Read the 15-page pitch deck for a social audio startup that’s raised about $60 million

Fernando Pizzaro in a black Spoon hoodie in front of a black-grey wall
  • Spoon Radio is a live audio platform that started in Asia and expanded to the US in late 2019.
  • It is competing with apps like Clubhouse in the social audio space.
  • Fernando Pizarro, head of operations in North America, shared the Spoon’s pitch deck with Insider.

Audio is the latest frontier in social media.

At its peak, last February, more than 10 million people downloaded live discussion app Clubhouse in a single month. Established companies like Twitter and Spotify have also launched social audio features or apps.

South Korean company Spoon Radio is hoping to get a piece of that market as it builds up its operations in the US, where it launched in late 2019. Spoon Radio is already popular outside the United States, with over 1 million monthly active users worldwide. So far, the company has raised more than $59.6 million, including money from Softbank Ventures Korea, Altos Ventures, Goodwater, and KB Investment.

Listeners on Spoon Radio tune into different audio rooms hosted by creators and can buy virtual tokens to give to audio livestreamers as a sort of tip. The company takes a cut.

Fernando Pizarro leads Spoon Radio’s operations in North America. He told Insider that he felt live audio was more authentic than other social-media platforms out there.

“Audio as a medium provides the level of authenticity that is above and beyond any other medium,” he said. “And for our target audience, which is Gen Z, authenticity is pretty much the most important thing.”

Here’s a look at Spoon Radio’s full 15-slide pitch deck it uses with investors:

The pitch deck starts with a title slide.

The second slide shows user and revenue growth.

According to Spoon’s pitch deck, monthly revenue grew from $1 million in June 2018 to $4 million in September 2019, while monthly active users grew from 600,000 to 2 million over the same span. (It has fewer MAUs now, as it exited a several big markets during the pandemic, which will be discussed in a subsequent slide.) Pizarro declined to share more recent monthly revenue figures. 

The following slide includes more screenshots from the app.

Next, the pitch deck explains the advantages audio livestreaming has over video livestreaming.

Audio livestreaming uses less bandwidth than a video livestreaming app like Twitch, and since there’s no camera involved, users can use different apps while in a Spoon Radio livestream.

Spoon Radio then lists why it believes it’s “a totally new kind of media.”

The company uses this slide to explain how the app is monetized.

According to Pizarro, Spoon Radio takes a third of the money users spend on virtual tokens. Another third goes to the creators themselves, while the final cut goes to marketplaces like the App Store or Google Play store.

The next slide shows Spoon’s growth in monthly active users.

Spoon Radio saw steady user growth through 2019, but said the pandemic forced the app to shut down operations in Vietnam and Indonesia, its third and fourth-biggest markets in 2019, respectively.

According to Pizarro, “There was a great deal of uncertainty in the initial stages of COVID, and we chose to focus on our core markets in order to mitigate risk.”

Spoon Radio launched in North America in late 2019.


Next, Spoon shares its target demographic: 18- to 24-year-olds.

Spoon Radio’s audience is young. The company estimates that 44% of users in South Korea are between the ages of 18 to 24 years old. In Japan and the US, that figure is even higher, at 55% at 64%, respectively.

The following slide shows that most users open Spoon Radio between the hours of 9 p.m. and 2 a.m.

This slide shows that Spoon is used in a variety of contexts.

According to Pizarro, over a third of all the content on Spoon (35%) is of creators sharing their daily lives. That’s followed by people using Spoon to communicate with one another (29%), humor-based content (11%), and music (10%).

Spoon argues that anonymity leads to more users also creating content.

Pizarro said that Spoon bases the creator-to-content proportion on the number of users who also become creators. The anonymity associated with social audio prompts more users to create content themselves, he said, as it makes it easier for camera-shy creators.



This slide offers more statistics about the number of creators who use Spoon.

According to the app, over 200,000 creators go live every month, with 60,000 broadcasts each day with an average of 15 listeners. 

Spoon says that several thousand people earn revenue from their content on the app each month.

According to the slide, around 9,000 people earn revenue from Spoon Radio each month, with top creators taking home around $2 million annually. Spoon’s top creators are located in Asia, where the product reaches a larger audience. Since the US is a newer market, top creators are only earning a few thousand dollars a month. 

The penultimate slide in the deck includes basic information about the company.

Spoon raised more than $17 million in series A funding in 2018 from Altos Ventures, Goodwater, KB Investment, and Softbank Ventures Korea.

The pitch deck finishes with brief information about the company’s executives.

The three founders got their start in 2013 with Plugger, a service that allowed users in South Korea to swap drained batteries in their smartphones for new ones. 

Pizarro joined Spoon Radio is August 2019. He spent his first six months at the company’s headquarters in Seoul before moving to California to oversee its operations in North America.