Chinese video-based social media company Joyy nearly doubled its livestreaming revenue to 3.6 billion yuan ($550.8 million) in the fourth quarter of 2020, largely helped by the increased popularity of livestreaming platform Bigo Live.

In the three months through December, revenue derived from Bigo Live grew 87.9% year-on-year to 3.4 billion yuan, as the platform’s monthly active users (MAUs) jumped 24.5% year-on-year to 28.7 million, according to Joyy’s latest earnings report.

The 3.6 billion yuan livestreaming revenue accounted for 94.7% of Joyy’s total revenue, which reached 3.8 billion yuan in the fourth quarter, representing a year-on-year increase of 77.5%.

Apart from Bigo Live, Joyy also operates Chinese market-focused YY Live, TikTok-like short video app Likee as well as social and gaming app Hago.

During the three-month period, MAUs for Likee and Hago reached 120.1 million and 16.5 million respectively, compared with a year ago when the figures stood at 115.3 million and 33 million respectively. The paying users of YY Live decreased by 1.1% year-on-year to 4.25 million in the fourth quarter, according to the financial report.

Joyy’s net loss was 791.9 million yuan, compared with an 816.6 million yuan loss in the same quarter of 2019.

Contact reporter Ding Yi (yiding@caixin.com)

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