Cost base and visible business performance from our affiliates. In addition, thanks to the ongoing company-wide cost optimization efforts initiated last year, operating profit also reached an all-time high. With a stable financial structure now in place, we will begin sequentially launching various new services starting in Q3, focused on our two key pillars: KakaoTalk and AI, to once again deliver the kind of top-line growth expected of a leading growth company. Let me begin by sharing updates on KakaoTalk's transformation. Rather than chasing short-term trends, Kakao has been deeply analyzing user behavior data from a long-term perspective. As a result, we are now preparing a large-scale overhaul of services and feature enhancements across all five tabs of KakaoTalk. From a UI/UX standpoint, we are working to enhance consistency and natural connections between various services. By eliminating unnecessary complexity, we aim to deliver a more intuitive and seamless service experience.
As we've consistently communicated with the capital market, KakaoTalk is evolving beyond a simple messenger. We'll grow into a platform encompassing content delivery, exploration, and relationship-based social features. Starting in September and continuing through the end of the year, new services will be launched sequentially. Today, I would like to briefly introduce the changes coming to the first and third tabs, key pillars of these renewals, which will serve as the most critical turning points for expanding KakaoTalk's traffic structure and user time span. First, the Friends tab, which is the first tab in KakaoTalk, will evolve from a simple contact list into a feed-based space for daily live sharing. After the renewal, the frequently used updated profile features will be improved, and a new Feeds section will be added below.
This section will highlight birthday friends, daily life content shared by friends, and media content such as photos and videos from group chats. We plan to turn this into a space where users can continuously consume and interact with various relationship-based content. Based on our internal analysis, an average of 13.4 million monthly users actively update their profile and check in on Friends updates via KakaoTalk. We believe this clearly shows that social needs within the app are already well established. By making it easier to view Friends updates in a single depth through this renewal, we expect to see a significant boost in natural interaction within the Friends tab and improve convenience and usability of the service.
Looking at the bigger picture, the Friends tab, which has largely functioned as a contact list for purposeful traffic, will now become a space where users can casually visit, explore, and discover various content from their daily lives. Next, I will update you on the status of a short-form video service planned for the third tab. For this, we are diversifying content sourcing channels and building a studio environment that enables creators to easily produce content. Additionally, we plan to secure both exclusive content available only on Kakao and original content produced using the capabilities of Kakao's affiliates in order to build a rich and differentiated content library. We are also preparing a revenue-sharing ecosystem where creators are fairly compensated for their work, ensuring sustained creative activity.
Kakao's short-form video service will leverage the strengths of the messenger, enabling users to share videos directly within chat rooms and watch them without leaving the conversation, delivering a seamless user experience. This network-based virality will serve as a key competitive edge in rapidly scaling the creator ecosystem. Going further, Kakao aims to provide a differentiated experience by focusing on relationships and context rather than following the path of explorer-driven or self-promotional media platforms. We are designing KakaoTalk to naturally connect not only close relationships but also looser ties, expanding the network from friends to creators. This way, content consumption will evolve beyond passive viewing into relationship-based discoveries. The transformations I've briefly explained today for the first and third tabs will be revealed in more detail, including the visual and functional design at the If Kakao event scheduled for September.
In last quarter's earnings call, we shared our goal to increase time spent on KakaoTalk by over 20% through this renewal and to drive more than 10% year-over-year growth in Talk Biz ad revenue in Q4. These are not just stretch goals but must-achieve targets based on conservative pre-launch assumptions. Once we validate strong early results, we plan to actively pursue more ambitious growth strategies. Above all, we believe this Q4's double-digit growth will mark the starting point of long-term structural improvements, not just a one-off success. We will continue to build a virtuous cycle where traffic growth on KakaoTalk naturally leads to monetization. Next, I'd like to talk about AI, the other core pillar of Kakao Group's business. As mentioned earlier this year, Kakao's goal is to bring AI into the daily lives of everyone.
Over the years, Kakao has transformed daily lives across various verticals, starting with KakaoTalk, expanding into fintech, mobility, and content. As a result, many of Kakao's services have become deeply embedded in users' everyday routines. Beginning the second half of this year, Kakao aims to build daily AI touchpoints centered around KakaoTalk. Once again, we intend to redefine daily life with AI for everyone. Until now, many may have associated Kanana solely with the standalone app, currently in CBT. Going forward, however, we've decided to brand all AI-related elements under the name Kanana. This includes infrastructure, language models, middle layer components like MCP and agents, and even B2C AI services directly experienced by users. Just like the KakaoTalk renewal, the If Kakao event scheduled for September will provide concrete visualization of various Kanana services that we've described only verbally so far.
