M17 co-founder Joseph Phua steps down as group CEO

M17 Entertainment co-founder Joseph Phua said he will be stepping down as group CEO of the livestreaming startup and assuming the role of non-executive chairman, effective immediately.

He will be replaced by Hirofumi Ono, former CEO of 17 Japan, Phua said in an announcement.

Former M17 CEO Joseph Phua / Photo credit: M17

Prior to the new appointment, Ono founded and served as the CEO of 17 Media Japan. The company runs 17Live, which claims to be the largest livestreaming platform in the country. Prior to 17 Media, he was the co-founder and chief operating officer at Japanese mobile content, commerce, and advertising company CyberAgent Mobile.

Ono also currently serves as co-founder and managing partner of Infinity Ventures, one of M17’s shareholders.

“M17 is my blood and soul, a place I built over the years with the time and energy I squeezed through sacrifices, so to be able to step so comfortably into a role I consider of utmost importance, speaks volumes about [Ono],” Phua said.

According to the former group CEO, his transition has been in the works for almost a year now and comes off the back of a productive year for the company.

“Japan is our strongest market under [Ono’s] leadership, and he is very well-suited for the new role given his past experiences leading scale at Groupon and CyberAgent Mobile,” Phua told Tech in Asia. “I decided it was time for the next phase of growth for the company globally under his renewed leadership.”

Moving forward, Phua said his top priority would be to spend time with his family. He will also look at some investments, both time and capital, but nothing major for this year. “But you never know what life has installed,” Phua added.

Phua has served as M17’s CEO since 2017, after social media startup Paktor Group, which he formed in 2013, was merged with livestreaming company 17 Media.

Under his leadership, the Taiwanese firm raised over US$160 million in funding between M17 and Paktor. The company has also built a suite of interactive platforms, including its flagship app 17Live (called Livit in English markets), livestreaming shopping platforms HandsUP and FBBuy, and Asia Pacific-focused livestreaming platform Meme Live.

Earlier in May, Singapore-based advisory firm Kollective Ventures acquired Paktor Group from M17 for an undisclosed sum. With the deal, M17 said it plans to shift its focus on the growth of its core livestreaming business in Japan and new markets. It also aims to bolster its position in Chinese-speaking markets such as Taiwan and Hong Kong.

Update (August 17, 4:20 pm): This article was updated to include additional statements from Joseph Phua.