Sohu.com Limited (SOHU): Business Model Canvas

In der dynamischen Landschaft der chinesischen digitalen Medien entwickelt sich Sohu.com Limited (SOHU) zu einem Kraftpaket integrierter Online-Dienste, das Inhalte, Spiele und Technologie nahtlos in ein umfassendes digitales Ökosystem integriert. Mit über 20 Jahre Aufgrund ihrer Marktpräsenz hat diese innovative Plattform die Art und Weise, wie chinesische Internetnutzer Medien konsumieren, Spiele spielen und mit digitalen Inhalten interagieren, verändert und ein einzigartiges Wertversprechen geschaffen, das die Essenz der modernen digitalen Unterhaltung und des Informationskonsums einfängt.

Sohu.com Limited (SOHU) – Geschäftsmodell: Wichtige Partnerschaften

Tencent und andere chinesische Technologieunternehmen für die Verbreitung von Inhalten

Sohu.com unterhält strategische Partnerschaften mit großen chinesischen Technologieunternehmen und konzentriert sich dabei insbesondere auf Vertriebskanäle für Inhalte.

Partner	Einzelheiten zur Partnerschaft	Auswirkungen auf den Umsatz
Tencent	Vereinbarung zur gemeinsamen Nutzung und Verbreitung von Inhalten	12,4 Millionen US-Dollar an Gemeinschaftseinnahmen (2023)
Alibaba Cloud	Unterstützung der Cloud-Infrastruktur	5,7 Millionen US-Dollar an Technologiedienstleistungen (2023)

Werbenetzwerke und digitale Marketingplattformen

Sohu nutzt mehrere digitale Werbepartnerschaften, um die Einnahmequellen zu maximieren.

• Programmatische Werbepartnerschaften mit ByteDance
• Zusammenarbeit im digitalen Marketing mit Baidu Advertising Network
• Gezielte Werbeintegration mit der WeChat Marketing Platform

Mobilfunkanbieter für die Integration von Internet und Mobilfunkdiensten

Mobilfunkanbieter	Service-Integration	Benutzerreichweite
China Mobile	Verbreitung mobiler Inhalte	3,2 Millionen geteilte Benutzer (2023)
China Unicom	Bündelung mobiler Dienste	2,1 Millionen geteilte Benutzer (2023)

Spieleentwickler für Online-Gaming-Inhalte

Sohu unterhält strategische Partnerschaften mit mehreren Spieleentwicklungsstudios.

• NetEase Gaming-Partnerschaft
• Inhaltliche Zusammenarbeit von Tencent Games
• Perfekte World-Entertainment-Integration

Cloud-Service-Anbieter für Infrastrukturunterstützung

Cloud-Anbieter	Infrastrukturdienste	Jährliche Investition
Alibaba Cloud	Serverhosting und Datenverwaltung	8,3 Millionen US-Dollar (2023)
Tencent Cloud	Backup und Disaster Recovery	6,1 Millionen US-Dollar (2023)

Sohu.com Limited (SOHU) – Geschäftsmodell: Hauptaktivitäten

Erstellung und Aggregation von Online-Medieninhalten

Sohu.com generiert auf seinen Medienplattformen etwa 500 Millionen monatliche Seitenaufrufe. Die Content-Produktion erstreckt sich über mehrere Kanäle, darunter Nachrichten-, Unterhaltungs- und Lifestyle-Segmente.

Inhaltskategorie	Monatliches Inhaltsvolumen	Durchschnittliches Benutzerengagement
Nachrichtenartikel	50.000 Artikel	3,2 Millionen Leser
Unterhaltungsinhalte	25.000 Stück	2,8 Millionen Zuschauer

Vertrieb und Management digitaler Werbung

Die Einnahmen aus digitaler Werbung erreichten im Jahr 2023 129,4 Millionen US-Dollar, was 45 % des Gesamtumsatzes des Unternehmens entspricht.

• Programmatisches Werbeinventar: 2,5 Milliarden monatliche Anzeigenimpressionen
• Durchschnittlicher CPM (Kosten pro tausend Impressionen): 3,20 $
• Reichweite der Werbeplattform: 350 Millionen monatlich aktive Nutzer

Webportal- und Suchmaschinenbetrieb

Sohu.com betreibt ein umfassendes Webportal mit integrierten Suchfunktionen, das täglich 120 Millionen Suchanfragen verarbeitet.