Starting in October, we will begin launching these services sequentially. First, the joint products being co-developed with OpenAI is being prepared with urgency as the release date is drawing near. Our goal is to build on the familiar ChatGPT user experience while adding Kakao's unique assets and insights into Korean users. As previously mentioned, we will reveal the product's performance and features at the If Kakao event. At the latest, before our next earnings call, we expect that all of you will be able to try the product yourself. For the second half of the year, we anticipate that the world's largest AI services and Kakao's most powerful mobile platform will come together, enabling Kakao to quickly gain ground in the Korean B2C AI market.
In parallel, we are also preparing AI services that operate within KakaoTalk, especially in the context of conversation based on relationships, which is at the core of Talk experience. Rather than functioning as a standalone service occupying a fixed space, these AI services will act more like a middle layer operating across various areas in KakaoTalk to recommend context-aware actions aligned with the user's intent. Eventually, these actions will be completed seamlessly within the app. The service will be powered by Kakao's in-house SLM on-device AI model, which will allow user data to be managed with the highest level of privacy and, at the same time, significantly reduce large-scale infrastructure costs on our end. Excluding a few mobile device manufacturers, Kakao will be the first in Korea to launch an on-device model.
We will start with a small-scale launch to gather early feedback and prepare for a broader deployment as this technology becomes mainstream. Lastly, we are preparing to build an AI agent platform ecosystem. In the past, mobile ecosystems centered around apps required users to manually visit each app to fulfill specific tasks. Now, as protocols like MCP and agent-to-agent interactions become more common, users will be able to access services and achieve their goals without needing to open separate apps by interacting with agents instead. Just as Kakao played a central role in the mobile era, we aim to be a powerful platform player in the agent era. We will begin laying the foundation for this ecosystem starting in the second half of the year. Initially, users will experience agents within KakaoTalk that connect with selected Kakao owned services.
Later, we plan to integrate with a wider range of verticals, working with both Kakao affiliates and external partners. On the model side, in May, we've revealed both the medium size and SLM versions of our proprietary Kanana 1.5 language model. The SLM version, in particular, is optimized for on-device environments with 2.1 billion parameters, enabling fast and efficient responses. This model is a key component powering the new AI services within KakaoTalk. In July, we also released our multi-model model and mixture of experts MOE model. As AI continues to evolve around into agent capable of autonomous decision making and action, we've open sourced our MOE models to receive real-world validation. Meanwhile, our 1.5 version multi-model achieved top scores among similar in size open models in both Korea and abroad based on Korean language benchmarks.
Kakao's focus is on enhancing AI multi-model understanding, user interest in execution, and inference capabilities, all necessary for building agentic AI. In the second half, we will also announce results related to our inference model, which is a core requirement for enabling agent-like behavior. With a specialized model lineup built for agents and KakaoTalk's unmatched messaging protocol capabilities, we are confident that Kakao will be the strongest platform within the agentic AI ecosystem, especially as agent to AI interactions become more widespread. Finally, regarding infrastructure, as announced in June, Kakao will invest KRW 600 billion to construct our second data center in Namyangju, Gyeonggi-do Province. Construction will begin next year with a completion targeted for 2029. This will be the next generation high-density data center capable of supporting AI and future technology.
As data security and service reliability grow increasingly important, this move will shift us away from rented data centers towards operating our own infrastructure, enabling both greater control and cost efficiency in the long term. We believe 2025 marks the beginning of Kakao's fourth great scale AI transformation. As the first mover in the mobile era, Kakao successfully built ecosystems across numerous verticals. Now, we aim to launch a series of AI services on Kakao's most dominant mobile platform, becoming the first B2C AI provider serving the general public. Moreover, by being the first company in Korea, excluding device manufacturing, to launch on-device AI, we plan to once again seize our first mover advantage in the AI era.
Next, [Jayden], our CFO, will present the second quarter 2025 financial highlights.
This is [Jayden], Kakao's CFO. I'll be presenting on consolidated financials for the second quarter. Consolidated revenue for the second quarter came in at KRW 2.028 trillion, up 1% YOY and 9% QOQ. Platform revenue was KRW 1.055 trillion, rising 10% YOY and 6% QOQ. Kakao's core business, Talk Biz, reported KRW 542 billion in revenue, up 7% YOY but down 2% QOQ. Talk Biz ad revenue for the second quarter was KRW 321 billion, going up 4% YOY, driven by solid growth in business messaging and up 12% QOQ due to seasonality. Business messaging revenue rose to 16% YOY, sustaining a double-digit growth on greater revenue contribution from advertisers in the financial sector. We are expanding the scope of usage and types of messages that advertisers can send by offering wide-ranging templates.
