YY Inc. (NASDAQ:YY) Q3 2019 Earnings Conference Call - Final Transcript
Nov 12, 2019 • 09:00 pm ET
Ladies and gentlemen, thank you for standing by and welcome to YY Inc.'s Third Quarter 2019 Earnings Call.
I would now like to hand the conference over to your host today, Mr. Matthew Zhao, IR Director of YY Inc.
Thank you. Sir, please go ahead.
Thank you, operator. Good morning and good evening everyone. Welcome to YY's third quarter 2019 earnings conference call. Joining us today are Mr. David Xueling Li, Chairman and CEO of YY; Mr. Bing Jin, CFO of YY; and Ms. Ting Li, COO of YY.
For today's call, management will first provide a review of the quarter, and then we will conduct a Q&A session. The third quarter of 2019 financial results and webcast of this conference call are available at ir.yy.com. A replay of this call will also be available on our website in a few hours.
Before we continue, I refer you to our Safe Harbor statement in our earnings press release, which applies to this call, as we will make forward-looking statements. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in renminbi.
I will now turn the call over to our Chairman and CEO, Mr. David Xueling Li. Please go ahead, sir.
David Xueling Li
Thank you, Matthew. Hello, everyone. Welcome to our earnings call today. Our third quarter of 2019 results are characterized with continued success in our group's mobilization [Phonetic] and AI technology driven strategies. Our total revenues increased by 67.8% year-over-year to RMB6.88 billion. Demonstrating our solid progress in three key areas; first globalization efforts resulting in significant growth in both users and revenues. Second, technology advancement leading to increase in our user loyalty and operation efficiency. Third content innovation revitalizing domestic business.
On the globalization front, we achieved significant progress in expanding the market reach of all four key products which are Likee, IMO, BIGO LIVE and HAGO. Notably Likee, our leading short-form video platform, with global footprint, hit the milestone of 100 million monthly active users, in the third quarter of 2019.
Representing a year-over-year growth rate of 413.4%, such rapid growth in user base, is a result of our relentless drive for content localization, innovative features and AI technology enhancement.
First, let me share more details on Likee. Short-form video has become the mainstream content format of choice, for generation Z users around the world. Increasingly, influencing their social values and lifestyles. As the second largest short-form video platform globally, outside of China; Likee is well positioned to capitalize on the growing market demand. To extend Likee's global footprint, during the third quarter, we continue to explore the best venues to localize short-form video content, for diverse cultures, backgrounds and values.
For example, in Russia, Likee hosted an offline event called Likee Party Moscow in August. This event marked Likee's Second Anniversary, as an international short-form video brand. The onstage performance dazzles more than 10,000 audience in the capital city of Russia. Our success in organizing