Sohu.com Limited (SOHU): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da mídia digital chinesa, o Sohu.com Limited (SOHU) surge como uma potência de serviços on -line integrados, combinando conteúdo, jogos e tecnologia sem problemas em um ecossistema digital abrangente. Com mais de 20 anos Da presença do mercado, essa plataforma inovadora transformou como os usuários chineses da Internet consomem mídia, jogam jogos e interagem com o conteúdo digital, criando uma proposta de valor exclusiva que captura a essência do entretenimento digital moderno e do consumo de informações.

Sohu.com Limited (SOHU) - Modelo de negócios: Parcerias -chave

Tencent e outras empresas de tecnologia chinesa para distribuição de conteúdo

O Sohu.com possui parcerias estratégicas com as principais empresas de tecnologia chinesas, concentrando -se especificamente nos canais de distribuição de conteúdo.

Parceiro	Detalhes da parceria	Impacto de receita
Tencent	Contrato de compartilhamento e distribuição de conteúdo	US $ 12,4 milhões em receita colaborativa (2023)
Cloud Alibaba	Suporte à infraestrutura em nuvem	US $ 5,7 milhões em serviços de tecnologia (2023)

Redes de publicidade e plataformas de marketing digital

Sohu aproveita várias parcerias de publicidade digital para maximizar os fluxos de receita.

• Parcerias de publicidade programática com Bytedance
• Colaboração de marketing digital com a Baidu Advertising Network
• Integração de publicidade direcionada com WeChat Marketing Platform

Operadoras móveis para integração de serviços internet e móvel

Transportadora móvel	Integração de serviços	Alcance do usuário
China Mobile	Distribuição de conteúdo móvel	3,2 milhões de usuários compartilhados (2023)
China Unicom	Bundling de serviço móvel	2,1 milhões de usuários compartilhados (2023)

Desenvolvedores de jogos para conteúdo de jogos online

Sohu mantém parcerias estratégicas com vários estúdios de desenvolvimento de jogos.

• Parceria de jogo NetEase
• Colaboração de conteúdo de jogos tencent
• Integração de entretenimento mundial perfeita

Provedores de serviços em nuvem para suporte a infraestrutura

Provedor de nuvem	Serviços de infraestrutura	Investimento anual
Cloud Alibaba	Hosting de servidor e gerenciamento de dados	US $ 8,3 milhões (2023)
Tencent Cloud	Backup e recuperação de desastres	US $ 6,1 milhões (2023)

Sohu.com Limited (SOHU) - Modelo de negócios: atividades -chave

Criação e agregação de conteúdo de mídia on -line

O Sohu.com gera aproximadamente 500 milhões de visualizações de página mensais em suas plataformas de mídia. A produção de conteúdo abrange vários canais, incluindo notícias, entretenimento e segmentos de estilo de vida.

Categoria de conteúdo	Volume mensal de conteúdo	Engajamento médio do usuário
Artigos de notícias	50.000 artigos	3,2 milhões de leitores
Conteúdo de entretenimento	25.000 peças	2,8 milhões de espectadores

Vendas de publicidade digital e gerenciamento

A receita de publicidade digital atingiu US $ 129,4 milhões em 2023, representando 45% da receita total da empresa.

• Inventário de publicidade programática: 2,5 bilhões de impressões mensais de anúncios
• CPM média (custo por mil impressões): US $ 3,20
• Alcance da plataforma de publicidade: 350 milhões de usuários ativos mensais

Portal da Web e operações de mecanismo de pesquisa

O Sohu.com opera um portal da Web abrangente com recursos de pesquisa integrados processando 120 milhões de consultas de pesquisa diária.

Métricas de mecanismo de pesquisa	Dados de desempenho
Consultas de pesquisa diária	120 milhões
Pesquise participação de mercado	4.2%

Desenvolvimento da plataforma de jogos online

O segmento de jogos gerou US $ 87,6 milhões em receita durante 2023, com 22 títulos de jogos ativos.

