JOYY Inc.
JOYY Inc. is a Singapore-headquartered internet and technology company with U.S.-listed ADSs. Its business centers on social entertainment platforms, live streaming, short-form video, instant messaging, and newer commerce and advertising services built around AI and data tools.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueLive streaming and creator-led entertainment services built around virtual gifts and engagement.
Programmatic and in-app advertising sold across JOYY's content and social ecosystem.
Software and tools that support merchants with omnichannel commerce operations.
Instant messaging and community products that support user retention and traffic.
Products
Reported · share of revenue- Live Streaming72.0 %
- Advertising20.8 %
- Other7.1 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
JOYY serves end users who pay for virtual items and premium engagement within its social entertainment apps, as well as creators who earn income on the platforms. It also sells advertising inventory and commerce-related infrastructure to brands, merchants, and enterprises that want user traffic, targeting, and digital sales tools.
Users who buy virtual items, gifts, or premium entertainment features on live-streaming and short-video apps.
Streamers and content creators who use JOYY's platforms to build audiences and monetize engagement.
Brands and performance marketers buying ad placements and programmatic reach across JOYY's user base.
Businesses using commerce infrastructure and SaaS tools to support online sales and customer traffic.
Strategy
JOYY is building an ecosystem that combines social entertainment, advertising, and commerce infrastructure around AI and data intelligence. The strategic logic is to use large-scale user engagement to support monetization across multiple products rather than relying on a single app or revenue stream.
Advertising can diversify revenue beyond user spending and improve yield from platform traffic.
Social entertainment, messaging, and commerce tools can reinforce each other and raise retention.
Better recommendation and targeting can improve monetization efficiency across apps and ads.
Geography
2025JOYY describes itself as operating globally, with headquarters in Singapore and a NASDAQ listing in the United States. Its user and monetization footprint spans multiple regions, with conference-call logistics specifically reflecting U.S., Singapore, and Hong Kong investor access; the company also references global operations rather than a single-country market.
Share of the revenue the company reports by geography.
Risks
JOYY depends on consumer engagement, content monetization, and ad delivery, so changes in user behavior or platform competition can quickly affect demand. The business also faces regulatory, platform, and cross-border execution risks because it operates globally and monetizes digital content, advertising, and commerce services.
- User engagement volatilityImpact: HighLikelihood: High
Revenue depends on active users, paying users, and time spent across entertainment apps.
Exposure - Regulatory and content complianceImpact: HighLikelihood: Medium
Social and live-content platforms are exposed to changing rules on content, data, and monetization.
Exposure: Global jurisdictions
- Advertising monetization concentrationImpact: MediumLikelihood: Medium
The emerging ad business depends on platform traffic, targeting performance, and advertiser demand.
Exposure: BIGO Ads and in-app ad inventory
- Cross-border operating complexityImpact: MediumLikelihood: Medium
A globally distributed user base and business footprint increase execution and localization risk.
Exposure
Accounting
Judgemental itemsExcludes compensation, impairments, amortization, and investment-related items, affecting comparability with GAAP results.
Impact: Can materially change earnings perception and trend analysis
Advertising is now reported separately, which affects segment visibility and growth interpretation.
Impact: Changes how investors assess monetization mix
MAU and paying-user definitions help explain revenue but require careful period comparison.
Impact: Affects operating analysis and KPI trend tracking
Investment gains/losses and deconsolidation items can create volatility in reported income.
Impact: Can distort underlying operating performance
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Last updated: 28/09/2026