JOYY Inc. (YY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de Digital Entertainment, Joyy Inc. (YY) se ha convertido en una fuerza transformadora, revolucionando cómo millones se conectan, crean y consumen contenido a través de su innovadora plataforma de transmisión en vivo. Al combinar magistralmente la tecnología de vanguardia con experiencias sociales inmersivas, Joyy ha creado un modelo de negocio único que trasciende los límites tradicionales de entretenimiento, empodera a los creadores de contenido e involucra a una audiencia global de nativos digitales que anhelan interacciones auténticas en tiempo real. Sumérgete en las complejidades del enfoque estratégico de Joyy que los ha posicionado como un ecosistema digital pionero donde convergen la creatividad, la tecnología y la comunidad.

Joyy Inc. (YY) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con creadores de contenido y personas influyentes en vivo

Joyy Inc. mantiene una red de aproximadamente 17,000 creadores de contenido e influenciadores de transmisión en vivo en sus plataformas a partir del tercer trimestre de 2023. La compañía genera modelos de participación de ingresos con estos creadores, típicamente asignando el 30-50% de los ingresos de transmisión a influenciadores de alto rendimiento.

Categoría de asociación	Número de creadores	Porcentaje de participación de ingresos
Influenciadores de primer nivel	2,500	50%
Creadores de nivel medio	7,500	40%
Talentos emergentes	7,000	30%

Colaboración con proveedores de telecomunicaciones móviles

Joyy ha establecido asociaciones con 12 grandes compañías de telecomunicaciones en Asia, incluidas China Mobile y China Telecom.

• Acuerdos estratégicos de intercambio de datos
• Servicios integrados de transmisión móvil
• Campañas promocionales conjuntas

Asociaciones con plataformas de publicidad digital

La compañía colabora con 25 plataformas de publicidad digital, generando $ 78.3 millones en ingresos por publicidad en 2023.

Plataforma	Contribución de ingresos	Duración de la asociación
Anuncios de tencent	$ 32.5 millones	5 años
Publicidad de bytedance	$ 22.7 millones	3 años
Otras plataformas	$ 23.1 millones	Variado

Asociaciones tecnológicas con proveedores de servicios en la nube

Joyy colabora con 4 principales proveedores de servicios en la nube, invirtiendo $ 45.6 millones en infraestructura en la nube en 2023.

• Nube de alibaba
• Nube de tencent
• AWS
• Plataforma en la nube de Google

Alianzas con compañías regionales de entretenimiento y medios

La compañía ha establecido asociaciones con 18 compañías regionales de entretenimiento y medios, expandiendo los canales de distribución de contenido.

Región	Número de asociaciones	Géneros de contenido
Sudeste de Asia	7	Música, juegos, variedad
Asia oriental	6	Drama, reality shows
Otras regiones	5	Entretenimiento mixto

Joyy Inc. (YY) - Modelo de negocios: actividades clave

Desarrollo y mantenimiento de la plataforma de transmisión en vivo

Joyy Inc. invirtió $ 42.6 millones en gastos de investigación y desarrollo en el tercer trimestre de 2023. La compañía mantiene una infraestructura tecnológica sólida que respalda la transmisión en vivo en múltiples plataformas.

Métrica de plataforma	Datos cuantitativos
Usuarios activos mensuales	520 millones (a partir del tercer trimestre de 2023)
Usuarios activos diarios	273 millones (a partir del tercer trimestre de 2023)
Ubicaciones del servidor de plataforma	12 centros de datos globales

Participación del usuario y moderación de contenido

Joyy emplea tecnologías avanzadas de moderación de contenido impulsadas por la IA para garantizar la seguridad de la plataforma y la experiencia del usuario.

• Equipo de revisión de contenido dedicado de 850 profesionales
• Algoritmos de filtrado de contenido en tiempo real
• Sistemas de monitoreo de comportamiento de usuario automatizado

Creación de contenido de entretenimiento digital

Joyy genera ingresos significativos a través de estrategias de monetización de contenido digital.

