YY
Video-based social network for live stream entertainment.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
* | N/A | Acquisition | |
| Total Funding | 000k | ||
YY Inc. operates as a video-based social network and a subsidiary of JOYY Inc. It was founded in April 2005 by David Xueling Li and Jun Lei. Originally launched as Duowan.com, a gaming portal, the company introduced YY, a voice-based communication service for gamers, in 2008. It later expanded beyond gaming to include a wider array of content such as karaoke, fashion, and sports, evolving into a broader social communication platform. The company was listed on the NASDAQ in November 2012. In December 2019, YY Inc. was renamed JOYY Inc. The YY Live business in China was acquired by Baidu in February 2025 for approximately $2.1 billion.
The platform's business model primarily revolves around its live streaming services. Revenue is generated through the sale of virtual gifts, which users purchase with real money and send to content creators during live broadcasts. These virtual items can be converted back into cash by the performers, with YY taking a commission on the transaction. Additional revenue streams include advertising, membership fees, and online games that feature in-game purchases. The company serves a global user base, with a significant presence in China and operations in over 150 countries. Its parent company, JOYY, also operates other social platforms like Bigo Live, Likee, and Hago.
Co-founder David Xueling Li has a background as a journalist and served as the editor-in-chief at NetEase.com before venturing into entrepreneurship. This experience in media and content reportedly inspired him to start his own business after interviewing prominent tech executives. He launched the gaming portal Duowan.com after securing initial funding from co-founder Lei Jun, who is also the founder of Xiaomi. Li is recognized for pioneering the virtual item-based monetization model in China's live-streaming industry.
Keywords: live streaming, social media, video platform, virtual gifts, content creation, online entertainment, user generated content, social networking, digital media, interactive media, mobile video, Bigo Live, Likee, Hago, David Xueling Li, Lei Jun, virtual currency, online gaming, advertising, social entertainment, video chat