Global live streaming viewership grew 13% year-over-year to 9.6B hours watched during Q3 2025, reflecting the highest Q3 viewership ever across all live-streaming platforms FRISCO, TX / ACCESS Newswire / October 23, 2025 / Stream Hatchet, the leading provider of data analytics for the live streaming and gaming ecosystem and wholly-owned subsidiary of GameSquare Holdings (NASDAQ:GAME), ("GameSquare", or the "Company"), has released its Q3 2025 Live Streaming Trends Report. The report reveals key insights int ...

Core Insights - Morgan Stanley has raised its target price for JOYY to US$62 from US$40, indicating improving fundamentals in JOYY's core business, accelerating advertising growth, and attractive shareholder returns [1] Business Performance - JOYY's live-streaming business may have bottomed out since 2Q25, with a reported 1% quarter-over-quarter growth and positive management comments on revenue growth, expecting further improvement in 2H25 and more growth in 2026-2027 [2] - The advertising business is projected to be the main growth driver in 2026-2027, with strong revenue momentum in the first half of 2025, following over 175% year-over-year growth in 2024. Forecasts include 26% year-over-year growth in 2H25 and 20% in 2026 [3] Shareholder Returns - JOYY has announced a three-year quarterly dividend policy totaling approximately US$600 million, along with a share repurchase program of up to US$300 million during 2025-2027. In 1H25, JOYY allocated US$135 million to dividends and share buybacks, with Morgan Stanley assuming US$300 million in annual investor returns [4]

🚨 INSIGHT: Live streaming makes up 40% of TV time, but one bad chat or donation can still trigger bans or demonetization. Manual filters cannot keep up with fast-changing slang or languages.AI moderation filters risky content in real time while keeping streams safe and smooth.@Streamiverseio, a Web3 donation platform, uses adaptive AI that hides only offensive words and keeps the rest visible to protect creators without killing engagement.It understands context, learns new slang, and adapts to each platform ...

Core Viewpoint - The recent crackdown on top live-streaming hosts highlights a significant shift in the industry, emphasizing the need for accountability and adherence to social responsibilities among public figures [1][13]. Group 1: Individual Cases of Banned Hosts - The first host, Hu Chenfeng, faced backlash for making divisive comments that belittled domestic products while promoting foreign brands, which disrupted the platform's positive environment [3]. - The second host, Zhang Xuefeng, was banned for violating laws and community guidelines, with speculation that his extreme views could mislead students [4][5]. - The third host, Lan Zhanfei, was criticized for flaunting wealth, making statements about his high fees, which could negatively influence fans' values [7]. - The fourth host, Xie Mengwei, known as 'Gazi Ge', was detained for wearing a police uniform during a live stream, violating legal boundaries [9]. - The fifth host, Wang Bian, drew ire for provocative actions at a concert and encouraging harmful behavior among minors, leading to public outrage [11]. Group 2: Industry Implications - The crackdown signifies a deeper regulatory effort within the live-streaming industry, addressing issues like divisive rhetoric, inappropriate conduct, and flaunting wealth [13]. - The actions taken against these hosts serve as a warning that public figures must uphold social responsibilities and adhere to established norms to ensure the sustainability of the industry [13].

Core Insights - Sling TV has launched a unique $4.99 Day Pass subscription, introducing a new approach to Name, Image, and Likeness (NIL) deals by signing college football players for one-day contracts [1][2][3] Group 1: Sling TV's New Offerings - The new Sling Orange subscription includes Day, Week, and Weekend Passes, aimed at redefining streaming services [2] - The $4.99 NIL deal is designed to celebrate college athletes without the need for large financial commitments, contrasting with traditional NIL contracts [2][3] Group 2: Stream Team and Participants - The inaugural "Stream Team" consists of 10 college football players selected for their on-field skills and off-field personalities, representing various prominent universities [3][4] - The players include athletes from institutions like the University of Alabama, Clemson University, and the University of Georgia, showcasing a diverse range of talent [4] Group 3: Fan Engagement - Sling TV is encouraging fan participation through a sweepstakes where fans can win their own $4.99 NIL deal and a year of Sling Orange [5] - The initiative aims to engage college football superfans, highlighting their passion and loyalty to the sport [6] Group 4: Company Background - Sling TV is a leading live streaming service offering over 700 channels, including a variety of subscription options tailored to different audiences [7] - The company is recognized for its extensive foreign-language programming, catering to diverse U.S. households [7]