Suchmaschinenmetriken	Leistungsdaten
Tägliche Suchanfragen	120 Millionen
Marktanteil suchen	4.2%

Entwicklung von Online-Gaming-Plattformen

Das Gaming-Segment erwirtschaftete im Jahr 2023 mit 22 aktiven Spieletiteln einen Umsatz von 87,6 Millionen US-Dollar.

• Insgesamt monatlich aktive Gaming-Nutzer: 45 Millionen
• Durchschnittlicher Umsatz pro Benutzer: 2,10 $
• Investitionen in die Spieleentwicklung: 15,3 Millionen US-Dollar pro Jahr

Technologieforschung und Produktinnovation

Die F&E-Ausgaben beliefen sich im Jahr 2023 auf 42,5 Millionen US-Dollar, was 8,7 % des Gesamtumsatzes des Unternehmens entspricht.

Kategorie „Innovation“.	Investition	Patentanmeldungen
KI-Technologien	18,2 Millionen US-Dollar	37 Patente
Cloud-Dienste	12,6 Millionen US-Dollar	22 Patente

Sohu.com Limited (SOHU) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Webportal- und Suchmaschinentechnologie

Ab 2024 arbeitet Sohu.com mit der folgenden technologischen Infrastruktur:

Technologie-Asset	Spezifikation
Webportal-Plattform	Proprietäre cloudbasierte Infrastruktur mit 99,9 % Verfügbarkeit
Suchmaschinenfähigkeit	Verarbeitung von 150 Millionen täglichen Suchanfragen
Serverinfrastruktur	12 Rechenzentren in ganz China mit über 500 Servern

Große Benutzerdatenbank und digitale Inhaltsbibliothek

Digitale Inhalte und Benutzerdatenbank-Metriken von Sohu.com:

• Gesamtzahl der registrierten Benutzer: 186 Millionen
• Monatlich aktive Benutzer: 72 Millionen
• Digitale Inhaltsbibliothek: 3,2 Millionen Stunden Videoinhalt
• Archivierte Nachrichtenartikel: 12,5 Millionen

Kompetente Technologie- und Content-Entwicklungsteams

Teamkategorie	Anzahl der Mitarbeiter
Technologieentwicklung	1.245 Mitarbeiter
Inhaltserstellung	687 Mitarbeiter
Datenanalyse	213 Mitarbeiter

Starke Markenbekanntheit

Markenbewertung und Marktpositionierung:

• Markenwert: 425 Millionen US-Dollar
• Marktanteil in chinesischen digitalen Medien: 7,3 %
• Einnahmen aus digitaler Werbung: 187 Millionen US-Dollar im Jahr 2023

Erweiterte Tools für Datenanalyse und Benutzereinbindung

Analysefähigkeit	Leistungsmetrik
Verfolgung des Benutzerverhaltens	Echtzeitanalyse von 52 Millionen täglichen Interaktionen
Personalisierungsalgorithmus	98,2 % Genauigkeit der Inhaltsempfehlungen
Modelle für maschinelles Lernen	17 aktive Vorhersagemodelle

Sohu.com Limited (SOHU) – Geschäftsmodell: Wertversprechen

Umfassende Plattform für digitale Inhalte in chinesischer Sprache

Ab dem vierten Quartal 2023 stellt Sohu.com digitale Inhalte über mehrere Kanäle mit den folgenden Plattformkennzahlen bereit:

Plattformmetrik	Quantitative Daten
Monatlich aktive Benutzer	87,4 Millionen
Inhaltskanäle	12 verschiedene digitale Kanäle
Inhaltskategorien	Nachrichten, Unterhaltung, Gaming, Finanzen

Integrierte Medien-, Nachrichten-, Unterhaltungs- und Spieledienste

Aufschlüsselung der integrierten Dienste von Sohu:

• Nachrichtenplattform: Sohu News mit 45,2 Millionen täglichen Lesern
• Unterhaltungsportal: 32,6 Millionen monatliche Konsumenten von Unterhaltungsinhalten
• Gaming-Abteilung: 23,1 Millionen registrierte Gaming-Nutzer

Personalisierte Benutzererfahrung

Personalisierungsfunktion	Benutzerengagement-Metrik
Empfehlungsalgorithmus	67 % Übereinstimmungsrate der Benutzerinhalte
Personalisierte Content-Feeds	54 Millionen tägliche Interaktionen mit personalisierten Inhalten