We thus expect there still is greater mid to long-term upside in top-line revenue. Also, our brand message that rolled out mid-May has driven high ad efficiency metrics thanks to strong message delivery rate and clear sender identification feature. The recipients need not be concerned about the risk of snitching when receiving the message, so we expect robust growth will continue in the second half, underpinned by broader service awareness. For display ads, there was a 5% YOY revenue decline due to the base effect from the first half of last year when there was a temporary surge in marketing spend by Chinese e-commerce players. Our plan, thus, is to strengthen the new product lineup, including in-feed ads and video ads in time for the upcoming KakaoTalk revamp in September and also continue with enhancing the efficiency of the current suite of products.
Next, our second quarter combined commerce GMV was KRW 2.5 trillion, up 6% YOY and down 4% QOQ. The service achieved record high traffic in July, backed by a differentiated line up of exclusive products, the launch of a dedicated section for self-use purchases, and strengthened daily promotions featuring new limited edition items. As a result, the number of self-purchased users rose 10% YOY, driving a 43% YOY increase in self-purchased GMV, which in turn led to overall GMV growth. Total GMV for the gift service also grew 8% YOY. GMV for self-purchasing showed sizable growth of 43% YOY, driving the entire GMV uptrend, while Talk Gifts GMV increased 8% YOY. Next, our commerce revenue reported KRW 221 billion, up 10% YOY, and fell 17% QOQ due to seasonality of Talk Gifts.
Talk Gifts revenue rose 13% YOY, backed by a higher share of directly sourced exclusive products and increased transactions of high-value vouchers, which in turn led to a rise in average order value. Meanwhile, Talk Store revenue declined 6% YOY, impacted by extended promotional activity. Next, our portal revenue was down 11% YOY on the back of a decline in search queries and following preparations for a Swiss transfer business. In regards to QOQ, it was up 6% to KRW 78 billion due to the impact of major events such as the presidential election. We plan to transfer business operations to the new entity AXC by the end of the year. Finally, our platform and other revenue was up 21% YOY and 19% QOQ to KRW 435 billion. Kakao Mobility saw solid YOY growth as parking and quick delivery business expansion drove total top-line uptrend.
Also, supported by high growth from financial and platform services and cost efficiency, Kakao Pay reported a double-digit revenue growth YOY, sustaining the profit-making streak for two consecutive quarters. Now, moving on to our content business, which recorded KRW 973 billion in revenue, down 7% YOY but up 12% QOQ. First, our story business revenue in quarter two was up 1% YOY and 3% QOQ to KRW 219 billion. Amid fierce competition, Piccoma has been focusing on laying the basis for sustainable growth by strengthening core competitiveness of its IP content. Despite the Golden Week holidays being the busiest season of the year, Piccoma maintained efficient marketing execution, a shift from previous years, and as a result, achieved its highest ever quarterly operating profit. On the backdrop of slowing growth of the markets, Kakao Entertainment's story business is maintaining a key focus on profitability.
We are in the midst of reorganizing our global strategy to build a more competitive and agile story IP business. Overall, we expect for the story business to gradually drive results from the efforts placed behind enhancing IP competitiveness as we move into the second half of the year. We will continue to diversify our IP pipeline, sourcing compelling content across a wide-ranging genre while actively broadening the user pool through strategic markets. Next, our music revenue was up 1% YOY and 18% QOQ, reporting KRW 518 billion. Performance was driven by good album sales of Rize and NCT Wish, despite the slump in the music label market. With anchor IP activities and new artist debuts scheduled for the third quarter, we plan to further strengthen our line up. Lastly, media revenue was up 5% YOY and 25% QOQ to KRW 94 billion.
This is due to revenue recognition of titles carried over from the previous quarter and concentration of production activities during the first half of the year. Moving on to our operating expenses. Second quarter operating expense was up 5% QOQ but fell 2% YOY , reporting KRW 1.842 trillion. Labor costs edged up 2% both YOY and QOQ , reaching KRW 489 billion. Corporate-wide, we continued our stance with conservative hiring, resulting in a flat YOY . Marketing expense declined 19% YOY while flat QOQ at KRW 88 billion, accounting for 4.3% of quarter two's consolidated revenue as we continued our focus on efficient spending.
