JOYY Inc. (YY): Business Model Canvas

In der dynamischen Welt der digitalen Unterhaltung hat sich JOYY Inc. (YY) zu einer transformativen Kraft entwickelt und revolutioniert die Art und Weise, wie Millionen Menschen über seine innovative Live-Streaming-Plattform Inhalte verbinden, erstellen und konsumieren. Durch die meisterhafte Kombination modernster Technologie mit immersiven sozialen Erlebnissen hat JOYY ein einzigartiges Geschäftsmodell geschaffen, das über die Grenzen traditioneller Unterhaltung hinausgeht, Content-Ersteller stärkt und ein globales Publikum von Digital Natives anspricht, die sich nach authentischen Interaktionen in Echtzeit sehnen. Tauchen Sie ein in die Feinheiten des strategischen Ansatzes von JOYY, der das Unternehmen als bahnbrechendes digitales Ökosystem positioniert hat, in dem Kreativität, Technologie und Community zusammenlaufen.

JOYY Inc. (YY) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Content-Erstellern und Live-Streaming-Influencern

JOYY Inc. unterhält ein Netzwerk von rund 17.000 Content-Erstellern und Live-Streaming-Influencern auf seinen Plattformen (Stand: Q3 2023). Das Unternehmen generiert Umsatzbeteiligungsmodelle mit diesen Erstellern, wobei in der Regel 30–50 % der Streaming-Einnahmen den leistungsstärksten Influencern zugewiesen werden.

Kategorie „Partnerschaft“.	Anzahl der Ersteller	Prozentsatz der Umsatzbeteiligung
Erstklassige Influencer	2,500	50%
Mittelständische Entwickler	7,500	40%
Aufstrebende Talente	7,000	30%

Zusammenarbeit mit Mobilfunkanbietern

JOYY hat Partnerschaften mit 12 großen Telekommunikationsunternehmen in ganz Asien aufgebaut, darunter China Mobile und China Telecom.

• Strategische Datenaustauschvereinbarungen
• Integrierte mobile Streaming-Dienste
• Gemeinsame Werbeaktionen

Partnerschaften mit digitalen Werbeplattformen

Das Unternehmen arbeitet mit 25 digitalen Werbeplattformen zusammen und generiert im Jahr 2023 Werbeeinnahmen in Höhe von 78,3 Millionen US-Dollar.

Plattform	Umsatzbeitrag	Dauer der Partnerschaft
Tencent-Anzeigen	32,5 Millionen US-Dollar	5 Jahre
ByteDance-Werbung	22,7 Millionen US-Dollar	3 Jahre
Andere Plattformen	23,1 Millionen US-Dollar	Abwechslungsreich

Technologiepartnerschaften mit Cloud-Service-Anbietern

JOYY arbeitet mit vier großen Cloud-Dienstanbietern zusammen und investiert im Jahr 2023 45,6 Millionen US-Dollar in die Cloud-Infrastruktur.

• Alibaba Cloud
• Tencent Cloud
• AWS
• Google Cloud-Plattform

Allianzen mit regionalen Unterhaltungs- und Medienunternehmen

Das Unternehmen hat Partnerschaften mit 18 regionalen Unterhaltungs- und Medienunternehmen aufgebaut und so die Vertriebskanäle für Inhalte erweitert.

Region	Anzahl der Partnerschaften	Inhaltsgenres
Südostasien	7	Musik, Gaming, Abwechslung
Ostasien	6	Drama, Reality-Shows
Andere Regionen	5	Gemischte Unterhaltung

JOYY Inc. (YY) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Wartung von Live-Streaming-Plattformen

JOYY Inc. investierte im dritten Quartal 2023 42,6 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen unterhält eine robuste Technologieinfrastruktur, die Live-Streaming über mehrere Plattformen hinweg unterstützt.

Plattformmetrik	Quantitative Daten
Monatlich aktive Benutzer	520 Millionen (Stand Q3 2023)
Täglich aktive Benutzer	273 Millionen (Stand Q3 2023)
Standorte der Plattformserver	12 globale Rechenzentren

Benutzereinbindung und Inhaltsmoderation

JOYY setzt fortschrittliche KI-gesteuerte Technologien zur Inhaltsmoderation ein, um Plattformsicherheit und Benutzererfahrung zu gewährleisten.

• Engagiertes Content-Review-Team aus 850 Fachleuten
• Algorithmen zur Inhaltsfilterung in Echtzeit
• Automatisierte Systeme zur Überwachung des Benutzerverhaltens

Erstellung digitaler Unterhaltungsinhalte

JOYY generiert erhebliche Einnahmen durch Monetarisierungsstrategien für digitale Inhalte.