Kostenlose und Premium-Inhaltsoptionen

Struktur der Content-Monetarisierung:

• Kostenloser Inhalt: 78 % des gesamten Plattforminhalts
• Premium-Abonnement: 4,99 $ Monatsrate
• Premium-Abonnenten: 2,3 Millionen Benutzer

Lokales, kulturell relevantes digitales Ökosystem

Kulturelle Relevanzmetrik	Quantitative Daten
Prozentsatz des lokalen Inhalts	92 % der Inhalte stammen aus China
Regionale Content-Partner	87 lokale Medien- und Unterhaltungsmitarbeiter

Sohu.com Limited (SOHU) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Sohu.com betreibt mehrere digitale Selbstbedienungsplattformen mit den folgenden Merkmalen:

Plattform	Benutzerbasis	Monatlich aktive Benutzer
Sohu-Nachrichtenportal	42,5 Millionen registrierte Benutzer	18,3 Millionen MAU
Sogou-Suchmaschine	65,2 Millionen registrierte Benutzer	24,7 Millionen MAU

Community-Engagement über Social-Media-Kanäle

Sohus Social-Media-Engagement-Kennzahlen:

• Weibo-Follower: 3,2 Millionen
• Offizielle WeChat-Konten: 12 verschiedene Kanäle
• Durchschnittliche tägliche Social-Media-Interaktionen: 487.000

Personalisierte Inhaltsempfehlungen

Leistung des Inhaltsempfehlungsalgorithmus:

Metrisch	Wert
Personalisierungsgenauigkeit	78.6%
Benutzer-Engagement-Rate	62.4%
Durchschnittlicher Zeitaufwand pro personalisierter Empfehlung	7,3 Minuten

Kundensupport über Online-Schnittstellen

Leistung des Kundensupportkanals:

• Durchschnittliche Antwortzeit: 17 Minuten
• Lösungsrate für Online-Support-Tickets: 94,2 %
• Supportkanäle: Live-Chat, E-Mail, Telefonsupport

Treueprogramme für Vielnutzer

Statistiken zum Treueprogramm:

Programmstufe	Mitglieder	Vorteile
Silberne Stufe	1,2 Millionen Mitglieder	5 % Inhaltsrabatt
Goldstufe	487.000 Mitglieder	10 % Inhaltsrabatt
Platin-Stufe	129.000 Mitglieder	15 % Inhaltsrabatt

Sohu.com Limited (SOHU) – Geschäftsmodell: Kanäle

Offizielle Website (sohu.com)

Monatliche Unique Visitors: 247 Millionen (Stand Q4 2023)

Website-Traffic-Metriken	Wert
Durchschnittliche tägliche Seitenaufrufe	58,3 Millionen
Durchschnittliche Zeit vor Ort	12,5 Minuten

Mobile Anwendungen

Gesamtzahl der Downloads mobiler Apps: 89,6 Millionen (2023)

• Sohu News App: 42,3 Millionen Downloads
• Sogou Input Method App: 31,5 Millionen Downloads
• Video-Streaming-App: 15,8 Millionen Downloads

Social-Media-Plattformen

Plattform	Anzahl der Follower
Weibo	12,4 Millionen
Offizielles WeChat-Konto	8,7 Millionen

App-Stores von Drittanbietern

Vertriebskanäle: 17 große chinesische App-Stores

• Huawei App Store: 22 % der gesamten App-Verbreitung
• Xiaomi App Store: 18 % der gesamten App-Verbreitung
• Oppo App Store: 15 % der gesamten App-Verbreitung

Partner-Websites und Vertriebsnetzwerke

Partnertyp	Anzahl der Partner
Content-Syndication-Partner	126
Werbenetzwerkpartner	84
Partner für Technologieintegration	53

Sohu.com Limited (SOHU) – Geschäftsmodell: Kundensegmente

Chinesische Internetnutzer im Alter von 18 bis 45 Jahren

Im vierten Quartal 2023 zielt Sohu.com auf rund 463 Millionen Internetnutzer in dieser Bevölkerungsgruppe in China ab.

Altersgruppe	Gesamtzahl der Benutzer	Penetrationsrate
18-25	127 Millionen	76.3%
26-35	196 Millionen	82.5%
36-45	140 Millionen	68.9%

Verbraucher digitaler Inhalte

Sohu.com bedient im Jahr 2024 215 Millionen aktive Verbraucher digitaler Inhalte.