Revenue linked expenses exceeded 10% YOY on high base effect following reclassification of subsidiary accounts but rose 2% QOQ at KRW 717 billion due to a rise in revenue from content business, accounting for 35% of consolidated revenue. Outsource and infrastructure expense was KRW 233 billion, up 19% YOY and 13% QOQ on the back of account reclassification and rise in costs following strong album sales at SM Entertainment. Depreciation and amortization was KRW 220 billion, up 7% YOY and 8% QOQ due to Kakao Entertainment's amortization of license rights and consolidation of Dear You, which led to an increase in amortization for intangible assets. As a result, quarter two consolidated operating profit recorded KRW 186 billion, with operating profit margin improving by 2.5 points YOY to 9.2%.
Going forward, based on optimized operational leverage, we will do our utmost to sustain structural profitability. Next, non-operating income for quarter two fell KRW 22 billion YOY and KRW 78 billion QOQ to KRW 9 billion. Other non-operating income was KRW 3 billion, up KRW 4 billion YOY but down KRW 73 billion QOQ . This was due to a high base in the previous quarter from equity method gain related to the sale of Dear You and also reflects a loss from the disposal of intangible assets in other businesses during quarter two. Financial loss came in at KRW 175 billion. The loss increased KRW 217 billion YOY due to a decline in FX gain from the early redemption of exchangeable bonds, but narrowed KRW 49 billion QOQ .
Lastly, equity method income was KRW 235 billion, down KRW 44 billion YOY and KRW 108 billion QOQ, reflecting changes in affiliate performance. Next, our second quarter corporate income tax reflects adjustment effects from the recognition of additional deferred tax assets, resulting in consolidated net profits of KRW 172 billion. Lastly, on CapEx, total CapEx for quarter two was KRW 98 billion, comprising KRW 72 billion investments in tangible assets and KRW 26 billion CapEx for intangibles. CapEx decreased KRW 72 billion YOY and KRW 41 billion QOQ, mainly due to the base effect from in-house data center investments made last year and large-scale AI investments, including GPUs, in the previous quarter.
This ends the presentation on quarter two 2025 earnings. We will now move on to Q&A. Because we have limited time, please we ask that you refrain from asking more than two questions.
[Foreign language] .
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 the number star one. For cancellation, please press star two, that is star and two on your phone.
[Foreign language]
The first question will be provided by Eric Cha from Goldman Sachs. Please go ahead with your question.
[Foreign language]
Thank you for taking my question. I would like to ask two questions. The first one has to do with the government's recent initiative to undertake the AI foundational model. There were a short list of private companies that will join in on that effort. Kakao 's name was not on that list. My question is, I would like to understand what the difference is between the government-led sovereign AI strategy compared to Kakao 's AI strategy. Second question, I understand that you will soon be launching your AI services. Already out there in the market, there are multiple AI-driven services that are being provided. I would like to understand as to what your differentiating point is for you to attract the users to your AI service.
[Foreign language]
Yes, hello, this is Shina. I will respond to that question. The way we see it is that the government's sovereign AI direction and Kakao's AI strategy are both aligned towards expanding AI into the domains of services and providing AI for everyone for universal and ease of access. We think focusing on sovereign AI is an important strategic point beyond simple model development. Global AI service providers, as you know, are very quickly taking hold of user experience and user engagement as we speak. Kakao is moving fast to adopt advanced technology to integrate such technology to domestic services to strengthen the lock-in effect.
[Foreign language]
In that vein, we're investing into high-performance SLMs, multimodal models, and MOE models as well, investing into language models that are specialized for agentic AI services. Starting the second half, underpinned by KakaoTalk as our key pillar, we will be leveraging lightweight models, the SLM models, to introduce and launch wide-ranging services, thereby expanding the agentic AI ecosystem, enabling users to familiarize themselves with and experience AI services.
[Foreign language]
Also, model orchestration, if I were to just talk about from the model perspective, which we've been pushing forward, is a strategy where collaboration with the outside partner and the internal development are leveraged in parallel. Depending on the type of the query or the question or the level of complexity or difficulty, you do not necessarily need to always be using the LLMs. Optimization is an important element to be mindful of. Once the model performance of Kakao's sovereign AI is well-enhanced and polished, we will be integrating such capabilities into our services to facilitate the formation of domestic AI ecosystem and contribute to technology sovereignty.