Inhaltsmetrik	Finanzdaten
Umsatzbeteiligung der Content-Ersteller	50–70 % der virtuellen Geschenktransaktionen
Jährliches Budget für die Erstellung von Inhalten	78,3 Millionen US-Dollar (2023)

Social-Media-Interaktion und Community-Aufbau

JOYY konzentriert sich auf die Schaffung interaktiver sozialer Erlebnisse auf mehreren digitalen Plattformen.

• Plattformübergreifende soziale Integrationsfunktionen
• Tools für das Community-Engagement
• Personalisierte Empfehlungsalgorithmen

Mobile Anwendungen und Technologieinnovation

JOYY investiert kontinuierlich in mobile Technologie und Anwendungsentwicklung.

Technologiemetrik	Quantitative Daten
Mobile App-Downloads	87,4 Millionen (2023)
Technologie-Patentportfolio	126 angemeldete Technologiepatente
Jährliche Investitionen in Technologie-F&E	156,7 Millionen US-Dollar (2023)

JOYY Inc. (YY) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Infrastruktur für Streaming-Technologie

JOYY Inc. betreibt eine ausgefeilte Streaming-Infrastruktur mit folgenden Spezifikationen:

Infrastrukturmetrik	Quantitative Daten
Gesamtkapazität des Servers	Über 300 Hochleistungs-Rechenzentren
Höchste Anzahl gleichzeitiger Benutzer	8,5 Millionen Nutzer
Streaming-Bandbreite	5,2 Tbit/s
Durchschnittliche Videoauflösung	1080p HD

Große Benutzerbasis in mehreren geografischen Märkten

Globale Benutzerdemografie von JOYY:

Region	Monatlich aktive Benutzer
China	57,4 Millionen
Südostasien	22,6 Millionen
Andere internationale Märkte	15,3 Millionen

Talentierter Pool an Content-Erstellern und Entertainern

• Gesamtzahl der registrierten Content-Ersteller: 1,2 Millionen
• Professionelle Livestreamer: 350.000
• Durchschnittlicher monatlicher Verdienst pro Top-Creator: 15.000 $

Proprietäre KI- und Empfehlungsalgorithmen

Technische Spezifikationen des KI-Empfehlungssystems von JOYY:

• Modelle für maschinelles Lernen: 47 einzigartige algorithmische Frameworks
• Genauigkeit der täglichen Inhaltsempfehlungen: 82,5 %
• Verarbeitungsgeschwindigkeit der Personalisierung in Echtzeit: 0,03 Sekunden

Robuste digitale Plattform und mobile Anwendungen

Plattformmetrik	Leistungsdaten
Mobile App-Downloads	Insgesamt 253 Millionen Downloads
App Store-Bewertung	4.6/5
Plattformübergreifende Kompatibilität	iOS, Android, Web
Jährliche Investition in die Plattformentwicklung	42,7 Millionen US-Dollar

JOYY Inc. (YY) – Geschäftsmodell: Wertversprechen

Interaktive und immersive Live-Streaming-Erlebnisse

JOYY Inc. meldete im dritten Quartal 2023 insgesamt 428,4 Millionen mobile monatlich aktive Nutzer (MAU). Der Live-Streaming-Umsatz erreichte im selben Quartal 256,7 Millionen US-Dollar. Die Plattform bietet Echtzeit-Videointeraktion mit durchschnittlich 3,2 Millionen gleichzeitigen Benutzern in Spitzenzeiten.

Metrisch	Wert	Zeitraum
Mobile MAU	428,4 Millionen	Q3 2023
Einnahmen aus Live-Streaming	256,7 Millionen US-Dollar	Q3 2023
Gleichzeitige Benutzer	3,2 Millionen	Spitzenzeiten

Vielfältige Unterhaltungsinhalte

JOYY Inc. bietet Inhalte verschiedener Genres, darunter:

• Musikdarbietungen
• Gaming-Streams
• Talentshows
• Bildungsinhalte
• Komödie und Unterhaltung

Soziale Verbindungsplattformen

Kennzahlen zur sozialen Interaktion zeigen das Plattform-Engagement:

Metrik für soziale Interaktion	Wert
Tägliche soziale Interaktionen	87,6 Millionen
Durchschnittliche Sitzungsdauer	42,3 Minuten

Interaktion zwischen Schöpfer und Publikum in Echtzeit

JOYY Inc. unterstützt direkte Monetarisierung durch virtuelles Schenken, wobei die Schöpfer durchschnittlich 1.247 US-Dollar pro Monat verdienen.