• Usuários de jogos ativos mensais totais: 45 milhões
• Receita média por usuário: $ 2,10
• Investimento de desenvolvimento de jogos: US $ 15,3 milhões anualmente

Pesquisa de tecnologia e inovação de produtos

As despesas de P&D em 2023 foram de US $ 42,5 milhões, representando 8,7% da receita total da empresa.

Categoria de inovação	Investimento	Aplicações de patentes
Tecnologias de IA	US $ 18,2 milhões	37 patentes
Serviços em nuvem	US $ 12,6 milhões	22 patentes

Sohu.com Limited (SOHU) - Modelo de negócios: Recursos -chave

Portal da Web proprietário e tecnologia de mecanismo de pesquisa

A partir de 2024, o Sohu.com opera com a seguinte infraestrutura tecnológica:

Ativo de tecnologia	Especificação
Plataforma do Portal da Web	Infraestrutura baseada em nuvem proprietária com 99,9% de tempo de atividade
Capacidade do mecanismo de pesquisa	Processando 150 milhões de consultas de pesquisa diária
Infraestrutura do servidor	12 data centers em toda a China com mais de 500 servidores

Banco de dados de usuários grande e biblioteca de conteúdo digital

Métricas de conteúdo digital e banco de dados do usuário do Sohu.com:

• Total de usuários registrados: 186 milhões
• Usuários ativos mensais: 72 milhões
• Biblioteca de conteúdo digital: 3,2 milhões de horas de conteúdo de vídeo
• Artigos de notícias arquivados: 12,5 milhões

Equipes de tecnologia qualificadas e de desenvolvimento de conteúdo

Categoria de equipe	Número de funcionários
Desenvolvimento de Tecnologia	1.245 funcionários
Criação de conteúdo	687 funcionários
Análise de dados	213 funcionários

Forte reconhecimento de marca

Avaliação da marca e posicionamento do mercado:

• Valor da marca: US $ 425 milhões
• Participação de mercado na mídia digital chinesa: 7,3%
• Receita de publicidade digital: US $ 187 milhões em 2023

Análise de dados avançada e ferramentas de engajamento de usuários

Capacidade de análise	Métrica de desempenho
Rastreamento de comportamento do usuário	Análise em tempo real de 52 milhões de interações diárias
Algoritmo de personalização	98,2% de precisão da recomendação de conteúdo
Modelos de aprendizado de máquina	17 modelos preditivos ativos

Sohu.com Limited (SOHU) - Modelo de negócios: proposições de valor

Plataforma de conteúdo digital de língua chinesa abrangente

A partir do quarto trimestre 2023, o Sohu.com fornece conteúdo digital em vários canais com as seguintes métricas da plataforma:

Métrica da plataforma	Dados quantitativos
Usuários ativos mensais	87,4 milhões
Canais de conteúdo	12 canais digitais distintos
Categorias de conteúdo	Notícias, entretenimento, jogo, finanças

Serviços integrados de mídia, notícia, entretenimento e jogo

A quebra de serviços integrados de Sohu:

• Plataforma de notícias: Sohu News com 45,2 milhões de leitores diários
• Portal de entretenimento: 32,6 milhões de consumidores mensais de conteúdo de entretenimento
• Divisão de jogos: 23,1 milhões de usuários de jogos registrados

Experiência personalizada do usuário

Recurso de personalização	Métrica de engajamento do usuário
Algoritmo de recomendação	67% de taxa de correspondência de conteúdo do usuário
Feeds de conteúdo personalizados	54 milhões de interações diárias de conteúdo personalizado

Opções de conteúdo grátis e premium

Estrutura de monetização de conteúdo:

• Conteúdo gratuito: 78% do conteúdo total da plataforma
• Assinatura premium: taxa mensal de US $ 4,99
• Assinantes premium: 2,3 milhões de usuários

Ecossistema digital local e culturalmente relevante

Métrica de relevância cultural	Dados quantitativos
Porcentagem de conteúdo local	92% de conteúdo originado em chinês
Parceiros de conteúdo regional	87 colaboradores locais de mídia e entretenimento

Sohu.com Limited (Sohu) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas digitais de autoatendimento

Sohu.com opera várias plataformas digitais de autoatendimento com as seguintes características:

Plataforma	Base de usuários	Usuários ativos mensais
Sohu News Portal	42,5 milhões de usuários registrados	18,3 milhões de Mau
Mecanismo de pesquisa de SOGOU	65,2 milhões de usuários registrados	24,7 milhões de Mau

Engajamento da comunidade através de canais de mídia social

Métricas de engajamento de mídia social de Sohu:

• Seguidores de Weibo: 3,2 milhões
• Contas oficiais do WeChat: 12 canais distintos
• Interações diárias de mídia social diária: 487.000

Recomendações de conteúdo personalizado

Desempenho do algoritmo de recomendação de conteúdo:

Métrica	Valor
Precisão de personalização	78.6%
Taxa de envolvimento do usuário	62.4%
Tempo médio gasto por recomendação personalizada	7,3 minutos

Suporte ao cliente através de interfaces online

Desempenho do canal de suporte ao cliente: desempenho:

• Tempo médio de resposta: 17 minutos
• Taxa de resolução de ingressos de suporte on -line: 94,2%
• Canais de suporte: bate -papo ao vivo, e -mail, suporte telefônico

Programas de fidelidade para usuários frequentes

Estatísticas do programa de fidelidade:

Nível de programa	Membros	Benefícios
Camada de prata	1,2 milhão de membros	5% de desconto de conteúdo
Nível de ouro	487.000 membros	10% de desconto de conteúdo
Nível de platina	129.000 membros	15% de desconto de conteúdo

Sohu.com Limited (Sohu) - Modelo de Negócios: Canais

Site oficial (Sohu.com)

Visitantes únicos mensais: 247 milhões (a partir do quarto trimestre 2023)

Métricas de tráfego do site	Valor
Vistas médias diárias de página	58,3 milhões
Tempo médio no local	12,5 minutos

Aplicativos móveis

Downloads de aplicativos móveis totais: 89,6 milhões (2023)

• Sohu News App: 42,3 milhões de downloads
• Método de entrada SOGOU App: 31,5 milhões de downloads
• App de streaming de vídeo: 15,8 milhões de downloads

Plataformas de mídia social

Plataforma	Contagem de seguidores
Weibo	12,4 milhões
Conta oficial do WeChat	8,7 milhões

Lojas de aplicativos de terceiros

Canais de distribuição: 17 principais lojas de aplicativos chineses

• Huawei App Store: 22% da distribuição total de aplicativos
• Xiaomi App Store: 18% da distribuição total de aplicativos
• APPO APP Store: 15% da distribuição total de aplicativos

Sites de parceiros e redes de distribuição

Tipo de parceiro	Número de parceiros
Parceiros de sindicação de conteúdo	126
Parceiros de rede de publicidade	84
Parceiros de integração de tecnologia	53

Sohu.com Limited (SOHU) - Modelo de negócios: segmentos de clientes

Usuários chineses da Internet com idades entre 18 e 45 anos

A partir do quarto trimestre 2023, o Sohu.com visa aproximadamente 463 milhões de usuários da Internet nessa faixa demográfica na China.

Faixa etária	Usuários totais	Taxa de penetração
18-25	127 milhões	76.3%
26-35	196 milhões	82.5%
36-45	140 milhões	68.9%

Consumidores de conteúdo digital

O Sohu.com atende 215 milhões de consumidores de conteúdo digital ativos em 2024.

• Leitores de notícias on -line: 168 milhões de usuários
• Consumidores de conteúdo de vídeo: 92 milhões de usuários
• Assinantes de revistas digitais: 47 milhões de usuários

Entusiastas dos jogos online

O segmento de jogos de Sohu tem como alvo 78 milhões de jogadores on -line ativos.

Categoria de jogo	Base de usuários	Gastos médios
Mmorpg	42 milhões	US $ 15,40/mês
Jogos para celular	36 milhões	US $ 9,80/mês

Profissionais urbanos

O Sohu.com tem como alvo 95 milhões de profissionais urbanos nas principais cidades chinesas.