[Foreign language]
We brought to life the future that was beyond our imaginations at Kakao by transforming people's everyday lives. In that sense, the second half of the year will be another turning point for us, where we once again bring innovation to people's everyday lives, being a torchbearer of transformation towards AI-based basic society. That basically is the goal that we have at Kakao. We believe that in that sense, we are aligned with sovereign AI.
[Foreign language]
Responding to your question about potential cannibalization with other services like ChatGPT and the potential for there being any undermining of user experience, my answer is this. Currently, we do not have any significant concern internally about potential cannibalization with a standalone ChatGPT service. The direction that Kakao Corp and OpenAI are jointly pursuing is to popularize AI services for the entire population. However, given that Korea's 50 million users vary widely in terms of their understanding and acceptance of AI, we believe this goal may be difficult to achieve through a single service alone. For example, on the web, some users may seek to conduct complex research, whereas in the mobile environment, many users may simply want to look up quick information. From this perspective, we expect that the standalone ChatGPT service and the AI service that we are jointly developing will target different user segments.
[Foreign language]
In addition, we anticipate a trickle-down effect where users with no prior AI experience may naturally become interested and begin using the service when ChatGPT results are shared during conversations with friends or when they encounter ChatGPT on core surfaces they visit multiple times a day. We are also putting significant thought into the UI and UX design to ensure that even users who are unfamiliar with AI can use the service easily.
[Foreign language]
Lastly, since the standalone ChatGPT service and the co-developed service by both companies will be designed to support each other, we expect that rather than causing cannibalization, the two services will work together to expand the overall user base.
[Foreign language]
Both companies are working closely to optimize the user experience by ensuring broad accessibility at scale. ChatGPT also provides some level of free functionality, and Kakao too will build service in a way that maximizes ease of access and usage flexibility, targeting to embed habituation of new user experience in Kakao's ecosystem.
[Foreign language]
Next question, please.
[Foreign language]
The following question will be presented by Jinwoo Kim from CGSI. Please go ahead with your question.
[Foreign language]
Thank you for taking my question and congratulations on good results this quarter. My first question relates to your second quarter results. You've outperformed the market projection. I would like to know as to what the key reasons behind that are, and also are there any one-off elements that impacted the second quarter results? The second question is on your second half of the year. We've seen some elevated performances coming through from your subsidiaries. Do you think that improvement will continue as you move into the second half of the year? If you could provide some color on the second half guidance, that would be appreciated.
[Foreign language]
Hello, this is the CFO responding to a question about the key drivers behind the second quarter performance and the outlook as we move into the third quarter. First, if you look at the second quarter, basically driven by improvements from subsidiary performance coming through, we reported record high quarterly revenue. As we went through optimization of the cost base across the greater group, we also made enhancements and drove up operational efficiency. We were thus able to drive quarterly record in terms of operating profit as well. This actually is the outcome of group-wide effort towards cost optimization. We were able to control the top-line impact while significantly improving the profit. We believe this was a successful attempt at strengthening the fundamentals through efficient means.
[Foreign language]
First, looking at our core businesses, ad and commerce continued their solid growth, growing profit contribution year over year and Q on Q as well. Kakao Pay's new businesses are well in the growth phase, with securities and insurance business driving solid top-line as profitability improved through cost efficiency gains.
[Foreign language]
Now, for content, as mentioned last time, we confirmed that the bottom is behind us. For Piccoma, last year we responded to deepening market competition with proactive marketing campaigns, while this year the focus was on using selective marketing strategy, supporting new titles and user retention. This was very effective as the impact on revenue was limited while profit increased was sizable. From SM Entertainment, high margin business mix improved, which are album and MD business, making greater contribution to our bottom line, the profit. In terms of the one-offs, except for DOU consolidation, there were no other meaningful one-off factors. Just for your information, the impact from DOU consolidation in Q2 income account accounted for KRW 2.2 billion.
[Foreign language]
Now, moving on to the second half outlook, just very briefly. As we have mentioned, we really focused on optimizing our cost base during the first half of the year. As we have been able to drive our profitability from each of our businesses, supported by a stable financial structure, we want to set re-acceleration of our top-line revenue as our core target for the second half of the year.
[Foreign language]
Since last year, at the Kakao Group, we've identified as our key core business pillars KakaoTalk and AI, and we've been undertaking various different initiatives. Basically, as we move into this third quarter, we will be unveiling in sequence many different types of new services, which will be critical to defining the mid to longer-term growth curve for the company. Therefore, we will continuously expand on CapEx investment, which includes infrastructure, so that we will have a steady base of operations for service development. Also, before the timing of the new service rollout, we expect that Talk Biz is going to show a moderate improvement. As we enter into the fourth quarter, the financial results will start to materialize, and we will be able to see our growth momentum come under a full swing.