Monetarisierungsmöglichkeiten

Zu den Einnahmequellen für Content-Ersteller gehören:

• Virtuelle Geschenkkäufe
• Abo-Modelle
• Aufteilung der Werbeeinnahmen
• Gesponserte Inhalte

Monetarisierungskanal	Durchschnittliches Monatseinkommen
Virtuelle Geschenke	$782
Werbeeinnahmen	$365
Patenschaften	$100

JOYY Inc. (YY) – Geschäftsmodell: Kundenbeziehungen

Community-gesteuerte Engagement-Modelle

JOYY Inc. meldete im dritten Quartal 2023 516,4 Millionen mobile monatlich aktive Nutzer (MAU). Live-Streaming-Plattformen generieren Benutzerinteraktionen über mehrere Community-Engagement-Kanäle.

Plattform	Kennzahlen zum Benutzerengagement	Aktive Benutzer
BIGO Live	Durchschnittliche Sitzungsdauer	37,2 Minuten pro Benutzer
Gefällt mir	Tägliche Content-Uploads	8,5 Millionen Videos

Personalisierte Content-Empfehlungssysteme

KI-gesteuerte Empfehlungsalgorithmen verarbeiten täglich 2,3 Milliarden Content-Interaktionen auf den Plattformen von JOYY.

Direkte Benutzerinteraktion durch Live-Streaming

Der Live-Streaming-Umsatz erreichte im dritten Quartal 2023 397,6 Millionen US-Dollar bei 3,2 Millionen gleichzeitigen Live-Streaming-Sitzungen.

• Durchschnittlicher Umsatz pro Benutzer (ARPU): 0,77 $
• Transaktionsvolumen virtueller Geschenke: 215,4 Millionen US-Dollar

Kundensupport und Benutzer-Feedback-Mechanismen

JOYY unterhält eine Multi-Channel-Kundensupport-Infrastruktur mit Reaktionszeiten von durchschnittlich 12,5 Minuten.

Support-Kanal	Rücklaufquote	Benutzerzufriedenheit
In-App-Support	94.3%	4,6/5 Bewertung
E-Mail-Support	87.5%	4,3/5 Bewertung

Treueprogramme und Benutzerbindungsstrategien

Die Benutzerbindungsrate liegt bei 68,4 %, wobei die Teilnahme am Treueprogramm 42,7 % der aktiven Benutzer abdeckt.

• Wert der Vorteile des Treueprogramms: 24,5 Millionen US-Dollar
• Transaktionsrate wiederholter Benutzer: 56,2 %

JOYY Inc. (YY) – Geschäftsmodell: Kanäle

Mobile Anwendungen (iOS und Android)

JOYY Inc. betreibt mobile Anwendungen auf iOS- und Android-Plattformen mit 83,7 Millionen monatlich aktiven Mobilnutzern im dritten Quartal 2023. Die Download-Statistiken für mobile Apps umfassen:

Plattform	Monatlich aktive Benutzer	Downloadbereich
iOS	32,5 Millionen	1-5 Millionen Downloads
Android	51,2 Millionen	5-10 Millionen Downloads

Webbasierte Plattform

Die Webplattform von JOYY generiert monatlich 16,2 Millionen Webnutzer mit einer durchschnittlichen Sitzungsdauer von 24,6 Minuten.

Social-Media-Integration

• Facebook-Integration: 2,3 Millionen verbundene Benutzer
• Twitter-Verknüpfung: 1,7 Millionen verbundene Konten
• Plattformübergreifendes Instagram-Engagement: 1,5 Millionen Nutzer

App-Stores von Drittanbietern

App Store	Gesamtzahl der Downloads	Benutzerbewertung
Google Play Store	45,6 Millionen	4.2/5
Apple App Store	28,9 Millionen	4.5/5

Digitale Marketing- und Werbekanäle

Ausgaben für digitales Marketing: 42,3 Millionen US-Dollar im Jahr 2023, was 18,6 % des Gesamtumsatzes entspricht.

• Budget für Influencer-Marketing: 7,5 Millionen US-Dollar
• Suchmaschinenwerbung: 12,6 Millionen US-Dollar
• Social-Media-Werbung: 9,2 Millionen US-Dollar
• Affiliate-Marketing: 5,4 Millionen US-Dollar

JOYY Inc. (YY) – Geschäftsmodell: Kundensegmente

Junge Konsumenten digitaler Unterhaltung

Im vierten Quartal 2023 richtet sich JOYY Inc. an die Altersgruppe der 18- bis 35-Jährigen mit 72,3 Millionen monatlich aktiven Nutzern auf Live-Streaming-Plattformen.

Altersgruppe	Prozentsatz der Benutzer	Durchschnittlich aufgewendete Zeit
18-24	42.6%	2,4 Stunden/Tag
25-35	29.7%	1,8 Stunden/Tag

Content-Ersteller und Influencer

Die JOYY-Plattform beherbergt 1,2 Millionen aktive Content-Ersteller mit monatlichen Einnahmen zwischen 500 und 15.000 US-Dollar.

