Steven Millward · · 1 min readIn brief: Struggling selfie app maker Meitu gets into gaming
Through this acquisition, [Meitu] aims to expand its business lines and diversify its income streams geographically.
Source: Meitu
Selfie app maker Meitu announced today that it’s paying US$342.3 million to take a stake in gaming studio Dreamscape Horizon.
The moves comes after a rough year for the Chinese app maker. Its Hong Kong-listed shares tanked 75 percent from its IPO debut and it lost active users on its three most popular apps, Meitu, BeautyCam, and Meipai.
Dreamscape Horizon is a North America-focused spinoff from Chinese gaming firm Leyou.
Converted from Hong Kong dollars. Rate: US$1 = HK$7.85.
Editing by Eileen C. Ang
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