[Foreign language]
Looking at our platform and content business, we were able to see that we have a very strong bottom line. Based upon that bottom line, which we were able to identify in the second quarter, we expect that we would be able to speed up the growth speed of our current existing businesses starting from the third quarter of the year. We will be making strategic marketing investments to diversify our content IP portfolio and further bolster our platform competitiveness, which will help us lay and solidify the foundation for further growth.
[Foreign language]
Under that backdrop, we expect revenue growth to be more prominent compared to the profitability enhancement. However, we're also projecting a more accelerated growth of our Talk Biz, which actually has the highest margin within the group starting the Q4. We will also be seeing improvements in profitability as well as we move into the fourth quarter. Hence, starting next year, we are quite confident that we will be able to share with you more balanced growth across our top line and bottom line as well.
[Foreign language]
Yes, due to the time constraint, this will be the last question that we take.
[Foreign language]
The last question will be presented by Hyo-Jin Lee from Meritz Securities. Please go ahead with your question.
[Foreign language]
Thank you. I would like to ask you several questions, two questions, actually. You talked about how you would incorporate the feed type format in your advertisement. We'd like to gain some more color on your advertisement strategy. We'd like to know if you could share with us also the timeline of the service launches that are being scheduled at this point. Second, because KakaoTalk is a messenger service that is where people do not pay for the services that they receive, it's a free messenger service. I think there should be more interest or, I guess, more interest with regards to the business model or the revenue model for your advertisement business. If you're boosting your advertisements, there's also concern that it will further increase the fatigue that the users feel. What is your understanding and how are you going to counter that?
[Foreign language]
Yes, responding to your question about our advertisement strategy, since the KakaoTalk renewal, as we brought feed-based service format to the first and the third tab, we're expecting activated content discovery and exploration and search, and a large increase in the number of visits and page views is what we are seeing. Feed format basically allows for unlimited scrolling, so we expect advertisement surfaces to expand significantly as we go forward. Already in the second quarter, Profile Full View, which is a full-spread ad product in the Friends tab, saw its revenue go up almost two times Q over Q, which showed that there is high demand for new advertisement products inside KakaoTalk.
Considering that advertisers budget for in-feed ad and video ad when mostly to global services, if Kakao were to fully adopt feed type and short-form video ads, we expect to be able to bring part of that budget to Kakao.
[Foreign language]
As we've mentioned, the renewal for KakaoTalk is scheduled in September, and we will be bolstering our new ad product line up. We expect display ad revenue, which had been quite muted, will start to show a rebound as we move into the fourth quarter with stronger seasonality for advertisement coming up. Compared to the overall KakaoTalk user traffic, the market share that we have in the domestic advertisement market is still quite low. We believe that there is quite a bit of upside growth potential. So far, we've really played within the limited scope of the platform, taking on a quite defensive approach to advertisement business. After the KakaoTalk renewal that is upcoming, we're going to be quite aggressive in rolling out new products and will be able to secure the advertisers' budget, which we were unable to do so in the past.
[Foreign language]
Now, moving on to your question about the possible fatigue, the user fatigue with more expanded advertisement, I do understand that some people may raise that issue as we expand on our advertisement business, that it may undermine users' experience. If you look at the advertisement business strategy that we are implementing, it is not just simply about increasing the advertisement slots or services or increasing the ad frequency. We're basically seeking to transform towards a feed-based advertisement format, which means that we will be providing a more immersive ad experience naturally merging with the content consumption that is initiated by the users. Compared to banner advertisement, this is a form that's going to further enhance users' advertisement acceptance. It's a structure that we can look towards better efficiency as well. We think that it could actually improve on the advertisement experience of the users.
[Foreign language]
As we introduce the feed type and video advertisement and as we diversify into different ad product line ups, we will be able to attract more advertisers. There will be a more diverse array of advertisements that users will be able to view from the advertisements that the advertisers offer and the content that is being offered, which means that the users will find these contents more relevant. Also, from the advertisers' perspective, they can improve on the ad efficiency as well. This will eventually create a virtuous cycle across the entire platform. This means that from KakaoTalk's perspective, rather than just providing a purposeful, I guess, mode of usage, we will now be able to also allow the users to spend their idle time on viewing these different types of advertisements. I believe that by having such additional advertisement slots, we'll rather enhance user experience. Thank you.