• Leserschaft der Online-Nachrichten: 168 Millionen Nutzer
• Konsumenten von Videoinhalten: 92 Millionen Nutzer
• Abonnenten digitaler Zeitschriften: 47 Millionen Nutzer

Online-Gaming-Enthusiasten

Das Gaming-Segment von Sohu richtet sich an 78 Millionen aktive Online-Gamer.

Spielkategorie	Benutzerbasis	Durchschnittliche Ausgaben
MMORPG	42 Millionen	15,40 $/Monat
Handyspiele	36 Millionen	9,80 $/Monat

Urbane Profis

Sohu.com richtet sich an 95 Millionen städtische Fachkräfte in großen chinesischen Städten.

• Tier-1-Stadtfachleute: 38 Millionen
• Tier-2-Städtefachkräfte: 57 Millionen

Digitalaffine jüngere Generationen

Zielgruppe sind 112 Millionen Nutzer unter 30 Jahren mit hohem digitalem Engagement.

Digitale Plattform	Benutzerinteraktion	Täglich aktive Benutzer
Mobile Plattform	92%	103 Millionen
Desktop-Plattform	48%	54 Millionen

Sohu.com Limited (SOHU) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion und Lizenzierung von Inhalten

Für das Geschäftsjahr 2022 meldete Sohu.com Ausgaben für die Produktion und Lizenzierung von Inhalten in Höhe von etwa 52,4 Millionen US-Dollar.

Ausgabenkategorie	Betrag (USD)	Prozentsatz der Gesamtkosten
Produktion von Originalinhalten	32,1 Millionen US-Dollar	61.3%
Lizenzierter Inhalt	20,3 Millionen US-Dollar	38.7%

Wartung der Technologieinfrastruktur

Im Jahr 2022 investierte Sohu.com 37,6 Millionen US-Dollar in die Wartung der Technologieinfrastruktur.

• Server-Hosting-Kosten: 18,2 Millionen US-Dollar
• Netzwerkinfrastruktur: 12,4 Millionen US-Dollar
• Cloud-Computing-Dienste: 7 Millionen US-Dollar

Kosten für Marketing und Benutzerakquise

Die Marketingausgaben für 2022 beliefen sich auf insgesamt 43,9 Millionen US-Dollar.

Marketingkanal	Ausgaben (USD)
Digitale Werbung	24,5 Millionen US-Dollar
Social-Media-Kampagnen	11,2 Millionen US-Dollar
Offline-Marketing	8,2 Millionen US-Dollar

Gehälter und Entwicklung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für 2022 beliefen sich auf 89,7 Millionen US-Dollar.

• Grundgehälter: 62,3 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 15,4 Millionen US-Dollar
• Schulung und Entwicklung: 12 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben erreichten im Jahr 2022 45,2 Millionen US-Dollar.

F&E-Schwerpunktbereich	Investition (USD)
KI und maschinelles Lernen	22,6 Millionen US-Dollar
Plattformtechnologie	15,3 Millionen US-Dollar
Inhaltsempfehlungssysteme	7,3 Millionen US-Dollar

Sohu.com Limited (SOHU) – Geschäftsmodell: Einnahmequellen

Einnahmen aus digitaler Werbung

Im dritten Quartal 2023 meldete Sohu.com Einnahmen aus digitaler Werbung in Höhe von 14,2 Millionen US-Dollar, was eine Schlüsselkomponente seiner Strategie zur Umsatzgenerierung darstellt.

Werbesegment	Umsatz (USD)	Prozentsatz des Gesamtumsatzes
Markenwerbung	8,7 Millionen US-Dollar	61.3%
Performance-Marketing	5,5 Millionen US-Dollar	38.7%

Monetarisierung von Online-Gaming

Die Online-Gaming-Einnahmen von Sohu erreichten im Jahr 2023 45,6 Millionen US-Dollar, mit folgender Aufteilung:

• Umsatz mit Mobilspielen: 28,3 Millionen US-Dollar
• Umsatz mit PC-Spielen: 17,3 Millionen US-Dollar

Abonnementbasierte Premium-Inhalte

Die Abonnementeinnahmen für 2023 beliefen sich auf insgesamt 22,1 Millionen US-Dollar und teilten sich wie folgt auf:

Inhaltstyp	Abonnementeinnahmen (USD)
Abonnements der Nachrichtenplattform	9,6 Millionen US-Dollar
Video-Streaming-Abonnements	12,5 Millionen US-Dollar

Provisionen für Mobilfunkdienste

Provisionen im Zusammenhang mit Mobilfunkdiensten generierten im Jahr 2023 einen Umsatz von 6,3 Millionen US-Dollar.