Métrico de contenido	Datos financieros
Compartir los ingresos del creador de contenido	50-70% de las transacciones de regalos virtuales
Presupuesto anual de creación de contenido	$ 78.3 millones (2023)

Interacción en las redes sociales y construcción de la comunidad

Joyy se centra en crear experiencias sociales interactivas en múltiples plataformas digitales.

• Capacidades de integración social multiplataforma
• Herramientas de participación comunitaria
• Algoritmos de recomendación personalizados

Innovación de aplicaciones e tecnología móvil

Joyy invierte continuamente en tecnología móvil y desarrollo de aplicaciones.

Métrica de tecnología	Datos cuantitativos
Descargas de aplicaciones móviles	87.4 millones (2023)
Cartera de patentes de tecnología	126 Patentes de tecnología registrada
Inversión anual de I + D	$ 156.7 millones (2023)

Joyy Inc. (YY) - Modelo de negocios: recursos clave

Infraestructura de tecnología de transmisión avanzada

Joyy Inc. opera una infraestructura de transmisión sofisticada con las siguientes especificaciones:

Infraestructura métrica	Datos cuantitativos
Capacidad total del servidor	300+ centros de datos de alto rendimiento
Usuarios concurrentes máximos	8.5 millones de usuarios
Estructación de ancho de banda	5.2 TBPS
Resolución promedio de video	1080p HD

Gran base de usuarios en múltiples mercados geográficos

Demografía del usuario global de Joyy:

Región	Usuarios activos mensuales
Porcelana	57.4 millones
Sudeste de Asia	22.6 millones
Otros mercados internacionales	15.3 millones

Talentoso grupo de creadores de contenido y artistas

• Creadores de contenido registrado total: 1.2 millones
• Livestressreamers profesionales: 350,000
• Ganancias mensuales promedio por creador superior: $ 15,000

AI y algoritmos de recomendación

Especificaciones técnicas del sistema de recomendación de AI de Joyy:

• Modelos de aprendizaje automático: 47 marcos algorítmicos únicos
• Precisión de recomendación de contenido diario: 82.5%
• Velocidad de procesamiento de personalización en tiempo real: 0.03 segundos

Plataforma digital robusta y aplicaciones móviles

Métrica de plataforma	Datos de rendimiento
Descargas de aplicaciones móviles	253 millones de descargas totales
Calificación de la tienda de aplicaciones	4.6/5
Compatibilidad multiplataforma	iOS, Android, Web
Inversión de desarrollo de plataforma anual	$ 42.7 millones

Joyy Inc. (YY) - Modelo de negocio: propuestas de valor

Experiencias de transmisión en vivo interactivas e inmersivas

Joyy Inc. reportó 428.4 millones de usuarios activos mensuales totales (MAU) en el tercer trimestre de 2023. Los ingresos de transmisión en vivo alcanzaron $ 256.7 millones en el mismo trimestre. La plataforma ofrece interacción en video en tiempo real con un promedio de 3.2 millones de usuarios concurrentes durante los períodos pico.

Métrico	Valor	Período
Mau móvil	428.4 millones	P3 2023
Ingresos de transmisión en vivo	$ 256.7 millones	P3 2023
Usuarios concurrentes	3.2 millones	Períodos pico

Contenido de entretenimiento diverso

Joyy Inc. proporciona contenido en múltiples géneros que incluyen:

• Actuaciones musicales
• Transmisiones de juegos
• Shows de talentos
• Contenido educativo
• Comedia y entretenimiento

Plataformas de conexión social

Las métricas de interacción social demuestran el compromiso de la plataforma:

Métrica de interacción social	Valor
Interacciones sociales diarias	87.6 millones
Duración de la sesión promedio	42.3 minutos

Interacción del creador-audiencia del creador en tiempo real

Joyy Inc. apoya monetización directa A través de regalos virtuales, con los creadores ganando un promedio de $ 1,247 por mes.

