Beijing (PingWest)- Chinese social media company YY grew its net revenue by 67% year-on-year to CNY6.29 billion (USD917 million) in the second quarter of 2019.
The increase in revenue was primarily driven by a 66.4% year-over-year increase in live streaming revenues to CNY5.92 billion. The consolidation of Bigo fueled additional user and revenue growth.
Looking ahead, YY expects revenue to be between CNY6.57 billion and CNY 6.77 billion in the third quarter, representing a year-over-year growth of 60.2% to 65.1%.
Global average mobile monthly active users (MAUs) reached 433.5 million, among which about 78.1% were from markets outside China. Average mobile MAUs of IMO reached 211.9 million. Average mobile MAUs of global short-form video services increased by 431.2% to 90.3 million from 17.0 million in the corresponding period of 2018.
David Xueling Li, Chairman and Chief Executive Officer of YY, said “After we successfully completed the acquisition of BIGO in March, the second quarter was the first time we had the full quarter consolidation of the financial performance of BIGO. In the second quarter, our global average mobile MAUs reached 433.5 million, of which the average mobile MAUs of global short-form video services increased by 431.2% year-over-year to 90.3 million, and the average mobile MAUs of global live streaming services increased by 39.2% year-on-year to 140.9 million. More importantly, average mobile MAUs of our instant messaging platform IMO had reached nearly 211.9 million. Our massive and diverse user base offers us a great opportunity for the synergy and future monetization. During the second quarter, we further enhanced the stickiness of IMO users by introducing short-form video content into IMO. About 17.5 million monthly users in more than 40 countries were able to access to the short-form video content on IMO.