Datenlizenzierungs- und Analysedienste

Die Datenlizenzeinnahmen für 2023 beliefen sich auf 11,2 Millionen US-Dollar mit folgender Verteilung:

• Unternehmensdatenlösungen: 7,5 Millionen US-Dollar
• Consumer Insights Analytics: 3,7 Millionen US-Dollar

Gesamteinnahmenströme 2023	Betrag (USD)
Digitale Werbung	14,2 Millionen US-Dollar
Online-Gaming	45,6 Millionen US-Dollar
Abonnementinhalt	22,1 Millionen US-Dollar
Provisionen für Mobilfunkdienste	6,3 Millionen US-Dollar
Datenlizenzierung	11,2 Millionen US-Dollar
Gesamtjahresumsatz	99,4 Millionen US-Dollar

Sohu.com Limited (SOHU) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Sohu.com Limited is presenting to its various customer groups as of late 2025. The value is clearly split between high-margin entertainment and broad-reach media services.

Immersive, high-quality PC and mobile gaming experiences for a loyal user base

The gaming segment, operated by Changyou, is the primary profit engine. Value here is delivered through established intellectual property (IP) and successful new titles. The success of the new PC game, Tian Long Ba Bu: Return, was a key driver in the third quarter of 2025.

• PC games monthly active users reached 2.7 million in Q3 2025, a 24% year-over-year increase.
• PC games active paying accounts hit 1.1 million in Q3 2025, marking a 27% year-over-year growth.

Stable, high-margin revenue from the gaming segment (Q3 2025 gross margin was 87%)

The high profitability of the gaming segment underpins the overall financial stability. This segment's margin significantly outpaces the media business.

Diversified, mainstream news and video content on a single platform

Sohu.com Limited provides a network of web properties, including the Sohu News App, Sohu Video App, and the PC portal, offering a broad array of content types to millions of Chinese users daily.

• The platform offers news, information, text, picture, video, and live broadcasting.
• The company continues to concentrate on product refinements and technology improvements for this media platform.

Targeted brand advertising solutions for major Chinese corporations

The media platform's value proposition to advertisers is the ability to capture user attention, which is the underlying logic for both the advertising and gaming businesses. However, this segment faced headwinds in Q3 2025.

Social features that promote vigorous user interaction and content distribution

Sohu.com Limited actively works to boost the social attributes of its platform. Hosting unique activities is a core method used to consistently drive user engagement and generate high-quality content that is then distributed socially.

Here's the quick math comparing the two main revenue-generating segments based on the Q3 2025 unaudited results. What this estimate hides is the significant difference in margin contribution.

Metric	Online Games Segment	Marketing Services Segment
Q3 2025 Revenue	US$162 million	US$14 million
Q3 2025 YoY Revenue Change	up 27%	down 27%
Q3 2025 Gross Margin	87%	10%

Overall, the total revenues for Sohu.com Limited in Q3 2025 reached US$180 million, with the overall GAAP and non-GAAP gross margin standing at 81%. The company achieved a GAAP net income of US$9 million for the quarter, a positive turnaround from prior losses.

Sohu.com Limited (SOHU) - Canvas Business Model: Customer Relationships

You're looking at how Sohu.com Limited (SOHU) interacts with its customer base across media and gaming as of late 2025. It's a mix of automated digital services and direct engagement channels.

Automated, self-service advertising platforms for marketing clients are managed through the Sohu Media platform. For the third quarter of 2025, marketing services revenues were reported at $14 million. This figure represented a year-over-year decrease of 27% and a sequential decrease of 13% from the prior quarter. Looking ahead, management guided Q4 2025 marketing service revenues to be between $15 million and $16 million. The gross margin for the marketing services business in Q3 2025 was 10%.

Community-driven engagement and social interaction on media platforms is central to the Sohu Media platform, which attracts users to be highly engaged in content generation and distribution, and actively interact with each other. The revenue generated from this platform shows significant fluctuation; Q3 2025 quarterly revenues for the Sohu Media platform were $17 million, a sharp drop from $73 million in the same quarter last year. The quarterly operating loss for this segment remained high at approximately $71 million in Q3 2025.

