Company DescriptionJOYY Inc., together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video and audio-based social platforms. The company operates Bigo Live, a live streaming platform that allows users to live stream specific moments, such as showcase talents, socialize, and connect with other users worldwide; Likee, a short-form video social platform that focuses on enabling users to create short-form video; Hago, a casual game-oriented social platform; and imo, a chat and instant messaging application with functions, including video calls and other communication tools, such as group calls, document sharing, etc.. It operates in the People's Republic of China, the United States, the Great Britain, Japan, South Korea, Australia, the Middle East, and Southeast Asia and others. The company was formerly known as YY Inc. and changed its name to JOYY Inc. in December 2019. JOYY Inc. was founded in 2005 and is headquartered in Singapore.
How the Company Makes MoneyJOYY Inc. generates revenue primarily through its live streaming services. The company employs a virtual gifting model, where users purchase virtual items and gifts to send to content creators during live streams. These purchases are made using in-app currencies, which are bought with real money. JOYY also earns revenue from advertising on its platforms, as businesses pay to reach the company's broad and engaged user base. In addition to these revenue streams, JOYY may engage in strategic partnerships and collaborations that enhance its service offerings and expand its market presence, further contributing to its financial performance.