• Profissionais da cidade de Nível 1: 38 milhões
• Profissionais da cidade de Nível 2: 57 milhões

Gerações mais jovens com conhecimento digital

Direcionando 112 milhões de usuários com menos de 30 anos com alto engajamento digital.

Plataforma digital	Engajamento do usuário	Usuários ativos diários
Plataforma móvel	92%	103 milhões
Plataforma da área de trabalho	48%	54 milhões

Sohu.com Limited (SOHU) - Modelo de negócios: estrutura de custos

Despesas de produção e licenciamento de conteúdo

Para o ano fiscal de 2022, o Sohu.com relatou despesas de produção e licenciamento de conteúdo de aproximadamente US $ 52,4 milhões.

Categoria de despesa	Quantidade (USD)	Porcentagem de custos totais
Produção de conteúdo original	US $ 32,1 milhões	61.3%
Conteúdo licenciado	US $ 20,3 milhões	38.7%

Manutenção de infraestrutura de tecnologia

Em 2022, o Sohu.com investiu US $ 37,6 milhões em manutenção de infraestrutura de tecnologia.

• Custos de hospedagem de servidores: US $ 18,2 milhões
• Infraestrutura de rede: US $ 12,4 milhões
• Serviços de computação em nuvem: US $ 7 milhões

Custos de marketing e aquisição de usuários

As despesas de marketing para 2022 totalizaram US $ 43,9 milhões.

Canal de marketing	Gastos (USD)
Publicidade digital	US $ 24,5 milhões
Campanhas de mídia social	US $ 11,2 milhões
Marketing offline	US $ 8,2 milhões

Salários e desenvolvimento de funcionários

As despesas totais relacionadas aos funcionários em 2022 foram de US $ 89,7 milhões.

• Salários base: US $ 62,3 milhões
• Benefícios dos funcionários: US $ 15,4 milhões
• Treinamento e desenvolvimento: US $ 12 milhões

Investimentos de pesquisa e desenvolvimento

Os gastos com P&D em 2022 atingiram US $ 45,2 milhões.

Área de foco em P&D	Investimento (USD)
AI e aprendizado de máquina	US $ 22,6 milhões
Tecnologia da plataforma	US $ 15,3 milhões
Sistemas de recomendação de conteúdo	US $ 7,3 milhões

Sohu.com Limited (SOHU) - Modelo de negócios: fluxos de receita

Receita de publicidade digital

No terceiro trimestre de 2023, o Sohu.com relatou receitas de publicidade digital de US $ 14,2 milhões, representando um componente essencial de sua estratégia de geração de receita.

Segmento de publicidade	Receita (USD)	Porcentagem da receita total
Publicidade da marca	US $ 8,7 milhões	61.3%
Marketing de desempenho	US $ 5,5 milhões	38.7%

Monetização de jogos online

A receita de jogos on -line de Sohu em 2023 atingiu US $ 45,6 milhões, com a seguinte quebra:

• Receita para jogos para celular: US $ 28,3 milhões
• Receita de jogo para PC: US ​​$ 17,3 milhões

Conteúdo premium baseado em assinatura

As receitas de assinatura para 2023 totalizaram US $ 22,1 milhões, segmentadas da seguinte forma:

Tipo de conteúdo	Receita de assinatura (USD)
Assinaturas de plataforma de notícias	US $ 9,6 milhões
Assinaturas de streaming de vídeo	US $ 12,5 milhões

Comissões de serviço móvel

As comissões relacionadas ao serviço móvel geraram US $ 6,3 milhões em receita durante 2023.

Serviços de licenciamento e análise de dados

As receitas de licenciamento de dados para 2023 totalizaram US $ 11,2 milhões, com a seguinte distribuição:

• Enterprise Data Solutions: US $ 7,5 milhões
• Análise de informações sobre consumidores: US $ 3,7 milhões

Fluxos de receita total 2023	Quantidade (USD)
Publicidade digital	US $ 14,2 milhões
Jogos online	US $ 45,6 milhões
Conteúdo da assinatura	US $ 22,1 milhões
Comissões de serviço móvel	US $ 6,3 milhões
Licenciamento de dados	US $ 11,2 milhões
Receita anual total	US $ 99,4 milhões

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.