Oportunidades de monetización

Las fuentes de ingresos para los creadores de contenido incluyen:

• Compras de regalos virtuales
• Modelos de suscripción
• Exparte de los ingresos publicitarios
• Contenido patrocinado

Canal de monetización	Ganancias mensuales promedio
Regalos virtuales	$782
Ingresos publicitarios	$365
Patrocinios	$100

Joyy Inc. (YY) - Modelo de negocios: relaciones con los clientes

Modelos de participación impulsados ​​por la comunidad

Joyy Inc. reportó 516.4 millones de usuarios activos mensuales móviles (MAU) en el tercer trimestre de 2023. Las plataformas de transmisión en vivo generan interacciones de usuario a través de múltiples canales de participación de la comunidad.

Plataforma	Métricas de participación del usuario	Usuarios activos
Bigo en vivo	Duración de la sesión promedio	37.2 minutos por usuario
Comoe	Subidas de contenido diario	8.5 millones de videos

Sistemas de recomendación de contenido personalizados

Los algoritmos de recomendación impulsados ​​por la IA procesan 2.300 millones de interacciones de contenido diariamente en las plataformas de Joyy.

Interacción directa del usuario a través de la transmisión en vivo

Los ingresos de transmisión en vivo alcanzaron $ 397.6 millones en el tercer trimestre de 2023, con 3.2 millones de sesiones de transmisión en vivo concurrentes.

• Ingresos promedio por usuario (ARPU): $ 0.77
• Volumen de transacción de regalo virtual: $ 215.4 millones

Atención al cliente y mecanismos de comentarios de los usuarios

Joyy mantiene una infraestructura de atención al cliente multicanal con tiempos de respuesta con un promedio de 12.5 minutos.

Canal de soporte	Tasa de respuesta	Satisfacción del usuario
Soporte en la aplicación	94.3%	Calificación de 4.6/5
Soporte por correo electrónico	87.5%	Calificación de 4.3/5

Programas de fidelización y estrategias de retención de usuarios

La tasa de retención de usuarios es del 68.4% con la participación del programa de lealtad que cubre el 42.7% de los usuarios activos.

• Valor de beneficios del programa de lealtad: $ 24.5 millones
• Repita la tasa de transacción del usuario: 56.2%

Joyy Inc. (YY) - Modelo de negocios: canales

Aplicaciones móviles (iOS y Android)

Joyy Inc. opera aplicaciones móviles en plataformas iOS y Android con 83.7 millones de usuarios activos mensuales móviles a partir del tercer trimestre de 2023. Las estadísticas de descarga de la aplicación móvil incluyen:

Plataforma	Usuarios activos mensuales	Rango de descarga
iOS	32.5 millones	1-5 millones de descargas
Androide	51.2 millones	5-10 millones de descargas

Plataforma basada en la web

La plataforma web de Joyy genera 16.2 millones de usuarios web mensuales con una duración de sesión promedio de 24.6 minutos.

Integración de redes sociales

• Integración de Facebook: 2.3 millones de usuarios conectados
• Enlace de Twitter: 1.7 millones de cuentas conectadas
• Instagram Compromiso multiplataforma: 1.5 millones de usuarios

Tiendas de aplicaciones de terceros

Tienda de aplicaciones	Descargas totales	Calificación de usuario
Google Play Store	45.6 millones	4.2/5
Apple App Store	28.9 millones	4.5/5

Marketing digital y canales promocionales

Gastos de marketing digital: $ 42.3 millones en 2023, que representa el 18.6% de los ingresos totales.

• Presupuesto de marketing de influencia: $ 7.5 millones
• Publicidad de los motores de búsqueda: $ 12.6 millones
• Promoción de las redes sociales: $ 9.2 millones
• Marketing de afiliación: $ 5.4 millones

Joyy Inc. (YY) - Modelo de negocios: segmentos de clientes

Jóvenes consumidores de entretenimiento digital

A partir del cuarto trimestre de 2023, Joyy Inc. se dirige a 18-35 edades demográficos con 72.3 millones de usuarios activos mensuales en plataformas de transmisión en vivo.

Grupo de edad	Porcentaje de usuarios	Tiempo promedio dedicado
18-24	42.6%	2.4 horas/día
25-35	29.7%	1.8 horas/día

Creadores de contenido e influencers

Joyy Platform alberga 1.2 millones de creadores de contenido activo con ganancias mensuales que van desde $ 500 a $ 15,000.