Core Insights - The "group broadcast" (团播) market is rapidly evolving, with predictions indicating a market size of 15 billion yuan by 2025 and an expected number of 5,000 to 7,000 group broadcast rooms [1][2] Group Broadcast Industry Overview - The content of group broadcasts has diversified beyond traditional dance groups to include elements of traditional culture, regional characteristics, anime, gaming, and niche genres like rap [4] - Significant investments are being made in hardware and production quality, with costs for ordinary broadcast rooms around 300,000 yuan and larger setups reaching up to 800,000 yuan, incorporating advanced technologies like XR [5][6] Professionalization and Team Structure - There is a trend towards hiring graduates from music and dance academies, with increased training for hosts in various performance skills [8] - Group broadcast organizations are structured similarly to traditional film companies, emphasizing professional collaboration and specialization [8] Market Regulation and Sustainability - The industry faces the challenge of transforming temporary popularity into sustainable market value, with platforms like Douyin implementing strict content management regulations to ensure compliance and quality [9][10] - Douyin has taken measures to support quality broadcasters and penalize those engaging in inappropriate behaviors, promoting a healthier ecosystem [10] Cultural and Artistic Integration - The group broadcast sector is attracting professionals from various cultural and artistic backgrounds, enhancing the quality and cultural depth of the content [11] - The increasing demand for high-quality visual and cultural content indicates a long-term trend towards diversification and premiumization in the group broadcast industry [12]

Financial Data and Key Metrics Changes - The company recorded total revenue of $507.8 million, representing a quarter-over-quarter growth of 2.7% [26][27] - Non-GAAP operating profit reached $38.3 million, up by 27.9% year-over-year [27][32] - Non-GAAP EBITDA for the quarter was $48.2 million, growing 25.7% year-over-year [27][32] - The group maintained a strong net cash position of $3.3 billion as of June 30, 2025 [6][33] Business Line Data and Key Metrics Changes - Live streaming revenue was $375.4 million, with BIGO's segment contributing $355.3 million, both stabilizing quarter-over-quarter [13][28] - Non-live streaming revenue reached $132.4 million, up by 25.6% year-over-year, now contributing 26.1% of total revenues [29] - BIGO's non-live streaming revenues, primarily from advertising, increased by 29% year-over-year [29] Market Data and Key Metrics Changes - Live streaming revenue from developed countries increased by 3.4% quarter-over-quarter, while Southeast Asia saw a 2.1% increase [28] - The advertising business achieved $87 million in revenue, representing a 29% year-over-year growth and 9% quarter-over-quarter growth [18][29] Company Strategy and Development Direction - The company is focused on high-quality operations, sustainable growth, AI-driven innovation, and organizational vitality as key pillars for growth [7][9] - The advertising business is positioned as a second major growth engine, with plans for expansion in North America, Japan, and Europe [22][23] - The company aims to leverage AI to enhance user engagement and improve advertising algorithms [10][11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the live streaming business, expecting continued sequential growth in the second half of the year [41][43] - The advertising segment is anticipated to maintain double-digit year-over-year growth, particularly as it enters a peak season [43] - The company expects consolidated operating profit to continue improving, benefiting shareholders with long-term profitable growth [24][34] Other Important Information - The company returned $49.4 million to shareholders through dividends and repurchased $36.5 million worth of shares [33] - The introduction of non-GAAP EBITDA is aimed at providing a clearer picture of operational performance and cash flow generation [46] Q&A Session Summary Question: Long-term development trend for the live streaming business - Management noted that Q1 was a bottom point due to seasonality and app removals, with Q2 showing sequential recovery driven by growth in paying users [39][40] Question: Group level revenue outlook for the second half - Management expects continued sequential recovery in live streaming and strong growth in non-live streaming revenue, particularly from advertising [41][43] Question: Consideration behind the addition of non-GAAP EBITDA - The company believes EBITDA is a core operating metric that better reflects cash flow generation capabilities and allows for better peer comparison [46] Question: Trend in operating expenses and profit outlook for the second half - Management anticipates steady improvement in non-GAAP operating profit and EBITDA, with some seasonal fluctuations in operating expenses [50]

