Joyy

About Joyy

JOYY Inc., a global technology firm headquartered in Singapore, operates a portfolio of video-based social media platforms. Founded in April 2005 by David Xueling Li, the company, formerly known as YY Inc., was initially established in Guangzhou, China. It launched with the gaming portal Duowan.com in 2005 and later introduced the audio-based interactive platform YY Voice in 2008. A significant milestone was its listing on the NASDAQ on November 21, 2012. The company officially changed its name to JOYY Inc. in December 2019.

David Xueling Li, the co-founder, has a background that intertwines media and technology. Before establishing JOYY, he was the chief editor at Netease.com from 2003 to 2005 and founded CFP.cn, a copyright trading platform for journalists, in 2000. His leadership has been central to the company's strategic development and global expansion. He holds a bachelor's degree in philosophy from Renmin University of China.

JOYY's business is centered on creating engaging social experiences through its various platforms, which primarily serve a global user base for social networking, content creation, and entertainment. The company operates on a freemium model, with its main revenue source being live streaming, where users purchase virtual items and gifts for content creators. Additional revenue is generated through advertising and other services. For the full year 2023, JOYY reported total revenues of $2.45 billion, with its core segment BIGO contributing $2.1 billion. The company is also focused on diversifying its revenue, with non-livestreaming revenues showing significant growth.

The company's product suite includes several key platforms. Bigo Live, a live streaming platform acquired in March 2019, allows users to broadcast and watch live content, interact in real-time, and send virtual gifts. It operates in over 150 countries and is a major revenue driver for JOYY. Likee is a short-form video platform where users can create and share videos with special effects. Hago is a casual gaming-oriented social platform, and imo serves as an instant messenger with video and audio communication capabilities. These platforms collectively aim to connect users worldwide through interactive and creative online environments.