YY strikes rich with Bigo acquisition

Source: Xinhua | 2019-05-30

China’s leading live-streaming platform YY said first-quarter profits rose 224 percent to 3.1 billion yuan (US$452 million) following gains from Bigo, a Singaporean live-streaming site it acquired last year.

Overseas users now account for three-quarters of its total user base of 400 million, following a string of overseas acquisitions.

Revenue advanced 47 percent to 4.8 billion yuan and the number of paying members rose 37 percent to 9.5 million.

Live-streaming-related income stood at 4.5 billion yuan, up 47.9 percent compared with Q1 last year.

“We will continue to leverage synergies of different business offerings to create high-quality video-based content across our platform for the global user community,” Chairman and CEO Li Xueling said.

YY’s video-chatting software IMO now boasts 212 million daily active users from mobile devices. “We believe we will further enhance commercialization process following global user-base expansion and technological innovation in the artificial intelligence field,” said CFO Jin Bing.