of interest, and it will be a search ad type of a model.
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Now, just to explain a little more about B2C2C, Kakao, what we want to do is to create an economic ecosystem that is B2C2C for the benefit of the creators and for their economic activities. We want to go beyond a mere production of content and sharing of content. Go a step further to even enabling economic activities. For the Open Chatting, we would like to develop a business model, whereby, for instance, the owner of that chat room can monetize by providing certain information or can decide to run a certain advertisement within their chat room. Of course, before applying such a business model, we are on the creator side. We would definitely need sufficient amount of reviews and testing, so we will only be able to share with you more detailed plans after this year.
Responding to your question about IAP, Google's in-app market, related changes. After the legislation last September of the Prohibition Act on IAP, there's been relevant decrees as well as notification that had been announced and it's now in effect since the month of March. Google and Apple basically prohibit any outlink, any web-based payment through the outlink and have decided to or have announced that they're going to introduce a third-party payment or the off-platform payment where they can actually levy a certain fee on their on the payment if in-app payment is not the choice, it has not been selected. Now, for Google had only made it mandatory to use IAP for the game application.
Starting June of 2022, they have introduced a new pricing policy for the app market, forcing any IAP for other types of digital content on top of the game application. In terms of, you know, based off of Google Marketplace, basically the IAP fee scheme is going to apply, not apply to also Emoticon Plus as well as Talk Drawer Plus and other subscription products as Melon and Page and other digital content. From the user's perspective, because of this new IAP related policies of Google Marketplace, the price hurdle has gone up and it because it takes time to apply this new type of an A-IAP scheme from the usability perspective at the initial phase, negative impact is inevitable.
As a result, if you look at Emoji Plus product, the new user number has actually gone down to 1/3 of what we had seen over the years. We're now in a place where we are coming up with countermeasures to respond to this change. Because the IAP adoption is only at its initial phase, we do need to monitor the situation a little further. We will make sure that this impact or the rise in the payment fee does not have any significant impact on our top line or our bottom line.
We are also planning on running promotions for the users, using IAP and also for our subscribers in order to make sure that we minimize this impact from IAP in the second half of the year.
Next question, please. The next question will be presented by Kim Jin-gu from KB Securities. Please go ahead with your question.
Thank you. I would like to ask several questions. First is the outlook for your advertising business in the second half of the year. What do you think the overall market backdrop is and what are some of the trends that you were able to identify as far as your advertiser base? If you can also share with us a full year projection for different earnings metrics that would be helpful as well. Second question, there is a lot of talk about the possibility of sell-off of Kakao Mobility. Can you provide us with an update? What is the company's mid- to long-term investment plan corporate-wide?
Yeah. Hello, this is Jay. I previously gave you an answer on our Talk Biz business and the outlook for Talk Biz business. Once again, for Talk Biz business, we're expecting higher growth rate in the second half compared to what you've seen on Q2 on a year-over-year basis. Now moving on to other types of businesses, looking at platform other revenue, thanks to the solid growth of Kakao Mobility, Kakao Pay and Kakao Enterprise, we believe that we will be able to sustain the current growth rate. In the second half of the year, with the growth from financial revenue of Kakao Pay and higher mobility related demand from Kakao Mobility and with the phased launch of public cloud by Kakao Enterprise, we are expecting an uptick in the top line revenue growth.
For blockchain business, we are at this point quite conservative in making our projections. Content business.
For the content business, our story, global story revenue, we are at this point planning to manage the growth, the speed of growth, of our overseas subsidiaries. We will take on a more conservative stance in terms of investment in headcount and in marketing. We will focus more on strengthening our services, core competitiveness and improving profitability from a structural perspective. Now, for our music business, thanks to very positive performance that we are seeing from our artists, IVE, THE BOYZ and Monsta X, the top line revenue uptrend is continuing. In the second half of the year, we expect their activities to further elevate and that will really drive top line, additional top line growth. For the media business, there are multiple number of titles and contents that are upcoming, and we are looking forward to it becoming a global hit.
Hence we think that we can continue on with our revenue growth. For our game business, yes, we have a high base, on the back of, Odin's launch in domestic and in Taiwanese markets, but driven by the, major updates of Uma Musume and also lineup of other new titles, we believe that growth can be driven.
Also, when we talk about our performance, I think it is necessary to explain a little about the status of our new initiative business. At the beginning of this year, we announced Beyond Korea, Beyond Mobile as Kakao's growth strategy. This is now our cloud, AI, healthcare and technology-based new business sector. As an investment in this area, the operating loss in the second quarter was KRW 443 billion, and for the first half of the year, the new initiative business recorded an operating loss of KRW 826 billion. We expect this year to be the year in which investment in new initiatives will increase the most. We believe that such investment is necessary for Kakao to develop new growth engines.
Beginning of the year, we announced that a new growth strategy for Kakao will be Beyond Korea and Beyond Mobile. That new initiative businesses will include cloud, artificial intelligence, and healthcare. These are technology-based new businesses that require investment. As of the second quarter, due to or on the back of such investment, operating loss Q2 was KRW 44.3 billion, first half cumulative KRW 82.6 billion. We believe that this year is going to be a year where we see a significant rise in investment related expenses, but these investments are essential for a growth, a future growth of Kakao. For mid- to long- term, this will also help with further enhancing shareholder value as well.
