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Deepti Sri · · 1 min readChinese livestreaming firm Joyy posts revenue of $578m in Q4
“Guangzhou-based Joyy on Friday reported 3.78 billion yuan (US$578 million) in revenue for the final quarter of 2020, up 77.5% year-on-year (YoY), excluding YY Live, which was sold to Baidu,” KrAsia reported.
Details:
- Joyy recorded a net loss of 791.9 million yuan (US$121 million) during the fourth quarter of last year. However, it was less than the 816.6 million yuan (US$125 million) loss it had during the same period in 2019. This could be attributed to its livestreaming app Bigo’s lower operational losses in Q4 2020.
- The company posted a 93.3% jump in its livestreaming business to hit 3.59 billion yuan (US$548.8 million) in the fourth quarter, accounting for nearly 95% of total revenue.
Context:
- Joyy’s livestreaming service posted strong results, driven by Bigo Live and short-video app Likee, a direct competitor of ByteDance’s TikTok.
- However, average monthly active users of Joyy’s casual game app Hago dropped by 50% to 16.5 million over the past year due to India’s ban on Chinese-owned apps.
Currency converted from Chinese yuan to US dollar: US$1 = 6.54 yuan.
Editing by Collin Furtado and Eileen C. Ang
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