Financial Data and Key Metrics Changes - The company recorded total revenue of $507.8 million, representing a quarter-over-quarter growth of 2.7% [31] - Non-GAAP operating profit reached $38.3 million, up 27.9% year-over-year, while non-GAAP EBITDA was $48.2 million, growing 25.7% year-over-year [32][38] - The company maintained a strong net cash position of $3.3 billion as of June 30, 2025 [39] Business Line Data and Key Metrics Changes - Live streaming revenue was $375.4 million, with BIGO's segment contributing $355.3 million, both stabilizing quarter-over-quarter [33] - Non-live streaming revenue was $132.4 million, up 25.6% year-over-year, now contributing 26.1% of total revenues, compared to 18.7% in the same period last year [34] - BIGO's non-live streaming revenues, primarily from advertising, increased by 29% year-over-year and 8.9% quarter-over-quarter [34] Market Data and Key Metrics Changes - Live streaming revenue from developed countries increased by 3.4% quarter-over-quarter, while revenue from Southeast Asia rose by 2.1% [33] - The advertising business achieved $87 million in revenue, representing 29% year-over-year growth and 9% quarter-over-quarter growth [21] Company Strategy and Development Direction - The company is focusing on high-quality operations, sustainable growth, AI-driven innovation, and organizational vitality as key pillars for future growth [10] - The advertising business is positioned as a second major growth engine, with plans for expansion in North America, Japan, and Europe [25][26] - The company aims to leverage AI to enhance user engagement and improve advertising algorithms [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the live streaming business, expecting continued sequential growth in the second half of the year [48] - The advertising segment is anticipated to maintain double-digit year-over-year growth, particularly as it enters a peak season [50] - Overall, the company expects consolidated operating profit to continue improving, benefiting shareholders with long-term profitable growth [28][40] Other Important Information - The company returned $49.4 million to shareholders through dividends and repurchased $36.5 million of shares during the year [39] - The introduction of non-GAAP EBITDA is aimed at providing a clearer picture of operational performance and cash flow generation [54] Q&A Session Summary Question: Long-term development trend for the live streaming business and second half outlook - Management noted that Q1 was a bottom for live streaming revenue, with Q2 showing sequential recovery driven by growth in paying users, particularly in developed countries [45][46] - For the second half, management expects continued recovery in live streaming revenue and strong growth in non-live streaming revenue due to advertising peak season [50] Question: Consideration behind the addition of non-GAAP EBITDA - Management explained that EBITDA is a core operating metric that excludes non-operational factors, providing a better proxy for cash flow generation and peer comparison [53] Question: Trend in operating expenses and profit outlook for the second half - Management indicated that while operating expenses may slightly widen, significant year-over-year improvement is expected, with overall non-GAAP operating profit and EBITDA showing an improving trend [56] Question: Drivers behind the robust growth of the advertising business - Management highlighted technical optimizations in algorithms and market opportunities as key drivers, along with proprietary data assets and synergies across business segments [58][62]