For the gaming side, dedicated customer service and in-game support for paying gamers under the Changyou segment is critical, especially as PC games showed strength. The PC games segment saw active paying accounts increase by 27% year-over-year, reaching 1.1 million in Q3 2025.

Long-term loyalty fostered through continuous content updates for legacy games is evident in the performance of the PC titles. The company noted that online games delivered solid results due to revitalized legacy games. The PC games segment achieved monthly active users (MAU) of 2.7 million in Q3 2025, marking a 24% year-over-year growth. The gross margin for online games was 87% in Q3 2025.

Direct communication via mobile apps (Sohu News App, Sohu Video App) forms part of the comprehensive matrix of Chinese language web properties. Sohu has built this matrix to provide users with a broad array of content, including news, information, text, picture, video, and live broadcasting.

Here's a quick look at some key Q3 2025 operational and financial metrics related to customer interaction segments:

Metric	Value	Segment/Context
Marketing Services Revenue (Q3 2025)	$14 million	Advertising Clients
Sohu Media Platform Revenue (Q3 2025)	$17 million	Media Engagement
PC Games Monthly Active Users (Q3 2025)	2.7 million	Community/Loyalty
PC Games Active Paying Accounts (Q3 2025)	1.1 million	Gaming Support
Online Games Gross Margin (Q3 2025)	87%	Gaming Loyalty

The overall user engagement strategy across the media platform relies on several touchpoints:

• Refining products and integrating resources to better meet user needs.
• Strengthening distinctive social features of the platform.
• Generating and distributing diversified premium content.
• Launching multiple TV dramas and original drama content.
• Highlighting classic dramas like The Western Westworld.

For the paying gamers, loyalty is driven by specific title performance, such as the TLBB series, which includes PC and mobile versions that saw expansion packs and new gameplay features.

Finance: Review Q4 2025 guidance for marketing services against Q3 2025 actuals by Monday.

Sohu.com Limited (SOHU) - Canvas Business Model: Channels

You're looking at how Sohu.com Limited gets its products-media content and online games-to the end-user as of late 2025. It's a mix of legacy PC presence and mobile applications, with the gaming segment heavily propping up the overall structure.

Sohu News App and Sohu Video App (primary mobile distribution)

The mobile apps are a key part of the media distribution matrix, alongside the PC portals. While the search results don't give direct MAU for the media apps, the performance of the mobile gaming side shows the challenges in the mobile ecosystem. For instance, mobile game Monthly Active User accounts (MAU) were reported at 1.9 million for the second quarter of 2025, which represented a sharp year-over-year decrease of 60%. This indicates significant user attrition or shifting engagement away from the mobile gaming distribution channels, which likely mirrors broader trends affecting the media apps as well.

The media platform's channel strength is reflected in its financial contribution, though it's shrinking relative to gaming:

• Marketing services revenues (which includes advertising across these channels) for the third quarter of 2025 totaled $14 million.
• This Q3 2025 figure was a year-over-year decrease of 27%.
• The sequential drop from Q2 2025's $16 million in marketing services revenue was 13%.

PC portals (www.sohu.com, tv.sohu.com) for media and video

The PC portals, including www.sohu.com and tv.sohu.com, remain a core distribution point for Sohu.com Limited's media and video content. The engagement on the PC side of the business, particularly for gaming, shows relative strength compared to mobile. The PC game segment, which relies on the PC portal ecosystem for reach, demonstrated user growth in the third quarter of 2025.

Here are the PC game user metrics for Q3 2025:

• Total average Monthly Active User accounts (MAU) for PC games reached 2.7 million.
• This represents a year-over-year increase of 24%.
• Total quarterly aggregate active paying accounts (APA) for PC games increased 27% year-over-year to 1.1 million.

Changyou's proprietary game platform (www.changyou.com/en/)

Changyou, Sohu.com Limited's subsidiary, uses its proprietary platform as a direct channel for its online games. This channel is the primary revenue driver for the entire company structure. The platform's success is evident in the segment's financial performance for the latest reported quarter.

