On September 12th, Douyu released its unaudited financial report for the second quarter of 2024. In the second quarter of 2024, the platform's total revenue was 1.032 billion yuan, gross profit was 84.2 million yuan, and gross profit margin was 8.2%. This quarter, Douyu incurred a net loss of 49.2 million yuan, with an adjusted net loss of 45.5 million yuan, significantly narrowing the month on month loss. At the same time, innovative business, advertising, and other revenues amounted to 242 million yuan, further optimizing the company's revenue structure.
In the second quarter of 2024, multiple professional esports competitions will be held one after another, and Douyu will fully release its reserve of copyright event resources. Combined with the platform's deep anchor resources and other advantages, it will continue to provide high-quality content experience. This quarter, Douyu broadcasted nearly 30 official large-scale events, including League of Legends LPL Spring and MSI Mid Season, Honor of Kings KPL Spring, Peace Elite PEL Spring, CSGO BLAST and other official large-scale events. It exclusively broadcasted the fighting game competition EVO, providing high-quality optional event content for different game audiences. In terms of self-made competitions, Douyu has launched more than 50 platform esports events this quarter, including the Thunder Honor Cup, Douyu Super Dream Cup, Douyu Heroes Cup S5, etc., covering multiple competitive games such as "King of Glory", "DOTA2", "Teamfight Tactics", etc.
In the second quarter of 2024, Douyu's innovative business, advertising, and other business revenue reached 242 million yuan, which is 1.8 times higher than the same period last year. Its revenue contribution accounted for 23.4%, a significant increase from 9.6% in the same period of 2023. This quarter, Douyu will continue to deepen its services to game developers by flexibly adjusting its operational strategies. By combining game version updates, new props, summer and holiday seasons, Douyu will continue to explore more diverse cooperative promotion methods to enhance the company's commercialization capabilities.
It is worth mentioning that Douyu continued to improve its operational efficiency this quarter, focusing on anchor resources. By incentivizing the content density of top anchors and increasing the frequency of mid to long tail anchors' broadcasts, Douyu enriched the platform's content supply.
Looking back at the overall business performance in the second quarter, Douyu continued to promote its business strategy of diversifying revenue and achieved positive results. Although Douyu's financial performance will face some pressure in the short term due to changes in the business environment, it will still have the ability to ensure the stability of its own business in the future by relying on its core competitive advantages, optimizing company resource allocation, deepening multi-party cooperation, and continuously investing in new businesses with growth potential.
The temporary management committee of Douyu stated that in the second quarter of 2024, it will continue to leverage the platform's deep anchor resources and high-quality content advantages, deepen cooperation with game developers, enrich the platform's content ecosystem, and enhance the company's diversified commercialization capabilities. Working together with broadcasters and game developers, we explore and launch various cooperation models through continuous content innovation and product upgrades, aiming to provide platform users with high-quality content experience and diverse game related services. The company has been striving to repay the trust and support of shareholders. In addition to the $20 million stock repurchase plan announced in December last year, it also announced a special cash dividend of $300 million in early July this year.