• Professionelle Streamer: 45.000 Personen
• Teilzeitbeschäftigte Content-Ersteller: 780.000 Personen
• Durchschnittlicher monatlicher Plattformumsatz pro Ersteller: 1.850 $

Internationale und regionale Marktteilnehmer

Geografische Nutzerverteilung ab 2023:

Region	Benutzerbasis	Umsatzbeitrag
China	58,4 Millionen	621 Millionen Dollar
Südostasien	34,2 Millionen	287 Millionen Dollar
Andere internationale Märkte	19,6 Millionen	156 Millionen Dollar

Mobile-First Digital Natives

Statistiken zur Nutzung mobiler Plattformen für 2023:

• Downloads mobiler Apps: 126,7 Millionen
• Täglich aktive Mobilnutzer: 48,3 Millionen
• Durchschnittliche mobile Sitzungsdauer: 37 Minuten

Unterhaltungs- und Social-Media-Enthusiasten

Kennzahlen zum Nutzerengagement in Unterhaltungskategorien:

Kategorie	Monatlich aktive Benutzer	Wachstumsrate
Live-Musikaufführungen	8,6 Millionen	22.3%
Gaming-Streams	12,4 Millionen	31.5%
Talkshows	6,2 Millionen	15.7%

JOYY Inc. (YY) – Geschäftsmodell: Kostenstruktur

Technologieinfrastruktur und Wartung

Jährliche Kosten für die Technologieinfrastruktur: 78,4 Millionen US-Dollar im Jahr 2022

Kostenkategorie	Betrag (USD)
Cloud-Hosting	32,6 Millionen US-Dollar
Serverwartung	22,1 Millionen US-Dollar
Netzwerkinfrastruktur	23,7 Millionen US-Dollar

Vergütung des Content-Erstellers

Gesamtzahlungen der Content-Ersteller im Jahr 2022: 156,2 Millionen US-Dollar

• Umsatzbeteiligungsmodell: 50–70 % des generierten Umsatzes
• Leistungsbasierte Boni: Bis zu 50.000 US-Dollar pro Top-Creator

Ausgaben für Marketing und Benutzerakquise

Gesamte Marketingausgaben im Jahr 2022: 64,5 Millionen US-Dollar

Marketingkanal	Ausgaben (USD)
Digitale Werbung	38,3 Millionen US-Dollar
Influencer-Partnerschaften	16,7 Millionen US-Dollar
Werbekampagnen	9,5 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben im Jahr 2022: 92,1 Millionen US-Dollar

• KI- und maschinelle Lerntechnologien: 42,6 Millionen US-Dollar
• Verbesserung der Benutzererfahrung: 29,5 Millionen US-Dollar
• Neue Plattformfunktionen: 20 Millionen US-Dollar

Betriebs- und Verwaltungskosten der Plattform

Gesamtbetriebskosten im Jahr 2022: 105,3 Millionen US-Dollar

Betriebskategorie	Betrag (USD)
Mitarbeitergehälter	68,7 Millionen US-Dollar
Bürowartung	12,4 Millionen US-Dollar
Recht und Compliance	24,2 Millionen US-Dollar

JOYY Inc. (YY) – Geschäftsmodell: Einnahmequellen

Virtuelle Geschenk- und Token-Transaktionen

Im Jahr 2022 erwirtschaftete JOYY Inc. 336,8 Millionen US-Dollar durch Live-Streaming virtueller Geschenktransaktionen. Die durchschnittlichen monatlichen aktiven Nutzer (MAU) für Live-Streaming-Plattformen erreichten 519,7 Millionen.

Jahr	Einnahmen aus virtuellen Schenkungen	MAU
2022	336,8 Millionen US-Dollar	519,7 Millionen

Werbeeinnahmen

JOYY Inc. meldete im Jahr 2022 Werbeeinnahmen von 79,3 Millionen US-Dollar, was 14,6 % des Gesamtumsatzes entspricht.

Monetarisierungsgebühren für Content-Ersteller

• Die Plattform erhält 50–70 % Provision aus virtuellen Geschenktransaktionen
• Durchschnittlicher Verdienst des Content-Erstellers: 2.500–5.000 US-Dollar pro Monat

Premium-Abonnementdienste

Die Einnahmen aus Premium-Abonnements erreichten im Jahr 2022 42,6 Millionen US-Dollar, bei etwa 3,2 Millionen zahlenden Abonnenten.

Abonnementstufe	Monatspreis	Funktionen
Basic	$4.99	Verbessert profile Sichtbarkeit
Premium	$9.99	Erweiterte Interaktionstools

Verkauf digitaler Produkte und Dienstleistungen

Der Umsatz mit digitalen Produkten generierte im Jahr 2022 23,5 Millionen US-Dollar, darunter virtuelle Waren und digitale Unterhaltungsprodukte.

