On November 30th, Beijing time, China's first online audio company, Litchi Group (NASDAQ: LIZI), released its financial report for the third quarter of 2023.
From financial data, Litchi's revenue is 425 million yuan, with an average monthly active user count of 42.1 million and a monthly paid user count of 402600 across the entire platform. In addition, lychee has been selected as one of the "Top 100 Enterprises in China's Internet Comprehensive Strength" by the China Internet Association for five consecutive years.
The management of Litchi stated in a conference call, "Litchi will continue to deepen its global development strategy centered on audio, utilize long-term technological reserves, continuously empower domestic business innovation, steadily promote global business development, and build a diversified business ecosystem."
Building a sustainable product ecosystem and accelerating globalization layout
In 2023, the "ear economy" consisting of emerging business models such as audiobooks, podcast ecology, and online live streaming is on the rise, and its value has received increasing attention. Major audio platforms are making efforts to occupy users' minds with "high-quality" content.
In terms of audio entertainment business, Litchi is committed to building a healthy and sustainable product ecosystem, continuously optimizing operational strategies, improving content creator expansion and empowerment mechanisms, enhancing the scale and quality of creators, and enhancing platform competitiveness.
According to the management of Litchi, taking the third quarter as an example, in addition to continuously optimizing the content creator platform, Litchi has also launched activities such as the "Starlight Challenge" to support mid to long tail content creators, motivate top content creators, help content creators showcase their unique vocal talents, further stimulate their creative enthusiasm and potential, and enhance the platform's attractiveness to content creators.
In addition, lychee continuously improves user experience through content category expansion and product innovation, attracting more high-quality user groups. Firstly, based on user preferences, multiple selected modules are launched to enrich content categories and provide users with more diversified content supply; In addition, based on the characteristics of the platform, Litchi continuously updates and iterates its product design, develops new product features and interactive tools, and combines cutting-edge technology applications to launch innovative audio interactive entertainment gameplay. It also attracts users to participate through rich operational activities and themed competitions, further enhancing user stickiness and activity.
It is worth noting that with the deepening of global innovative business, Litchi is building a new generation of social communication products, and combining features such as multi terminal, real-time, and AIGC to continuously optimize the product's functional form and better meet user needs. At the same time, Litchi is also committed to enhancing the network effect of its products, enhancing user engagement, and promoting the natural growth of user scale.
In terms of organizational capabilities, in addition to continuously improving localization capabilities in various aspects such as products and operations, Litchi has established a product innovation mechanism with multi team participation to improve innovation productivity. In the future, lychee will continue to expand its overseas markets, strengthen its global capacity building, and accelerate its global layout.
Empowering core self-developed technologies to promote overall operational efficiency
The management of Litchi Group stated, "In terms of technological development, we continue to strengthen our core technology research capabilities, provide more customized support for products, empower product innovation, and assist in the development of global business."
Litchi is also working on AI big models. The management of Litchi stated that in recent years, it has continuously deepened the integration and construction of multimodal AIGC technology capabilities, trained emotional reinforcement models, optimized algorithms, continuously enhanced AI technology capabilities, and provided more possibilities for continuous product innovation. In terms of sound technology, Litchi is continuously improving the stability and performance of bilingual ASR and TTS in Chinese and English, making them suitable for multi scenario applications.
Litchi has also made breakthrough progress in AI voice changing technology, achieving better integration with its self-developed RTC real-time audio and video streaming technology platform DOREME. At the same time, Litchi has continuously improved the information transmission quality of the IM instant voice communication platform VoderX, providing high-performance, low latency, and scalable customized instant communication support for businesses.
In addition, in terms of general platform construction, Litchi has further optimized its intelligent data analysis and data management system, applying AI technology to marketing and other fields, effectively promoting the overall improvement of business efficiency. Overall, Litchi firmly believes that technological capabilities are the cornerstone of business development. Litchi will continue to aim for leading technological levels in the industry, continuously strengthen the group's core technological capabilities, and comprehensively empower business development.
It is worth noting that last month, lychee was selected for five consecutive years in the "Top 100 Enterprises in China's Internet Comprehensive Strength" list released by the China Internet Association. The management of lychee stated in a conference call that, "Although there are still challenges in the macro environment, we will make every effort to actively adjust our business strategies, build a more competitive business ecosystem, and continuously improve our core technological capabilities. We will comprehensively deepen the application of AIGC and AI voice technology in various businesses. At the same time, we will continue to carry out refined operations, improve the effectiveness of resource allocation, and inject more momentum into the company's long-term sustainable development."