Shopee Contributed Nearly 70% of Sea Group's Revenue in 2023

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Cindy Mutia Annur 07/03/2024 18:41 WIB

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In 2023, Shopee became Sea Group's largest revenue-generating business line, contributing US$9 billion or 68.9% of the group's total revenue.

Sea Group Revenue by Business Line (2023)

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Sea Group Revenue by Business Line (2023)

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Sea Limited (Ltd) or Sea Group reported revenue of US$13.06 billion in 2023, or approximately Rp205.06 trillion (assuming an exchange rate of Rp15,654/US$).

This achievement represents a 4.9% year-on-year (YoY) increase compared to US$12.45 billion in 2022.

Shopee was Sea Group's largest revenue-generating business line in 2023, contributing US$9 billion or 68.9% of the group's total revenue.

Shopee's revenue also increased by 23.5% (YoY), compared to US$7.28 billion in the previous year.

"Despite increasing competition in Southeast Asia, we are confident that Shopee gained significant market share between the beginning and end of 2023," said Sea Group Chairman and Chief Executive Officer, Forrest Li, in a press release on Monday (4/3/2024).

"We are pleased to have strengthened Shopee's market share in the region, and we intend to maintain our market share in 2024," Li added.

Sea Group's other business lines, namely Garena, contributed US$2.17 billion (16.63%), SeaMoney US$1.76 billion (13.47%), and other services US$131.28 million (1%).

Forrest Li stated that Garena's revenue was driven by an increase in Free Fire user acquisition and retention trends.

"In 2023, Free Fire became the most downloaded mobile game globally according to Sensor Tower," said Li.

He also mentioned that 2023 was the first year in which SeaMoney achieved profitability, primarily from its consumer and small and medium-sized enterprise (SME) credit business.

"In 2024, we will continue to invest in acquiring users for our credit business, both within and outside the Shopee platform, as we see significant growth potential in our market," said Li.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Shopee Contributed Nearly 70% of Sea Group's Revenue in 2023

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