Chinese Streaming Companies Highlights


The Chinese streaming market has been oligopolistic driven largely by a small number of companies. Let’s take a look into the main players.

  • Momo Inc (Nasdaq: MOMO) provides a mobile based SNS platform. It also offers live video and mobile game services.
  • YY Inc. (Nasdaq: YY) is a major video-based SNS company. It’s one of the top live streaming companies in China.
  • Huya Inc. (NYSE: HUYA) is a spin-off company of YY. It also provides live streaming content for mobile users, but is more focused on esports and gaming.
  • DouYu International Holdings Ltd. (Nasdaq: DOYU) provides a game-centric live streaming platform in China.
  • Bilibili Inc. (Nasdaq: BILI) provides online contents and platform. It received a $316 million investment from Tencent.

Each of these five companies’ revenue has been increasing. The largest revenue was generated by YY with 6.3 billion RMB followed by Momo with 4.1 billion RMB.

YY’s operating income has decreased since December 2018. Huya, which is a subsidiary company of YY has made a profit for the last three quarters. Momo reported 927 million RMB in operating income, of which their earning ratio is higher than that of YY.


Momo acquired TanTan in May 2018 which is a Tinder like dating app. TanTan is a new growth engine for Momo.

Momo earned 3 billion RMB in revenue from live video services. Since TanTan joined the company, revenue from value-added services has expanded to over 20% of total Momo revenue (945 million RMB in 2Q19). However, monthly average users (MAU) are showing signs of leveling off.

The number of paying users decreased to 11.8 million in 2Q19 from 14 million in 1Q19. Because the Chinese government tightened regulation regarding live streaming recently, TanTan had been suspended from multiple app stores in late April 2019 because of violation of regulations. However, it was back in app stores in July 2019, and the number of users has been recovering ever since.


YY, a major streaming company in China, has accelerated global expansion through M&A.

YY acquired BIGO, a Singapore based live streaming company, for $1.4 billion in March 2019. It contributed to add additional revenue of 1.2 billion RMB for YY.

BIGO offers “BIGO LIVE” as well as “Likee”, a Tik-tok like short video platform, and ‘imo’ a video conference service which has over 200 million MAU.

By acquiring BIGO, YY’s mobile MAU reached 434 million. It’s important to note that 78% of users were located overseas even though 80% of its revenue was generated from within China.

BIGO LIVE and Likee have already been available in North America and Europe. As there is a gap between user’s geographical distribution and where revenue comes from, YY’s global strategy is a key factor for the company’s growth.

HUYA and DouYu

Huya is leading in both revenue and operating income compared to DouYu. Though DouYu’s growth pace had slowed down in FY2018, it has been catching up since the beginning of 2019. Both companies have improved their earnings ratio, and Huya has made an operating profit for the last three quarters.

On the other hand, DouYu exceeded Huya in MAU. Huya has also increased its users rapidly since 2Q18, and the game streaming market in China seems to be experiencing rapid expansion.

DouYu also exceeded Huya in number of paying users (6.7 million). Huya’s growth has been generated through ARPU’s growth.


Bilibili reported 326 million RMB in revenue from live streaming which is the company’s core business. MAU has also been increasing and reached 110 million in 2Q19.

90% of total videos were created by professional creators. The number of creators increased to 854 in 2Q19 from 350 in 2Q18 and number of content items increased to 2.3 million from 1.1 million the previous year. Bilibili has also been getting popular as a vLog platform recently.

Bilibili has been known for its requirement that content creation users pass an exam to gain full access to content functions. But the company eased the criteria recently to gain broader user access. Some site’s users were concerned that the quality of the content would decrease. Strong quality control of content might be a key to continued growth.

Stock Price

Momo is the largest in market cap across the five companies ($7.54 billion). Operating margin ratio is over 10% and generating cash steadily.

YY’s market cap is $4.6 billion and its subsidiary Huya’s market cap is $5.2 billion. DouYu has increased its cash outflow, and its market cap is $3.1 billion.

To learn more about international share trading or to open your account and start trading today, fill out our Monex contact form and we’ll get right back to you.

The original article was published by Stockclip, Inc. on 16/09/2019.

Risk Disclaimer: The information above is of general nature only and does not take into account your objectives, financial situation or investment needs. Prior to you make an investment decision, please make sure you carefully read and fully understand our Financial Services Guide, Terms and Conditions, Privacy Policy and other relevant documents that you can obtain from this website. Monex Securities Australia Pty Ltd (AFSL No. 363972; ABN 84 142 210 179) is the Financial services provider. Financial products trading carries risks and may not be suitable for all investors. You are strongly recommended to seek independent financial advice before making any investment decisions.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!