JOYY Inc. (YY) - Canvas Business Model: Value Propositions

You're looking at the core value JOYY Inc. delivers to its various stakeholders as of late 2025. It's a mix of entertainment, global reach, and high-efficiency advertising that drives the numbers we see in the latest reports.

Real-time interactive social entertainment via live streaming and virtual gifting.

This is the foundation, the engine that keeps the ecosystem running. The core livestreaming business is showing a sequential recovery, which is a good sign for creator stability. In the third quarter of 2025, JOYY Inc.'s livestreaming revenue hit US$388 million. Specifically, BIGO livestreaming revenue was US$368 million for that same period. The monetization from gifting is directly tied to user engagement metrics, which showed positive momentum; BIGO's total paying users grew 0.8% quarter-over-quarter, and the Average Revenue Per Paying User (ARPPU) increased by 3.4% quarter-over-quarter in Q3 2025. That's defintely how you see the value proposition translating to the top line.

Global connectivity, allowing users to interact across 150+ countries.

JOYY Inc. has built a platform that connects users across over 150 countries. This massive footprint supports the scale needed for both content consumption and ad targeting. As of the third quarter of 2025, the global average mobile Monthly Active Users (MAUs) reached 266 million. This user base is the raw material for all other value streams.

High-ROI advertising solutions for global and regional brands via BIGO Ads.

The second growth engine, BIGO Ads, is delivering significant high-margin value to advertisers. In Q3 2025, advertising revenue surged, with BIGO Ads recording US$104 million in revenue. This represented a year-over-year growth of 33.1%. The total non-livestreaming revenue, which includes this ad segment, accounted for 28.1% of the Company's total revenue in Q3 2025, which was US$540 million. The platform's ability to use AI for predictive modeling and real-time bidding helps advertisers achieve strong return efficiency.

Here's a quick look at how the key drivers stacked up in Q3 2025:

Value Proposition Driver	Metric	Q3 2025 Value
Livestreaming Entertainment	Livestreaming Revenue	US$388 million
Global Connectivity	Global Average Mobile MAUs	266 million
Advertising Solutions	BIGO Ads Revenue	US$104 million
Advertising Solutions	BIGO Ads YoY Growth	33.1%
VIP Experience	ARPPU QoQ Growth	3.4%

Platform monetization tools and incentives for content creators.

The tools that allow creators to earn from virtual gifting are central to keeping high-quality content flowing. The US$388 million in livestreaming revenue is the direct result of this value exchange. The platform's ability to drive sequential growth in both paying users and ARPPU shows the tools are effective at capturing and rewarding high-value interactions.

Premium, ad-free experience and exclusive features for high-spending VIP users.

The VIP segment is targeted through features that enhance the experience for those willing to spend more, which is reflected in the ARPPU metrics. The 3.4% quarter-over-quarter increase in ARPPU in Q3 2025 highlights the success of catering to these high-spending users. These users are the backbone of the virtual gifting revenue stream, which is a key component of the core livestreaming business.

JOYY Inc. (YY) - Canvas Business Model: Customer Relationships

You're looking at how JOYY Inc. (YY) keeps its massive global user base engaged and spending money across platforms like Bigo Live and Likee. The relationship strategy is a blend of high-tech personalization and direct, high-touch support for the most valuable community members.

Automated, AI-driven content feeds for personalized user experience.

JOYY Inc. is definitely leaning into automation to keep eyes on the screen. They implemented AI-powered improvements across content distribution and payment experiences in Bigo Live during 2025. This focus on AI helped drive users' average viewing time up quarter-over-quarter in the third quarter of 2025. A concrete sign of adoption is that by October 2025, AI-powered interactive gifts accounted for 25% of total virtual gift consumption. This shows users are interacting with the new, personalized features.

The overall reach supporting this personalization is vast:

• Global average mobile Monthly Active Users (MAUs) hit 266.2 million in Q3 2025.
• This represented a 1.4% quarter-over-quarter increase from Q2 2025.

Dedicated, priority customer support for high-value VIP/SVIP members.

While I don't have the exact budget line for 'priority support,' the transactional data clearly shows where the focus on high-value users lies. The tiered structure encourages spending that directly funds these support systems. The success of these incentives is visible in the paying user metrics.

Here's the quick math on the core paying segment for the BIGO segment as of Q3 2025:

Metric	Q3 2025 Value	QoQ Change	Citation
Total Paying Users (BIGO)	1.50 million	Up 0.8%
Average Revenue Per Paying User (ARPPU)	US$222.6	Up 3.4%

Also, in the second quarter of 2025, the introduction of refined tiered incentives and exclusive privileges drove a 13% quarter-over-quarter increase in premium paying users on Bigo Live. This is the direct result of catering to that high-value cohort.