• Streamers profesionales: 45,000 personas
• Creadores de contenido a tiempo parcial: 780,000 personas
• Ingresos promedio de la plataforma mensual por creador: $ 1,850

Usuarios del mercado internacional y regional

Distribución geográfica del usuario a partir de 2023:

Región	Base de usuarios	Contribución de ingresos
Porcelana	58.4 millones	$ 621 millones
Sudeste de Asia	34.2 millones	$ 287 millones
Otros mercados internacionales	19.6 millones	$ 156 millones

Nativos digitales móviles

Estadísticas de uso de la plataforma móvil para 2023:

• Descargas de aplicaciones móviles: 126.7 millones
• Usuarios activos móviles diarios: 48.3 millones
• Duración promedio de la sesión móvil: 37 minutos

Entretenimiento y entusiastas de las redes sociales

Métricas de participación del usuario en categorías de entretenimiento:

Categoría	Usuarios activos mensuales	Índice de crecimiento
Actuaciones de música en vivo	8.6 millones	22.3%
Transmisiones de juegos	12.4 millones	31.5%
Programas de entrevistas	6.2 millones	15.7%

Joyy Inc. (YY) - Modelo de negocio: Estructura de costos

Infraestructura y mantenimiento de la tecnología

Costos de infraestructura tecnológica anual: $ 78.4 millones en 2022

Categoría de costos	Cantidad (USD)
Alojamiento en la nube	$ 32.6 millones
Mantenimiento del servidor	$ 22.1 millones
Infraestructura de red	$ 23.7 millones

Compensación del creador de contenido

Pagos totales del creador de contenido en 2022: $ 156.2 millones

• Modelo de reparto de ingresos: 50-70% de los ingresos generados
• Bonos basados ​​en el rendimiento: hasta $ 50,000 por creador superior

Gastos de marketing y adquisición de usuarios

Gastos de marketing total en 2022: $ 64.5 millones

Canal de marketing	Gasto (USD)
Publicidad digital	$ 38.3 millones
Asociaciones de influencia	$ 16.7 millones
Campañas promocionales	$ 9.5 millones

Inversiones de investigación y desarrollo

Gastos de I + D en 2022: $ 92.1 millones

• AI y tecnologías de aprendizaje automático: $ 42.6 millones
• Mejora de la experiencia del usuario: $ 29.5 millones
• Nuevas características de la plataforma: $ 20 millones

Costos operativos y administrativos de la plataforma

Gastos operativos totales en 2022: $ 105.3 millones

Categoría operativa	Cantidad (USD)
Salarios de los empleados	$ 68.7 millones
Mantenimiento de la oficina	$ 12.4 millones
Legal y cumplimiento	$ 24.2 millones

Joyy Inc. (YY) - Modelo de negocios: flujos de ingresos

Transacciones de regalo virtual y token

En 2022, Joyy Inc. generó $ 336.8 millones a partir de transacciones de regalos virtuales de transmisión en vivo. Los usuarios activos mensuales promedio (MAU) para plataformas de transmisión en vivo alcanzaron 519.7 millones.

Año	Ingresos de regalos virtuales	Mau
2022	$ 336.8 millones	519.7 millones

Ingresos publicitarios

Joyy Inc. reportó ingresos por publicidad de $ 79.3 millones en 2022, lo que representa el 14.6% de los ingresos totales.

Tarifas de monetización del creador de contenido

• La plataforma toma 50-70% de comisión de las transacciones de regalos virtuales
• Ganancias promedio del creador de contenido: $ 2,500- $ 5,000 por mes

Servicios de suscripción premium

Los ingresos por suscripción premium alcanzaron los $ 42.6 millones en 2022, con aproximadamente 3.2 millones de suscriptores pagados.

Nivel de suscripción	Precio mensual	Características
Basic	$4.99	Mejorado profile visibilidad
De primera calidad	$9.99	Herramientas de interacción avanzadas

Venta de productos y servicios digitales

Las ventas de productos digitales generaron $ 23.5 millones en 2022, incluidos productos virtuales y productos de entretenimiento digital.

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.