On November 30th, 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."
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.