Tiered, transactional model based on virtual gift purchases (e.g., SVIP tiers up to $3,500).

The model is fundamentally transactional, driven by virtual gift purchases that define user tiers. Although the specific $3,500 SVIP threshold isn't confirmed in the latest filings, the commitment to shareholder value indirectly supports the ecosystem that enables such high spending. JOYY Inc. has a US$900 million shareholder return program running from 2025 through 2027. As of November 14, 2025, they had already returned over US$236 million through dividends and repurchases in 2025 alone. This financial stability underpins the high-value user experience.

To be fair, the ARPPU has seen some fluctuation; for instance, in Q1 2025, the BIGO ARPPU was US$221.6, down from US$235.4 in Q1 2024.

Community-driven engagement through in-app families and localized events.

Community structure is key to retention, especially given the slight dip in overall scale from 272.4 million MAUs in Q3 2024 to 266.2 million in Q3 2025. The strategy is clearly focused on quality over sheer volume, as evidenced by optimizing marketing strategies to focus on return-on-investment and high-value users. The platform actively manages these relationships through structured programs:

• Bigo Live restructured its streamer incentive mechanisms across regions since the second half of 2024 to improve streamer engagement and content quality.
• The Company is running structured events like the 'SSS Season 1, Round 2 Streamer Mission' scheduled for December 2025.

Advanced management system for direct support to streamers and agencies.

Direct support for content creators is a critical relationship component, as they are the primary value providers. JOYY Inc. formalizes this through dedicated programs. Bigo Live launched the Streamer Academy in Q2 2025, which offers tiered training, enhanced broadcast tools, and operational support. This investment directly impacted creator supply, fueling a 1.6% quarter-over-quarter increase in the number of streamers on Bigo Live in Q2 2025.

Finance: draft 13-week cash view by Friday.

JOYY Inc. (YY) - Canvas Business Model: Channels

JOYY Inc. uses a multi-pronged approach to deliver its value propositions, heavily leaning on digital distribution and its growing advertising technology stack.

The core distribution for the livestreaming segment relies on major mobile application stores. As of the third quarter of 2025, JOYY Inc.'s global average mobile Monthly Active Users (MAUs) stood at 266 million, marking a 1.4% quarter-over-quarter increase. This user base is the foundation for both virtual gift transactions and advertising inventory. Earlier in 2025, the Company resolved safety concerns that led to Bigo Live's removal by reinstating it on Google Play and was negotiating its potential return to Apple's App Store.

For direct monetization channels, the livestreaming revenue for the third quarter of 2025 reached US$388.5 million. While specific direct web top-up discount figures aren't public, this revenue stream is supported by the overall user engagement metrics, such as BIGO's total paying users growing 0.8% quarter-over-quarter in Q3 2025, alongside an Average Revenue Per Paying User (ARPPU) increase of 3.4% quarter-over-quarter.

In-app promotion and cross-promotion across the JOYY product ecosystem are integral to driving the dual growth engine strategy. The focus on strengthening synergies within the ecosystem supports the overall user base health, which saw Bigo Live deliver positive sequential growth for the second consecutive quarter in Q3 2025.

Targeted digital advertising campaigns, primarily through BIGO Ads, represent a significant channel for both revenue generation and user acquisition. BIGO Ads revenue in Q3 2025 reached US$112.5 million, a substantial year-over-year growth of 29.2%. This growth is fueled by AI-driven innovations in user insights and precise targeting. The Company is also building scale on the traffic side by integrating premium global traffic across multiple channels.

The integration with third-party networks is a key component of the advertising channel. JOYY Inc. has significantly scaled its third-party BIGO Audience network traffic through successful integrations with mediation platforms like AppLovin MAX and Unity LevelPlay. Growing publisher SDK adoption drove nearly 80% traffic growth versus the second half of 2024. Overall sales and marketing expenses for the group in Q3 2025 were US$72.1 million.

Social media and KOL marketing efforts are executed under an ROI-driven user acquisition strategy. The Company's focus is on user acquisition efficiency, which contributed to a decrease in sales and marketing expenses compared to the prior year period (Q3 2024 sales and marketing expenses were US$83.5 million).

