Chinese streaming video specialist YY offers Bigo for $ 1.45 billion

by bold-lichterman

Chinese social networks continue to grow and are now looking beyond their domestic market to accelerate their development. In recent months, Chinese unicorn Bytedance has experienced a meteoric rise thanks to its short video app Douyin, known as TikTok outside of China, which has caused a stir among teens around the world, be it in China, in Japan, the United States or Europe.Apple-converted-space “>

David Li at the head of YY and Bigo

The takeover of Bigo by YY seals the close ties that have united the two companies for several months. Indeed, YY led Bigo’s $ 272 million round of funding last June. The operation allowed the Chinese company to hold a 31.7% stake in the capital of the Singaporean start-up. As part of this investment, YY also obtained the right to acquire a majority stake in Bigo, the company behind the Bigo Live live-streaming application, the Like video sharing application and the Cube TV video game streaming platform. This is now done with the acquisition of the remaining 68.3% in the capital of the Singaporean company.Apple-converted-space “>

Bigo claims 200 million registered users to date in nearly 100 countries across Southeast Asia, South Asia, the Middle East, North America and South America.