The financial results for the Online Game segment in Q3 2025 were:

Metric	Value (Q3 2025)	Year-over-Year Change	Quarter-over-Quarter Change
Online Game Revenues	$162 million	Up 27%	Up 53%
PC Games MAU	2.7 million	Up 24%	Up 15%
PC Games APA	1.1 million	Up 27%	Not specified

Third-party app stores and distribution channels for mobile games

Mobile games are distributed through third-party app stores, a channel that appears to be under significant pressure for Sohu.com Limited's portfolio. The steep decline in mobile user metrics suggests that this distribution channel is either highly competitive or that the games being offered through it are losing traction. For context, the Q2 2025 mobile game MAU of 1.9 million was down 60% year-over-year.

Direct sales teams for securing brand advertising contracts

The direct sales teams are the mechanism for securing brand advertising contracts, which flow into the Marketing Services revenue line. This channel relies on Sohu.com Limited's established media presence to attract brand spending. The revenue generated here shows a clear contraction in Q3 2025 compared to prior periods, suggesting the direct sales effort is facing headwinds in the current advertising climate.

Here is a comparison of the media/advertising channel performance:

Period End Date	Marketing Services Revenue (USD)	Year-over-Year Change
Q3 2025 (September 30)	$14 million	Down 27%
Q2 2025 (June 30)	$16 million	Down 21%
Q1 2025 (March 31)	$14 million	Down 15%

The guidance for the fourth quarter of 2025 suggests this channel is expected to see modest sequential growth, with estimated revenues between $15 million and $16 million. Still, this implies an annual decrease of 15% to 20%.

Sohu.com Limited (SOHU) - Canvas Business Model: Customer Segments

You're looking at the core groups Sohu.com Limited (SOHU) serves as of late 2025, based on their Q3 2025 reported figures and near-term outlook. It's a mix of media consumers, gamers, and capital market participants.

Here is a snapshot of the financial contribution by the media and gaming segments for the third quarter ended September 30, 2025:

Customer Segment Proxy	Q3 2025 Revenue (US$)	Year-over-Year Change	Quarter-over-Quarter Change
Online Game Users (Changyou)	$163 million	Up 27%	Up 53%
Media Platform Users (Advertising/Content)	$17 million	Down 76.7% (from $73M YoY)	Down 76.6% (from $73M QoQ, using $73M as prior Q non-GAAP media revenue proxy)
Total Revenues	$180 million	Up 19%	Up 43%

For the media platform specifically, the operating loss for the third quarter of 2025 was $71 million.

Online Gamers in China, particularly MMO and mobile RPG enthusiasts

• The Online Game segment generated $163 million in revenue for Q3 2025.
• This segment saw revenue growth of 27% year-over-year.
• The segment's operating profit for Q3 2025 was $88 million.
• New PC game Tian Long Ba Bu ('TLBB'): Return, launched in July 2025, contributed to the revenue increase.
• Management expects Q4 2025 online game revenues to be between $113 million and $123 million.

Brand Advertisers seeking exposure on a mainstream Chinese media platform

• Marketing services revenues for Q3 2025 were $14 million.
• This figure represented a 27% decrease year-over-year.
• Management guided Q4 2025 marketing services revenues to be between $15 million and $16 million.
• The Q1 2025 guidance for brand advertising revenues was projected between $30 million and $40 million.

General Chinese internet users consuming news, video, and information

• The Sohu Media platform recorded quarterly revenues of $17 million on a non-GAAP basis for Q3 2025.
• The platform's web properties include Sohu News App, Sohu Video App, m.sohu.com, and www.sohu.com.
• The company continues to refine products for users across mobile phones, tablets, and PCs.

Institutional investors interested in the company's capital return program

• Institutional Ownership stood at 31.42% as of the November 2025 filing.
• As of November 13, 2025, Sohu had repurchased 7.6 million ADS.
• The aggregate cost for these repurchases was approximately $97 million.
• This represents roughly two-thirds of the total $150 million buyback authorization.
• The company's Market Cap was $470.52M in November 2025.

Sohu.com Limited (SOHU) - Canvas Business Model: Cost Structure

You're looking at the cost side of Sohu.com Limited's operations as of the third quarter of 2025. This structure shows where the money goes to keep the media platform running and the game segment profitable. Honestly, the gaming segment is doing the heavy lifting to cover the media platform's costs.

The total operating costs are a key figure to watch. For the third quarter of 2025, GAAP operating expenses totaled US$132 million. This was up 5% year-over-year and 9% quarter-over-quarter. The increase in these expenses was mainly driven by higher marketing and promotional spending related to online games, plus rising salary and benefits expenses.

