BEIJING – Chinese social media platform YY saw its revenue expand steadily in the second quarter (Q2) of this year with continued growth in mobile users for its live streaming and short-form video services.
The company’s net revenue rose by 66.8 percent to 6.29 billion yuan ($917 million) in Q2, according to its unaudited financial report released Wednesday.
Total revenue growth was mainly driven by the robust growth of YY’s live streaming revenue, which surged by 66.4 percent year-on-year to exceed 5.92 billion yuan.
The platform reported that its global average mobile monthly active users (MAUs) reached 433.5 million, among which about 78.1 percent were from markets outside China. Average mobile MAUs of its global short-form video services surged by 431.2 percent compared with Q2 2018.
The company has bolstered the foundation of its global ecosystem by enhancing AI technologies and cultivating localization capabilities, according to David Li, chairman and CEO of YY, adding that they will continue to refine the synergies between their business segments and launch new monetization venues on a global scale.
Live streaming has become a popular entertainment choice among young generations as users can buy virtual “gifts” to support broadcasters who try to attract fans through means such as singing, dancing or talk shows.
YY saw its average mobile MAUs of global live streaming services increase by 39.2 percent over a year ago to 140.9 million.
YY expects its Q3 net revenue to be between 6.57 billion yuan and 6.77 billion yuan, representing a year-on-year growth of 60.2 percent to 65.1 percent.
The company also announced that its board of directors has authorized a share repurchase plan under which YY may repurchase up to $300 million of its shares over the next 12 months.