Sohu.com Ltd
sohu.comWhat Do They Do?
Develops and operates PC and mobile games for game players, and provides online media content and advertising services to advertisers and users.
20-F for FY2025, filed Mar 12, 2026Changyou’s online game business offers PC games and mobile games to game players.View ↗
We are a leading Chinese online media platform and game business group providing comprehensive online products and services on PCs and…View ↗
We provide advertisement placements and other marketing-related services to advertisers on our platform. Our advertisers include…View ↗
We provide users comprehensive content, such as news and information, in the form of text, picture, video, and live broadcasting. We…View ↗
How Do They Make Money?
Players buy virtual items in free-to-play games; time-limited items earn revenue over time and consumable items when used. Advertisers pay for placements over a display period or per qualifying display or click; other revenue includes paid subscriptions, platform revenue sharing and interactive broadcasting.
20-F for FY2025, filed Mar 12, 2026Changyou’s games are operated under the item-based revenue model, meaning game players can play Changyou’s games for free, but may choose…View ↗
Changyou is the principal of its self-operated games. Changyou hosts the games on its own servers and is responsible for the sale and…View ↗
Under the Fixed Price model, a contract is signed to establish a fixed price for the marketing services to be provided. Given that…View ↗
Under the CPM model, the unit price for each qualifying display is fixed and stated in the contract with the advertiser. A qualifying…View ↗
Under the CPC model, there is no fixed price for marketing services stated in the contract with the advertiser. The unit price for each…View ↗
Other revenues consist primarily of revenues from paid subscription services, revenue sharing from other platforms and interactive…View ↗
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20-F for FY2025, filed Mar 12, 2026
FY2025 revenue by product or service ↗
$584.3M
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20-F for FY2025, filed Mar 12, 2026
$584.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Marketing Services
|
10% |
Marketing Services, FY2025
$60M Sources
|
|
|
Online game business
Mix
20-F for FY2025, filed Mar 12, 2026 |
87%
FY2022: 80%
|
Online game business, FY2025
$505.7M Sources
|
Mix |
|
Other business
|
3.2%
FY2022: 6.2%
|
Other business, FY2025
$18.6M Sources
|
Who Are Their Customers?
Advertisers include multinational and Chinese mainland medium-sized and small companies; they buy through agents or Sohu’s internal sales force. Players buy virtual items via game points, prepaid cards, or mobile app stores; third-party operators licensed to run games are also customers.
20-F for FY2025, filed Mar 12, 2026We provide advertisement placements and other marketing-related services to advertisers on our platform. Our advertisers include…View ↗
Proceeds from Changyou’s self-operated PC games are collected from players and third-party game card distributors through sales of…View ↗
For self-operated mobile games, Changyou sells game points to its game players via third-party mobile App stores. The mobile App stores in…View ↗
games include mobile games developed in house, such as Changyou’s mobile games Legacy TLBB Mobile and New TLBB Mobile, and mobile games…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 67 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$5.3M.
20-F for FY2025, filed Mar 12, 2026
−$93.8MView ↗
20-F for FY2025, filed Mar 12, 2026
$394.1MView ↗
20-F for FY2025, filed Mar 12, 2026
−$5.3MView ↗
How Are They Changing?
Shrinking. Revenue fell 30% in 4 years, from $835.6M in FY2021 to $584.3M in FY2025, about 9% a year.
Who Do They Compete With?
Competes with Alibaba, Baidu, Tencent, NetEase, iQIYI, Bilibili, Kuaishou, Douyin, Weibo, Youku, JD, Meituan, Xiaomi, Sina, Perfect World, Kingsoft, miHoYo, Giant, IGG, and 37 Interactive
20-F for FY2025, filed Mar 12, 2026There are a number of existing or new Internet companies in the Chinese mainland, which include companies controlled or sponsored by…View ↗
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