Here's a look at the financial performance of the advertising channel, which is positioned as JOYY Inc.'s second growth engine:

Metric	Value (Q3 2025)	Comparison/Context
BIGO Ads Revenue	US$112.5 million	Year-over-year growth of 29.2%
Total Group Revenue	US$540.2 million	Livestreaming revenue was US$388.5 million
Non-Livestreaming Revenue Share	28.1%	Percentage of total revenue
Sales & Marketing Expenses	US$72.1 million	Compared to US$83.5 million in Q3 2024
Shareholder Return YTD	US$236.6 million	Dividends of US$148 million and buybacks of US$88.6 million as of November 14, 2025

The channels are leveraged to support the overall ecosystem engagement:

• Global average mobile MAUs in Q3 2025: 266 million.
• Bigo Live MAUs in Q1 2025: 28.9 million.
• Likee MAUs in Q1 2025: 30.2 million.
• BIGO's total paying users in Q3 2025 grew 0.8% quarter-over-quarter.
• BIGO Ads revenue is expected to maintain strong double-digit revenue growth through 2026.

The Company is using data intelligence to maximize channel effectiveness. This focus helped boost GAAP operating income by 244.5% year-over-year to US$12.2 million in Q1 2025.

JOYY Inc. (YY) - Canvas Business Model: Customer Segments

You're looking at the core audience that fuels JOYY Inc.'s global social entertainment ecosystem as of late 2025. The strategy clearly pivots on maximizing value from a massive, geographically diverse base.

The foundation of the business rests on the mass market mobile users seeking real-time social entertainment globally. As of the third quarter of 2025, JOYY Inc. reported a Global Mobile Monthly Active User (MAU) base of 266.2 million. This is the sheer scale that supports both the core live streaming and the growing advertising segments.

The high-value paying users remain critical, driving the majority of the core live streaming revenue. Management has explicitly shifted user acquisition spending to prioritize these higher quality paying users in core markets. The livestreaming segment, which is the profit bedrock, generated US$388.5 million in revenue in Q3 2025.

For content creators and professional streamers, the platform offers monetization through virtual gifting and subscriptions, supported by a focus on layered monetization within the creator economy. The core live streaming revenue they generate is substantial, with Bigo Live contributing significantly to the US$388.5 million in Q3 2025 livestreaming revenue.

The segment of global and regional advertisers is JOYY Inc.'s second growth engine, seeking performance-driven ad inventory from the BIGO Ads platform. Advertising revenues, primarily from BIGO Ads, reached US$112.5 million in Q3 2025, marking a year-over-year growth of 33.1%. Non-livestreaming revenues, which include advertising, accounted for 28.1% of the Company's total revenue in Q3 2025.

JOYY Inc.'s global footprint targets specific high-potential geographies. The company operates across these key regions: North America, Europe, the Middle East, and Southeast Asia. The focus on quality users is evident in regional performance; for instance, Bigo Live's North American region saw MAU growth exceeding 7% year-over-year in Q1 2025, and the number of paying users in that region grew approximately 4% Quarter-over-Quarter.

Here's a quick look at the key segment-related financial metrics as of the latest reporting period:

Metric	Segment/Platform	Value (Q3 2025)	Comparison/Context
Global Mobile MAU	All Platforms	266.2 million	1.4% Quarter-over-Quarter increase
Livestreaming Revenue	Core Business	US$388.5 million	Up 3.5% Quarter-over-Quarter
Advertising Revenue	BIGO Ads (Non-Livestreaming)	US$112.5 million	Up 33.1% Year-over-Year
Non-Livestreaming Revenue Share	Group Total	28.1%	Of total net revenues

The user base characteristics drive the monetization strategy:

• Global mobile users are the base for real-time social entertainment.
• Paying users are the primary driver for core live streaming revenue.
• Advertisers are drawn by the 29.2% to 33.1% YoY growth in ad revenue.
• Creators are supported by a strategy focused on layered monetization.
• North America paying users showed a 4% QoQ increase in Q1 2025.

If onboarding takes 14+ days, churn risk rises, especially for new creators seeking immediate returns.

JOYY Inc. (YY) - Canvas Business Model: Cost Structure

You're looking at the expense side of JOYY Inc.'s operations as of late 2025, which is heavily weighted toward content and user acquisition, as is typical for a social media platform.

Revenue-sharing fees and content costs represent the largest single expense category, directly tied to the live streaming and content ecosystem. For the third quarter of 2025, the total Cost of revenues was reported at US$347.1 million. The sequential change quarter-over-quarter was significantly influenced by this area, with a US$19.2 million increase in revenue-sharing fees and content costs, driven by higher traffic acquisition costs related to advertising expansion. Specifically for the BIGO segment, the cost of revenues for Q3 2025 was US$308.1 million, a decrease of 1.4% year-over-year.

Sales and marketing expenses are actively managed, showing a clear focus on efficiency. In the third quarter of 2025, these expenses totaled US$72.1 million. This figure was down from US$83.5 million in the corresponding period of 2024, reflecting the optimization for return-on-investment and user acquisition efficiency.

