Douyu International Holdings Ltd
douyu.comWhat Do They Do?
Runs a game-focused livestreaming and content platform for users who watch games and entertainment, view videos, and join online communities.
20-F for FY2025, filed Apr 17, 2026
How Do They Make Money?
Users buy virtual currency to redeem for livestreaming and voice-service gifts, which earn revenue when consumed; time-based subscriptions and game memberships earn revenue over their membership periods.
20-F for FY2025, filed Apr 17, 2026The Group is principally engaged in operating its own live streaming platforms, which enable streamers and users to interact with each…View ↗
The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls…View ↗
The Group generates innovative business revenues from its voice-based social networking services and game-specific membership services. The…View ↗
Regarding the revenues from game-specific membership services, the Group sets separate game-membership page on its live streaming…View ↗
CNY 3.8B
-
20-F for FY2025, filed Apr 17, 2026
CNY 3.8B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Live streaming
|
57%
FY2022: 96%
|
Live streaming, FY2025
CNY 2.2B Sources
|
|
Innovative business
|
38%
FY2022: 1.0%
|
Innovative business, FY2025
CNY 1.4B Sources
|
|
Advertising and other revenue
|
5.1%
FY2022: 4.4%
|
Advertising and other revenue, FY2025
CNY 195.3M Sources
|
Who Are Their Customers?
Viewers and gamers use the platform through mobile apps and PC portals to watch livestreams and access videos and communities; users can buy virtual currency for livestreaming and voice-based services.
20-F for FY2025, filed Apr 17, 2026As a pioneer player in the industry with solid brand awareness, we are a leading game-centric livestreaming platform in China. We aim to…View ↗
We are dedicated to providing a wide range of game-centric integrated content ranging from livestreaming, video, voice, graphic contents to…View ↗
The Group is principally engaged in operating its own live streaming platforms, which enable streamers and users to interact with each…View ↗
The Group generates innovative business revenues from its voice-based social networking services and game-specific membership services. The…View ↗
Do Revenues Turn Into Profits?
No. It lost CNY 29.1M in FY2025.
How Are They Changing?
Shrinking. Revenue fell 58% in 4 years, from CNY 9.2B in FY2021 to CNY 3.8B in FY2025, about 20% a year.
Voice-based services
The latest report adds voice-based social networking services to the monetization channels described in the older report, which were livestreaming and advertising.
20-F for FY2022, filed Apr 25, 2023 20-F for FY2025, filed Apr 17, 2026We employ a multi-channel monetization model. We believe the vibrant and interactive game community created on our platform drives user…View ↗
Broader content mix
The older report foregrounds eSports in its game content; the latest describes a wider mix of game genres and entertainment, and says it has cut back on buying some eSports tournament rights.
20-F for FY2022, filed Apr 25, 2023 20-F for FY2025, filed Apr 17, 2026
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