The world should be careful as China is opening up more and more with social media and video streaming, recent figures Smash Analyst Estimates
Just a few short years ago, China was trying to block any form of information sharing. Facebook was the demon that was blocked, Netlfix, Amazon targeted.
Today, the scene is very, very different. We see China-based YY, a leading provider of a social media platform used for streaming live content, reported third-quarter results blasting past analysts already upbeat forecasts plus upgrading future forecasts.
YY reported revenue smashing the consensus and up 48% from the year-ago period.
Revenue from livestreaming rose 60% to $431.6 million.
YY shares are up about 126% this year.
YY is a pioneer in live streaming services, offering music and dating shows, live game broadcasting and e-learning. The use of live streaming services has surged in China due to a shortage of entertainment options, particularly in the lower-tier cities, and the appeal of its “freemium” model, where video is free to view but requires payments to boost engagement.
YY is just one of a group of such companies many backed by giants like Sina or Alibaba and are all making a lot of people rich. And they are growing their muscles before following Alibaba on to the world stage.