Financial Data and Key Metrics Changes - The company recorded total revenue of $507.8 million, representing a quarter-over-quarter growth of 2.7% [31] - Non-GAAP operating profit reached $38.3 million, up 27.9% year-over-year, while non-GAAP EBITDA was $48.2 million, growing 25.7% year-over-year [32][38] - The company maintained a strong net cash position of $3.3 billion as of June 30, 2025 [39] Business Line Data and Key Metrics Changes - Live streaming revenue was $375.4 million, with BIGO's segment contributing $355.3 million, both stabilizing quarter-over-quarter [33] - Non-live streaming revenue reached $132.4 million, up 25.6% year-over-year, now contributing 26.1% to total revenues, compared to 18.7% in the same period last year [34] - BIGO's advertising revenue was $87.4 million, reflecting a 29% year-over-year growth and 9% quarter-over-quarter growth [21] Market Data and Key Metrics Changes - Live streaming revenue from developed countries increased by 3.4% quarter-over-quarter, while Southeast Asia saw a 2.1% increase [33] - The advertising business is expanding in North America and Europe, with significant growth in daily transaction volumes and advertiser demand [22][24] Company Strategy and Development Direction - The company is focusing on high-quality operations, sustainable growth, AI-driven innovation, and organizational vitality as key pillars for future growth [10] - The advertising business is positioned as a second major growth engine, with plans for expansion in North America, Japan, and Europe [25][26] - The company aims to leverage its tech infrastructure and data capabilities to establish a competitive edge in the ad tech industry [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the live streaming business, expecting continued sequential growth in the second half of the year [49] - The advertising segment is anticipated to maintain double-digit year-over-year growth, particularly as it enters a peak season [50] - The company expects consolidated operating profit to improve, benefiting shareholders with long-term profitable growth [28][40] Other Important Information - The company returned $49.4 million to shareholders through dividends and repurchased $36.5 million of shares during the year [39] - The introduction of non-GAAP EBITDA is aimed at providing a clearer picture of operational performance and cash flow generation [54] Q&A Session Summary Question: Long-term development trend for the live streaming business and second half outlook - Management noted that Q1 was a bottom for live streaming revenue, with Q2 showing recovery driven by growth in paying users, particularly in developed countries [45][46] - They expect continued sequential recovery in the second half, supported by operational activities and new product contributions [48][50] Question: Consideration behind the addition of non-GAAP EBITDA - Management explained that EBITDA is a core operating metric that excludes non-operational factors, providing a better proxy for cash flow generation and peer comparison [53] Question: Trend in operating expenses and profit outlook for the second half - Management indicated that while operating expenses may slightly widen, significant year-over-year improvement is expected [56] Question: Drivers behind the robust growth of the advertising business - Management highlighted technical optimizations and market opportunities as key drivers, along with proprietary data assets and synergies across business segments [58][62]

Financial Data and Key Metrics Changes - Total revenue increased by 13.1% year over year to RMB 35 billion in Q2 2025, with adjusted net profit rising by 20.1% to RMB 5.6 billion, achieving a margin of 16% [7][37][38] - Gross profit grew by 13.8% year over year to RMB 19.5 billion, with a gross profit margin of 55.7%, reflecting a 0.4 percentage point increase year over year [40][41] - Selling and marketing expenses rose by 4.6% year over year to RMB 10.5 billion, accounting for 30% of total revenue, down from 32.4% in the previous year [42] Business Line Data and Key Metrics Changes - Revenue from online marketing services reached RMB 19.8 billion, up 12.8% year over year, driven by enhanced AI capabilities [38][39] - E-commerce GMV rose by 17.6% year over year, with the number of average monthly paying users reaching 134 million [22][23] - Revenue from Clean AI surpassed RMB 250 million, indicating strong growth in AI-driven services [12][39] Market Data and Key Metrics Changes - Average DAUs on the Kuaishou app reached an all-time high of 409 million, with MAUs at 715 million, reflecting a year-over-year increase of 3.4% and 3.3% respectively [14][6] - Revenue from external marketing services continued to grow, driven by strong demand from content consumption, local services, and automotive industries [19][20] Company Strategy and Development Direction - The company is focused on integrating AI technology across its business, enhancing user experience, and optimizing marketing solutions [36][37] - The strategy includes expanding Clean AI's applications in gaming and professional film production, aiming to empower creators and enhance operational efficiency [51][53] - The company plans to discontinue separate GMV disclosures starting in 2026, focusing on a more nuanced combination of performance indicators [44][45] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth prospects, emphasizing the resilience of its business ecosystem amid macro uncertainties [7][8] - The company aims to maintain high-quality growth while exploring new commercialization opportunities through AI [35][46] - Future investments will continue to focus on AI technology to enhance operational efficiencies and drive sustainable growth [86][87] Other Important Information - A special dividend of HKD 0.46 per share was declared for the first time since delisting, totaling approximately HKD 2 billion [8] - The company has repurchased shares amounting to HKD 1.9 billion, representing about 0.9% of total shares outstanding [43] Q&A Session Summary Question: What are the major use cases for Clean AI users at the moment? - Clean AI's users include mass creators and professional creators, with applications in content creation, advertising, and film production [48][50] Question: What are the AI use cases in the overall business? - AI technology is integrated across various business scenarios, enhancing marketing material generation and improving user engagement [57][59] Question: What verticals are expected to have strong growth in the second half of the year? - Growth is anticipated in local services, automotive, and content consumption industries, with strategies to enhance client outreach and marketing efficiency [66][68] Question: How does Kuaishou maintain momentum in e-commerce amid competition? - The company leverages a synergized ecosystem and tailored initiatives for merchants, focusing on user acquisition and repeat purchases [74][76]