Chinese live streaming platform YY reports steady Q2 revenue growth

BEIJING - Chinese live streaming platform YY saw its revenue expand steadily in the second quarter of this year with continued growth in mobile users.

The company's net revenue increased by 44.6 percent to exceed 3.77 billion yuan ($570.2 million) in Q2, according to its unaudited financial report released Tuesday.

Total revenue growth was mainly driven by the robust growth of YY's live streaming revenue, which surged by 50 percent year-on-year to exceed 3.55 billion yuan.

The company has implemented AI-based content recommendation technology to accurately and efficiently identify and match live streaming content with user preferences, according to Li Xueling, chairman and acting CEO of YY, adding that they will remain committed to continuous product innovation and technology advancement.

Live streaming has become a popular entertainment choice among Chinese youth as users can buy virtual "gifts" to support broadcasters who try to attract fans through means such as singing, dancing or talk shows.

YY saw its mobile live streaming monthly active users increase by 21.3 percent year-on-year to 80.2 million, while its total live streaming paying users grew by 21.1 percent year-on-year to 6.9 million.

YY expects its Q3 net revenue to be between 3.89 billion yuan and 4.02 billion yuan, representing a year-on-year growth of 25.8 percent to 30 percent.