JOYY Inc.
ir.joyy.comWhat Do They Do?
Runs live-streaming platforms for viewers and performers worldwide, and provides advertising services and commerce software to advertisers and merchants.
20-F for FY2025, filed Apr 28, 2026Live streaming platform: Bigo Live is a leading global social live streaming platform. Bigo Live provides an interactive online stage for…View ↗
Advertising platform: BIGO Ads is an AI-powered programmatic advertising platform. Launched to provide one-stop marketing and monetization…View ↗
Smart commerce solution provider: Shopline is a global smart commerce platform that offers solutions and services empowering merchants to…View ↗
How Do They Make Money?
Users buy virtual currency and use it for livestream gifts; consumable items are paid for when used, while time-based items cover a fixed period. Advertisers are generally billed when the display period ends and pay within three months; Shopline merchants pay software subscriptions and transaction-based service fees.
20-F for FY2025, filed Apr 28, 2026The Group has a recharge system for users to purchase the Group’s virtual currency. Users can recharge via various online payment platforms…View ↗
The Group designs, creates and offers various virtual items for sales to users with pre-determined selling price. Sales proceeds are…View ↗
The Group generates advertising revenues from sales of various forms of advertising and provision of promotion campaigns on the live…View ↗
The Group enters into advertising contracts directly with advertisers or third-party advertising agencies that represent advertisers.…View ↗
Shopline currently generates revenues from recurring software subscription fees and a suite of transaction-based value-added services…View ↗
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20-F for FY2025, filed Apr 28, 2026
FY2025 revenue by product or service ↗
$2.1B
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20-F for FY2025, filed Apr 28, 2026
$2.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Live streaming
Mix
20-F for FY2025, filed Apr 28, 2026 |
72%
FY2022: 92%
|
Live streaming, FY2025
$1.5B Sources
|
Mix |
|
Advertising
|
21% |
Advertising, FY2025
$442.7M Sources
|
|
|
Others
|
7.2%
FY2022: 7.7%
|
Others, FY2025
$151.9M Sources
|
Who Are Their Customers?
Users buy virtual items on social platforms; advertisers contract directly or through advertising agencies, and Shopline serves merchants selling across online and physical channels.
20-F for FY2025, filed Apr 28, 2026The Group evaluates and determines that it is the principal and views users to be its customers. The Group reports live streaming revenues…View ↗
The Group enters into advertising contracts directly with advertisers or third-party advertising agencies that represent advertisers.…View ↗
Smart commerce solution provider: Shopline is a global smart commerce platform that offers solutions and services empowering merchants to…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 99 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.
20-F for FY2025, filed Apr 28, 2026
$55.8MView ↗
20-F for FY2025, filed Apr 28, 2026
$2.1BView ↗
20-F for FY2025, filed Apr 28, 2026
$159.2MView ↗
How Are They Changing?
Shrinking. Revenue fell 19% in 4 years, from $2.6B in FY2021 to $2.1B in FY2025, about 5% a year.
Broader technology offerings
The older report described advertising as one way to monetize social platforms. The latest report separately presents BIGO Ads as a programmatic advertising platform and describes advertising and smart commerce as commercial technology offerings.
20-F for FY2022, filed Apr 27, 2023 20-F for FY2025, filed Apr 28, 2026Currently, we monetize our products and services mainly through virtual tips for live streaming, as well as advertising, e-commerce and…View ↗
Who Do They Compete With?
Competes with TikTok, AppLovin, Unity, and Shopify
20-F for FY2025, filed Apr 28, 2026We face competition in various aspects of our business. In relation to our global social entertainment products, we compete with companies…View ↗
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