We believe that from these new initiative business, as we improve on our financial proper performance, we will be able to step by step downsize the size of the loss. Looking at each of our business affiliates, if you look at Kakao Enterprise, this year, they are, at this point, really focusing on security and upgrading performance in order to offer products that embrace multiple needs of our customers so that they can gain a steady stream of revenue through Kakao Work and Kakao i Cloud. For Kakao Work, we are gaining our competitiveness by adopting AI-based custom bots. In the areas of cloud, at this point, in order to accelerate digital transformation of the educational industry, we are currently offering diagnostic services and end-to-end one-stop service, which includes consulting as well.
We also have Kakao Brain that was at the very forefront of cutting-edge technology trends, playing a quite important role, and it had made great contributions by bringing AI technology to many business aspects under the Kakao and its affiliates. Recently, it introduced a product in the education and healthcare segment and is currently tapping into opportunities for commercialization of AI technology. In July, they released an English education app called Remi, which uses the AI-based natural language technology. Also it is currently collaborating with Kakao Healthcare in order to enter into an image data analytics area that uses artificial intelligence. Going forward, we will continuously develop more business models that incorporate AI as a technology.
To provide a bit more color on our healthcare business, in order to fully ramp up our digital healthcare business, we launched Kakao Healthcare as a corporate entity, and we've appointed Hwang Hee as the CEO of this entity who had a track record of working at Seoul National University Hospital and ezCaretech. So we've completed setting up our organization under Hwang Hee, the CEO. In light of the current economic situation, we were first focused on B2B business, which has less sensitivity to economic cycles. For us to ramp up our data platform business in the second quarter, we are, at this point, building a Kakao alliance largely around tertiary hospitals and currently developing a pilot for data warehousing.
The virtual care business, which we talked of, which we mentioned during the analyst day, we will manage the speed of, the implementation of this business, in consideration of the economic backdrop. Responding to your question about Kakao Mobility. Kakao Mobility brought meaningful, results in bringing innovation in the area of transportation, underpinned by technology and data, and it had lived up to the calling. As a result, in Q2, the total number of subscribers stand at 32 million, and it's become a very essential service, providing service to, satisfy the mobility needs of the entire population. However, in this process, there were some controversies regarding infringing on the businesses of mom-and-pop stores, reckless expansion. We do admit there were such criticisms.
In embracing such criticisms, Kakao Mobility has been thinking very hard about various different options for bringing bigger innovation and growth. Sale of the entity is one of such options. At Kakao Mobility, they have, at this point, set up a council for inclusive growth or sustainable growth with mobility and the greater society. They have very clearly communicated what their dedications are. Kakao HQ completely respects that. We are, at this point, waiting to see what conclusion that they will reach. We will take the final question.
The last question will be presented by Stanley Yang from JP Morgan. Please go ahead with your question.
The Open Chat ad that you've mentioned, what is the revenue that you're expecting and what's the margin structure like? The growth of Talk Biz and the slowing growth of Talk Biz actually, aside from the macro impact, how much is attributable or are you getting any impact from the changes in the competitive landscape? The third question is, basically, to what extent do you think the macro headwind will slow your business growth as you enter Q3?
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Now, for the Open Chatting, there are a number of elements that we would be experimenting with. The biggest change will be moving away from DA to SA, that is, underpinned by a common interest and expanding to the long tail advertisers. That is in good alignment with how the market is moving at this point. As many large companies cut their advertising budget because of the economic difficulties and the required tightening of spending that is required, I think that this move into an SA model is a strategy that could help us ride over the difficult situation that we are currently facing.
In terms of the revenue target, there were some talk as to whether we would need to lower our guidance, in line with the current economic crisis, but we decided that this is not going to impact us any significantly in terms of bringing down our revenue. The very reason why we think that is because we will be expanding our Open Chatting advertising model. Although we cannot tell you any specific revenue target as of today because we are only at the initial phase, we believe that this model will help us ride over the difficult crisis, and we could use this as a soft landing tool across this critical period.
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You also asked about whether there's any competitive landscape impact as versus the macro impact. We think the bigger impact was from the macro backdrop. There are two aspects to this. Due to economic uncertainties, now companies are cutting down on their marketing budget. On the back of the pandemic, we are seeing some changes in the user activity metrics. Companies have gone quite conservative in spending their budget, and they are downsizing their marketing activities, and we are seeing that impact directly through our Talk Biz advertisement business. It's quite difficult for us to provide an accurate prediction as to how things will play out in the second half of the year. We are developing our business plan in full consideration of such negative economic cycle.
Looking at user metrics, with a rise in outdoor activities by the users, some of the user metrics have shown some change in Q2 and has impacted our B2C businesses, mainly in commerce and entertainment. Also the high base effect will weigh down on our second half performance as well. However, as we enter into Q3, some of the user metrics are rebounding, and we are expecting to see a increase in traffic with some phased changes that we are introducing for our services. Therefore, the concern on continuous downfall of the user metrics is actually quite limited.
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Now, for the outlook for Q3, the total revenue for Q3 for Talk Biz, Mobility, Pay and Story business, we expect there to be robust growth on a QoQ basis. Advertisement and commerce will also grow on QoQ basis. For advertisement, although the summer season is a slow season, with the coming of the Thanksgiving holidays in September, we expect advertisers to increase their advertising budget, and there will be growing demand for gifts, which will drive our top line growth. In Q3, we're going to test the Friends tab, the Bizboard on the Friends tab, and we will be able to see some revenue stream coming through from Q4.
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Thank you. This brings us to the end of Kakao's Q2 2022 earnings presentation. Thank you.