South Korea‘s biggest live streaming platform AfreecaTV saw its revenue and operating profit hit new highs in 2020, the company said Monday.

According to a regulatory filing, the company’s revenue and operating profit soared 17.1 percent and 37.3 percent on-year to 196.6 billion won ($175.7 million) and 50.4 billion won, respectively. Its net profit rose to 36.4 billion won, a 6.5 percent increase on-year.

AfreecaTV also enjoyed record quarterly results in the fourth quarter. In the October-December period, the company’s revenue and operating profit spiked 39.1 percent and 135.3 percent to 60.3 billion won and 17.2 billion won. Its net profit also jumped 36 percent to 9.8 billion won on-year.

“Revenue from advertisements propelled the record fourth quarter sales. Also, the company witnessed a significant growth in the revenue generated by branded content, which viewers can enjoy without feeling that it is an advertisement,” a company official said.

Branded content is content produced by or funded by an advertiser.

By Kim Byung-wook (kbw@heraldcorp.com)