The infrastructure to support global, low-latency video delivery, which includes bandwidth and server infrastructure costs, is embedded within the Cost of Revenues, which was US$347.1 million in Q3 2025.

Research and development (R&D) investment in AI and new product features is a strategic necessity, though the specific dollar amount for R&D expenses in Q3 2025 is not explicitly broken out in the latest reports, separate from other operating expenses.

General and administrative costs support the global workforce. As of December 31, 2024, JOYY Inc. had 5,815 employees. The company size is generally categorized as between 5,001-10,000 Employees.

Here's a quick look at the key operating expense components for Q3 2025 compared to the prior year period:

Expense Category	Q3 2025 Amount (USD)	Q3 2024 Amount (USD)	Change Driver/Context
Cost of Revenues (Total)	US$347.1 million	US$350.5 million	Includes revenue-sharing fees and content costs
Sales and Marketing Expenses	US$72.1 million	US$83.5 million	Optimized for ROI and user acquisition efficiency
Operating Expenses (Total)	US$174.2 million	US$192.0 million	Total operating expenses for the quarter
BIGO Cost of Revenues	US$308.1 million	US$312.7 million (Implied)	Decreased by 1.4% year-over-year

The commitment to shareholder returns also factors into the financial structure, with a shareholder return program announced covering approximately US$900 million through dividends and share repurchases from 2025 through 2027.

• Net cash as of September 30, 2025, stood at US$3,320.9 million.
• Net cash from operating activities for Q3 2025 was US$73.4 million.
• The company announced a dividend of $0.94 per ADS in Q1 2025.
• For the full year 2024, JOYY invested US$309.2 million in share repurchases.

Finance: draft 13-week cash view by Friday.

JOYY Inc. (YY) - Canvas Business Model: Revenue Streams

You're looking at how JOYY Inc. (YY) converts its user engagement into hard cash as of late 2025. It's a mix of direct user spending, advertising dollars, and platform services, showing a clear pivot toward non-livestreaming growth.

The core of the revenue engine remains the interactive social entertainment platforms. You see this in the direct monetization from users who want to support creators or gain status within the apps. This segment has shown a steady sequential recovery heading into the end of 2025.

• Live streaming revenue from virtual gifting, totaling US$388 million in Q3 2025. (Note: Detailed reports show US$388.5 million for the quarter).
• Advertising revenue from BIGO Ads, which grew to US$104 million in Q3 2025.
• Subscription and premium membership fees (e.g., Bigo Live VIP/SVIP).
• Revenue from casual games and other non-livestreaming services (e.g., Hago).
• E-commerce and smart commerce platform service fees (Shopline).

The advertising technology platform, BIGO Ads, is definitely gaining momentum, showing accelerated top-line growth. This is a key part of JOYY Inc. (YY)'s strategy to diversify away from reliance on virtual gifting. BIGO Ads revenue in Q3 2025 was reported at US$104 million, marking a year-over-year growth of 33.1%. This growth is attributed to expanding traffic and better algorithm performance.

The total non-livestreaming revenue, which bundles advertising with other services, reached US$151.7 million in the third quarter of 2025, representing a year-over-year increase of 27.3%. This category is where revenue from casual games like Hago and the smart commerce SaaS business, Shopline, is primarily captured. Other revenues specifically were reported at US$39.2 million in Q3 2025, driven in part by the continued steady growth of the smart commerce SaaS business.

Here's a quick look at the Q3 2025 revenue composition based on the reported segments. It shows how the non-livestreaming portion is closing the gap relative to the core business.

Revenue Component	Q3 2025 Amount (US$)	Year-over-Year Change
Total Net Revenues	540.2 million	6.4% Quarter-over-Quarter Growth
Live Streaming Revenue	388.5 million	3.5% Quarter-over-Quarter Growth
Total Non-Livestreaming Revenue	151.7 million	27.3% Year-over-Year Growth
BIGO Ads Revenue (Advertising)	104 million	33.1% Year-over-Year Growth
Other Revenues (Includes Games/SaaS)	39.2 million	22.3% Year-over-Year Growth

The subscription and premium membership fees are embedded within the livestreaming revenue figure of US$388.5 million. For instance, BIGO's total paying users grew 0.8% quarter-over-quarter, while the Average Revenue Per Paying User (ARPPU) increased 3.4% quarter-over-quarter in Q3 2025, directly reflecting the strength of these premium fee streams.

The overall revenue picture for JOYY Inc. (YY) in Q3 2025 was US$540.2 million. This reflects a sequential recovery in the main segment while the diversification engine, advertising, accelerates. If onboarding takes 14+ days, churn risk rises, which directly impacts those virtual gifting numbers, so maintaining user experience is defintely critical for this revenue stream.