Joyy Inc's Business Segments

The company operates a technology platform providing live streaming, short video, and video communication services through social applications such as Likee and imo, as well as through its BIGO Ads platform, which delivers advertisements on its own apps and those of network partners. The company faces challenges related to intellectual property risks, content moderation, and regulatory compliance across multiple jurisdictions. Its platform may be misused by users or advertisers for illegal, inappropriate, or fraudulent activities, potentially resulting in negative publicity, removal of apps from third-party stores, and legal liabilities including fines and sanctions. The company employs content moderation measures to detect and block illegal or inappropriate content, though these measures may not be fully effective. Regulatory frameworks vary significantly by country, including Saudi Arabia, Vietnam, Malaysia, Indonesia, India, and mainland China, and remain uncertain in some areas. The company is required to obtain and maintain various licenses and comply with evolving laws and regulations; failure to do so may lead to penalties, operational restrictions, or reputational damage. Cultural differences and diverse legal environments further complicate content control and regulatory compliance, increasing operational risks globally.

The registrant's reportable segments consist of the BIGO segment and the All other segment. The BIGO segment generates revenue primarily from social entertainment platforms, including Bigo Live, Likee, imo, certain audio live streaming platforms, and the advertising platform BIGO Ads. The All other segment's revenue sources include Hago, Shopline, certain audio live streaming platforms, and other activities. The company revised its internal management and segment reporting structure effective from the quarter ended March 31, 2026, with historical segment information adjusted retrospectively. Operating costs and expenses for the BIGO segment mainly comprise revenue sharing, salaries and benefits, marketing and promotion expenses, bandwidth costs, depreciation and amortization, payment handling costs, and other expenses. From 2023 to 2025, the cost of revenues and research and development expenses for the BIGO segment have fluctuated, reflecting changes in revenue-sharing fees, content costs, traffic costs, salaries, welfare, and share-based compensation expenses.