JOYY Inc. (NASDAQ: JOYY)

JOYY Inc. is a global technology company that operates a diversified portfolio of social entertainment platforms and business to business technology solutions. The company leverages its proprietary technology stack to connect social interaction programmatic advertising and omnichannel smart commerce. Its core offerings include live streaming instant messaging short video and social networking applications that serve users in North America Europe the Middle East Southeast Asia and South America. JOYY Inc. states its mission is to enrich lives through technology and it maintains a presence in over 150 countries with a monthly active user base of 272.1 million as of the fourth quarter of 2025. The company’s suite of apps enables users to host and watch live streams exchange messages create short videos and play casual games while building communities around shared interests.

Revenue is generated from three main streams: virtual item sales on social entertainment platforms advertising services and smart commerce solutions. In 2025 virtual tips for live streaming accounted for 72.0% of total revenue advertising contributed 20.8% and ecommerce and other revenues from the smart commerce business represented 7.1%. The non live streaming portion of revenue rose 32.2% year over year reflecting the shift toward advertising and commerce. The company also earns recurring subscription fees and transaction based fees from its software as a service offerings. Total revenue amounted to US$2.1 billion in 2025 down from US$2.2 billion in 2024 and US$2.3 billion in 2023 while operating cash flow remained strong at US$302.3 million in 2025.

The company operates through the following segments: Core Global Social Entertainment Products and Strategic Growth Engines (Advertising and Smart Commerce).

• Core Global Social Entertainment Products: This segment comprises Bigo Live a live streaming platform imo an instant messenger Likee a short video platform and Hago a social networking service. Bigo Live enables users to host and watch live streaming sessions share life moments showcase talents and interact with people worldwide. imo offers audio and video calls group calls document sharing and other communication tools for personal and business needs. Likee empowers users to discover create and share short videos with simple all in one video creation tools and an AI backed personalized feed. Hago provides over 600 casual games integrating social features such as audio and video multi user chatrooms and 3D virtual interactive party games to foster connections while having fun. The segment enables users to create share and interact with content through live streams messages short videos and casual games while monetizing mainly through virtual gifts and to a lesser extent through advertising. Bigo Live is the largest revenue contributor and reported a rank as the world’s ninth social app by in app purchase revenue in 2025 according to data.ai.

• Strategic Growth Engines (Advertising and Smart Commerce): This segment includes BIGO Ads an AI powered programmatic advertising platform that monetizes first party traffic from the company’s social apps and third party inventory and Shopline a global smart commerce SaaS that provides merchants with storefront management payment processing logistics and marketing tools. BIGO Ads uses deep learning real time bidding and smart bidding models such as oCPC and ROAS optimization to deliver targeted ads and measure performance. Shopline offers an end to end solution for online commerce integrating enterprise grade storefront management localized and cross border payment processing logistics inventory control and automated marketing tools. In 2025 BIGO Ads revenue grew 38.5% year over year to US$398.5 million while Shopline contributed to the ecommerce and other revenue line which represented 7.1% of total revenue. Revenue is derived from advertising fees and from subscription and transaction based services.

JOYY Inc. holds a leading position in the global social entertainment sector with its apps regularly ranking among the top ten for consumer spending in multiple regions. The company faces competition from short video platforms such as TikTok regional live streaming services advertising technology firms like AppLovin and Unity and smart commerce providers such as Shopify. Its competitive advantages arise from a large global user base of 272.1 million monthly active users a localized operational footprint in over 150 countries and an integrated technology stack that combines AI driven recommendation advertising optimization and commerce solutions to create a self reinforcing flywheel of user engagement and monetization. The firm also invests heavily in research and development employing over 2,000 engineers and holding thousands of patents trademarks and domain names as of the end of 2025. This sustained innovation supports continuous improvement of its video audio and networking technologies ensuring low latency and high quality experiences even under challenging network conditions.

JOYY Inc. serves a diverse customer base that includes individual consumers who use its social apps for communication and entertainment advertisers who purchase targeted campaigns through its advertising network and merchants who subscribe to its smart commerce platform to manage online stores payments and marketing. While the filing does not disclose specific partner names the company reports a broad geographic reach across North America Europe the Middle East Southeast Asia and South America and it supports developers and brands through its SDK integrations with major mediation platforms such as AppLovin MAX and Unity Level Play. The company’s advertising platform works with a wide range of brands seeking user acquisition and app developers looking to monetize inventory while its smart commerce solution serves small medium sized businesses as well as larger merchants aiming to expand their online presence.