T1 remains, by far, one of the most influential organizations in global esports. Led by CEO Joseph Patrick Marsh, the Korean organization continues to embody excellence in
League of Legends, thanks to a global strategy that combines competitive performance, strong marketing presence, and international expansion.
Primarily owned by SK Square, with Comcast Spectacor and Highland Capital as institutional partners, T1 maintains its growth trajectory while striving for profitability. The year 2024 marks a turning point: for the first time in several years, the organization significantly improved its net result while maintaining high investment in both competitive success and brand development.
Strong Revenue Growth Driven by Asia
In 2024, T1 posted record revenue of ₩50.95 billion (approximately $37.7 million), a 47% increase compared to the previous year. This growth was primarily fueled by rising sales in Asia and continued dominance in Korea.
Consolidated key indicators. Credit: T1/Sheep Esports
Geographic breakdown of revenue:
- Korea: ₩27.3 billion (~$20.2M)
- United States: ₩14.1 billion (~$10.5M)
- Asia (excluding Korea): ₩7.63 billion (~$5.6M)
In just one year, revenue from Asia (excluding Korea) more than tripled, showing that T1’s international expansion strategy is starting to pay off.
Improved Net Result, Controlled Expenses
According to consolidated figures, the net loss stands at ₩6.36 billion (around $4.7 million), a major improvement from the ₩13.1 billion loss the year before. However, this headline number doesn’t tell the whole story. The report indicates total expenses of ₩60.17 billion, but nearly half of that consists of “non-cash” charges: depreciation, provisions, asset impairments, and costs related to intangible asset value or usage rights. When considering only actual cash expenses, the net operating costs are estimated to be closer to ₩24–26 billion.
A Healthier Structure Than It Seems
On the balance sheet, shareholders’ equity has fallen to ₩1.83 billion ($1.36 million), a logical result of accumulated losses. Yet the situation isn’t as dire as it may appear: T1 has a solid cash reserve of ₩9.17 billion ($6.8 million), a substantial increase over last year.
The organization also succeeded in generating positive operating cash flow (+$2.2 million), confirming that its core business — product sales, sponsorships, and content — is now self-financing in the short term.
Salaries Still Central to the Business Model
As in previous years, salary expenses remain a key issue. Staying true to its commitment to excellence, T1 continues to retain top-tier players, including Lee “
Faker” Sang-hyeok, whose influence transcends esports. Keeping such iconic figures comes at a cost, but one that T1 now seems better equipped to handle thanks to a more stable economic foundation.
Is T1 on a Sustainable Path?
The year 2024 proves that T1 can grow rapidly without completely losing financial control. The reduced net loss, positive cash flow, and growing presence in Asia provide a much more stable base than in 2022 or 2023. The big question now is whether the organization can convert this performance into net profitability. But for the first time in a while, that goal no longer feels like a mirage.
Header Photo Credit: Lance Skundrich/Riot Games
