Business Strategy and Market Position - The company launched a social streaming mobile application in 2014 and shifted focus to live commerce solutions in 2018, targeting international retail companies[146]. - The company aims to be an industry leader in technology solutions for live commerce and shoppable short videos, enhancing customer engagement and business performance[147]. - The live commerce and shoppable short videos market has seen unprecedented growth due to the COVID-19 pandemic, creating new business opportunities for retailers[158]. - The company aims to expand its market presence by investing in R&D and enhancing its product portfolio to meet diverse customer needs across various industries[196][205]. - The company plans to enhance and expand its BeLive Solution offerings by integrating new functionalities to increase user engagement and improve overall user experience[217]. - The company aims to adapt to changing market conditions and customer requirements, targeting sectors such as broadcasting, media, advertising, real estate, education, and finance for expansion[218]. Product Offerings and Features - BeLive Solutions include an enterprise-grade White Label Solution and a cloud-based SaaS Solution, enabling customers to integrate live commerce features into their platforms[160][172]. - The BeLive SaaS Solution was launched in 2022 and can be deployed to customer platforms in less than 24 hours, offering low ownership costs by avoiding significant upfront investments[172][173]. - Revenue streams from BeLive White Label Solutions include customization and integration fees, licensing and maintenance fees, and usage fees based on hourly usage[171][177]. - The company provides interactive features such as likes, shares, comments, and polling to enhance viewer engagement during live streams and shoppable short videos[181]. - New features such as loyalty rewards and virtual gifting are being integrated into the BeLive White Label Solutions to enhance user engagement and monetization[184][185]. - The audience sentiment engine, developed in collaboration with AI Singapore, provides insights into viewer sentiment and enhances the effectiveness of live streams[210]. Financial Performance - For the year ended December 31, 2024, the company's revenue was S$1,849,509, a decrease of 40.1% from S$3,090,361 in 2023 and a decrease of 56.1% from S$4,189,838 in 2022[327]. - The gross profit for the year ended December 31, 2024, was S$962,779, down 43.2% from S$1,698,438 in 2023 and down 62.7% from S$2,581,057 in 2022[327]. - The company reported a loss before tax of S$5,507,764 for the year ended December 31, 2024, compared to a loss of S$2,094,169 in 2023 and a profit of S$1,641,103 in 2022[327]. - The total comprehensive loss for the year ended December 31, 2024, was S$5,500,280, compared to a loss of S$2,095,832 in 2023 and a profit of S$1,634,851 in 2022[327]. - The ability to manage costs effectively remains a critical factor for the company's financial performance, particularly in controlling server and technology infrastructure expenses[325]. Customer Insights and Engagement - Customers contributing over 10% of total revenue accounted for approximately 63% in 2023 and 79% in 2024, with Customer A contributing 31% in 2023 and 0% in 2024[198]. - The number of new customers accounted for 54% of total customers in 2024, compared to 28% in 2023 and 64% in 2022, indicating a shift in customer acquisition strategy[318]. - The BeLive White Label Solution contributed approximately 30% of total revenue in 2024, up from 19% in 2023 and 28% in 2022, reflecting increased demand for customized solutions[323]. - The company aims to enhance viewer engagement through advanced analytics tools, which are crucial for improving customer satisfaction and retention[320]. Research and Development - The company has invested significantly in R&D, focusing on video and live streaming technologies, big data analytics, and AI to enhance user experience and solution effectiveness[207]. - Advancements in video and live streaming technologies are prioritized, focusing on personalized recommendations, content analytics, and improvements in video quality and latency[219]. - Strategic alliances with technology entities and marketing agencies are being leveraged to expand customer acquisition and integrate advanced technologies into solutions[212]. Operational Challenges and Adaptations - The company has adapted internal processes to mitigate operational disruptions caused by COVID-19, ensuring all employees are fully vaccinated[295]. - Vietnam experienced five major waves of COVID-19 infections, leading to significant operational disruptions during 2020 and 2021[295]. - The company anticipates that the future impact of COVID-19 will depend on various factors, including vaccine distribution and government actions[298]. Regulatory and Compliance - The company maintains liability insurance for injuries and property damage but does not have business interruption insurance, which is customary in the industry[241]. - The Workplace Safety and Health Act 2006 mandates employers to ensure a safe work environment, with fines up to S$500,000 for breaches[246]. - The Work Injury Compensation Act 2019 requires employers to compensate employees for work-related injuries, covering medical expenses and lump sum compensation[253]. - The PDPA imposes fines up to SGD1 million for organizations violating personal data protection regulations, with significant penalties for individuals as well[264]. - Vietnam's new Decree No. 13/2023 on personal data protection imposes significant obligations on entities handling personal data, effective from July 1, 2023[281]. Market Competition - The company faces competition from similar service providers, with some competitors having greater financial and technological resources, which could impact its market position[236]. - The company has established a strong reputation in the industry since 2018, benefiting from extensive domain-specific data to optimize its solutions continuously[203]. - The company has developed stable relationships with major customers since 2018, which has been a key driver for utilizing its BeLive Solutions[215].
BeLive Holdings(BLIV) - 2024 Q4 - Annual Report