Guangzhou, August 28th (Xinhua) - Joyful Group released its Q2 2024 financial report on August 28th. In the second quarter of this year, the revenue of Joyful Group reached 565 million US dollars, a year-on-year increase of 3.3%, and the revenue of its core sector BIGO increased by 7.7% year-on-year to 507 million US dollars. Under non GAAP accounting standards, the net profit of Joyful Group increased by 10.2% month on month to reach $74 million, and the group continued to record healthy positive operating cash flow of $71.1 million.
Li Ting, Chairman and CEO of Joyful Group, stated that the group's global business continues to recover, with the BIGO sector, the core business of Joyful Group, continuing its recovery trend for the fourth consecutive quarter. Revenue increased by 7.7% year-on-year to $507 million, and operating profit increased by 10.1% month on month to $69.4 million. Among them, the live streaming revenue of BIGO's core overseas products increased by 2.3% year-on-year, and the number of paying users increased by 8.6% year-on-year. In terms of diversified monetization, BIGO has made steady progress, and the advertising revenue of the BIGO sector has maintained high-speed growth year-on-year.
In the second quarter of this year, Joyful Group deepened its global diversified innovation content, and its core business lines further strengthened users' social stickiness and activity through diversified operational activities and deep community interaction. Bigo Live carries out various innovative market operation activities, integrates local customs and traditions from different regions around the world, closely follows the preferences of local users, brings diverse and high-quality content to the platform, and stimulates the vitality of the user community; Likee launches a series of rich creator performances and interactive activities to help creators reach their core fan base, continuously deepen social connections, and increase user stickiness; Hago has launched a series of operational activities this quarter to enhance user engagement and activity.
Joyful Group has long been committed to creating an equal, diverse, and inclusive global community, allowing global users from different cultural backgrounds to establish social connections, continuously expanding user social scenarios through innovative functional gameplay, and optimizing user social experiences.
Taking Bigo Live as an example, the Real Match function for socializing with strangers was launched last year, and the daily live penetration rate has almost doubled in the past six months, increasing to over 20%, and promoting the comprehensive improvement of Bigo Live's user registration rate, payment rate, and ROI; In the second quarter, Likee upgraded its video operation tools, combined with rich AI effects and filters, to increase the proportion of high-quality videos and promote diversified content production; Hago's user social activity has further increased, with the average length of stay on social channels per person increasing to 103 minutes month on month, and the product retention rate steadily improving the next day.
Li Ting stated that in the future, Joyful will continue to focus on globalization and local operational strategies, innovate and iterate products around user needs, strengthen organizational execution capabilities, promote diversified business development, and inject momentum into the long-term sustainable development of the enterprise.