17Live’s CEO steps down, co-founder to return to helm

Photo credit: 17Live

Livestreaming firm 17Live has announced that Lien Chien-Lin – also known as Alex Lien – has left his role as CEO and executive director due to a personal family matter.

He will remain at the company as a senior adviser during a one-year transition period, according to a statement.

Lien will be succeeded by co-founder and non-executive chairman Joseph Phua, effective January 26.

Previously, Phua had served as CEO from September 2016 to June 2020 before being replaced by Hirofumi Ono. Lien was COO at that time, and he then took over the helm in March 2023.

This time around, Phua is committed to accelerating the company’s growth, particularly in expanding its V-Liver – a feature where livestreamers can create their virtual characters – the company said.

Founded in 2017, 17Live – previously known as M17 Entertainment – was a merger between app developer Paktor Group and streaming company 17 Media.

It then merged with blank-check company Vertex Technology Acquisition Corporation to list on the Singapore Exchange in December 2023, marking the city-state’s first completed SPAC transaction. Within a week, its share price went down from its offering rate of S$5 (US$3.72) apiece to just S$1.69 (US$1.26).

The company recorded US$151 million in revenue for the first half of 2023, a 25% decrease from the year before, amid a shaky market after Covid-19. Its total operating expenses declined 22% to US$50.1 million during the same period as the company saved on advertising.

17Live operates in Japan, Taiwan, Hong Kong, and several countries in Southeast Asia.

See also: 17Live, Singapore’s first SPAC target, shrinks revenue as price of profit rises

Currency converted from Singapore dollar to US dollar: US$1 = S$1.34.