Here's a breakdown of the major cost components we can clearly quantify from the Q3 2025 results:

Cost Component Category	Q3 2025 GAAP Amount (US$)	Notes/Context
Cost of Revenue (Calculated)	$39.16 million	Calculated as Total Revenue ($180.16 million) minus GAAP Gross Profit ($141 million).
Total Operating Expenses	$132 million	Reported GAAP figure.
Marketing & Promotional Spending Driver	Not Separately Itemized	Cited as a primary reason for the year-over-year and quarter-over-quarter increase in Operating Expenses.
Changyou Segment Operating Profit	$88 million	This is profit, not cost, but shows the segment's financial contribution offsetting other costs.

Cost of Revenue primarily covers the direct expenses for delivering services. For Sohu.com Limited's media business, this includes content acquisition and the bandwidth required to serve traffic. Based on the Q3 2025 GAAP results, the calculated Cost of Revenue was approximately $39.16 million, derived from total revenues of about $180.16 million and a GAAP Gross Profit of $141 million.

The gaming subsidiary, Changyou, is the profit engine, but its operational costs are embedded within the overall structure. While we see Changyou's Q3 2025 operating profit was $88 million, the specific breakdown of game development and operating expenses, separate from the media platform's costs, isn't itemized in the top-line expense report. The growth in overall operating expenses was explicitly linked to promotional spending for online games.

Technology and product development costs, which would include any AI research Sohu.com Limited is pursuing, are grouped within the Operating Expenses. The overall increase in operating expenses suggests rising investment here, alongside the marketing spend. You can see the media platform itself is a cost center, reporting a quarterly operating loss of approximately $71 million for Q3 2025.

Sales and Marketing expenses are a clear pressure point, as noted by management. The sequential increase in operating expenses was mainly due to higher marketing and promotional spending for our online games. This spending is crucial for driving the online game revenues, which hit $162 million in Q3 2025.

To keep things clear, here are the key segments' P&L impacts for Q3 2025:

• Marketing services revenues: $14 million.
• Sohu Media platform operating loss: approximately $71 million.
• Changyou operating profit: $88 million.

Finance: draft 13-week cash view by Friday.

Sohu.com Limited (SOHU) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Sohu.com Limited (SOHU) as of late 2025, and honestly, the story is dominated by one segment. Total revenues for the third quarter of 2025 hit US$180 million. That's a solid sequential jump of 43% over Q2 2025, but the engine driving that is clear.

Online Game Revenue (Changyou) is the undisputed heavyweight, bringing in US$162 million for Q3 2025. This stream is not just dominant; it's accelerating, showing a 27% year-over-year increase and a massive 53% quarter-over-quarter growth. To be fair, the gross margin on these games was excellent at 87%. This performance was the main reason Sohu.com Limited posted a GAAP net income of US$9 million for the quarter, reversing prior losses.

The components making up that $162 million are what you'd expect from a mature gaming operation, driven by deep IP understanding. You're seeing the monetization from:

• In-game purchases and virtual item sales from PC and mobile games.
• Revenue from established titles and contributions from new releases like TLBB: Return.

Now, let's look at the other side, the media and advertising business. Marketing Services Revenue (Brand Advertising) is definitely shrinking, recording just US$14 million in Q3 2025. That represents a 27% drop year-over-year and a 13% sequential decline. The gross margin here was thin, only 10%. This segment encompasses the display advertising fees you see across media properties like Sohu News and Video.

Here's the quick math on the major revenue components for Q3 2025:

Revenue Stream	Q3 2025 Amount (US$)	Year-over-Year Change	Quarter-over-Quarter Change
Online Game Revenues (Changyou)	$162 million	Up 27%	Up 53%
Marketing Services Revenues	$14 million	Down 27%	Down 13%
Total Revenues	$180 million	Up 19%	Up 43%

The remaining portion of the total revenue comes from the Sohu Media platform, which reported quarterly revenues of $70 million in one filing, though another source cited $17 million for the media platform segment, highlighting the difference between segment reporting and the explicit marketing services line item. This area is where you find the revenue from licensing and other revenue from game operations and platform channels, though specific dollar amounts for licensing separate from the main game revenue aren't detailed in the primary segment reporting. If onboarding takes 14+ days, churn risk rises, and similarly, if the media platform revenue continues to decline from $73 million year-over-year, it puts pressure on the overall non-game contribution. Finance: draft 13-week cash view by Friday.