One of China’s top live streaming companies YY bought a stake and obtained the right to purchase a majority share in Bigo last June, and now the other shoe has dropped after YY fully acquired the Singapore-based startup behind live streaming app Bigo Live and short-video service Like.
That’s according to an announcement YY made on Monday, which disclosed it has bought out the remaining 68.3 percent of all the issued and outstanding shares of Bigo for a price tag of about $1.45 billion.
Bigo’s connection to YY is deep-rooted. Li Xueling, a veteran Chinese journalist who’s also known as David Li, founded YY in 2005 well before the heyday of mobile-based live streaming apps. With the intent to bring the China-tested business to overseas markets, Li started Bigo in 2016 to replicate YY’s lucrative revenue model where the platform operator takes a cut whenever viewers reward streamers with virtual gifts, which can be cashed out.
YY racked up $675 million in net revenues and a net income of around $100 million from the fourth quarter of 2018, its latest earnings report shows.
The Bigo buyout is set to be a huge boost to YY’s international ambitions as its home market has been divided up between YY itself, its spin-off Huya that focuses on esports streaming and Huya’s archrival Douyu. Curiously, both Douyu and Huya are backed by Tencent, the company best known for the WeChat messenger but is also China’s largest games publisher.
To bring the domestic rivalry into perspective, Nasdaq-listed YY recorded a monthly mobile user base of 90.4 million in the fourth quarter. Huya, which priced its U.S. initial public offering at $180 million last August, posted a monthly of 50.7 million users from the same period. Douyu hasn’t recently unveiled its size as the company is reportedly mulling to go public in the U.S., but third-party data analytics company QuestMobile put its MAU in December at 43 million.
“We are very excited to announce the completion of the acquisition of Bigo. It is an important milestone for YY group which demonstrated our confidence and commitment to the globalization strategy,” said Li of YY in a statement.
While anchoring in Southeast Asia, Bigo has debuted in over 100 countries worldwide and been in the top ten of Apple’s app store not just in neighboring countries like Vietnam and Cambodia but also in Paraguay, Yeman and Angola, according to data collected by app tracking service App Annie.
Li estimated in 2017 that Bigo was generating an annual revenue of $300 million at the time. Bigo claims 200 million registered users to date with MAUs reaching almost 37 million worldwide. Its popularity has, however, gone hand in hand with its reputation for hosting offensive content, but the startup has assured it deploys resources to closely screen content. Back in China, YY, Huya, Douyu and the likes are constantly grappling with the government’s tightening grip over online information, which puts the burden on media companies to keep a robust content monitoring team to not only rid illegal videos but also parse the country’s opaque definition of what’s considered “inappropriate”.
A Capable, Complicated Answer To Going Electric
Regular Sorento ownership starts at $30,090 (plus $1,325 destination), with Kia’s 2.5-liter four-cylinder gas engine. Step up to the Sorento Hybrid, however, and Kia adds electrification and takes away engine capacity. Priced from $36,690 (plus destination), there’s a 1.6-liter turbocharged four-cylinder gas engine that — with the assistance of an electric motor — nudges up power while also improving fuel economy.
In fact, you get 227 horsepower and 258 lb-ft of torque, reasonable if not excessive, compared to the non-hybrid’s 191 horsepower and 182 lb-ft of torque. Rather than the continuously variable transmission we’re used to seeing in mild hybrids, Kia instead relies on a six-speed automatic. The non-hybrid Sorento gets two more gears in its auto.
With both engines, front-wheel drive is standard on the lower trims and all-wheel drive is an option. Kia’s system has a center-locking differential, too, though it’s hard to imagine Sorento owners venturing too far off-road with their SUVs. It’s a $2,300 upgrade on the Sorento Hybrid EX and standard on the Sorento Hybrid SX Prestige (from $42,490 plus destination).
Google Pixel 8 Pro Gets A Serious Upgrade: Here’s What’s New
The front camera doesn’t change from the previous model, and clicks selfies at 10.5MP with a 95-degrees-wide field of view. Unlike the rear cameras, aperture values also remain the same on the front camera. But even with the same underlying hardware, the Pixel 8 Pro can now click sharper selfies thanks to the valuable addition of autofocus.
Speaking of other improvements, the Pixel 8 Pro gets better video recording capabilities with improved HDR+ recording, powered by what Google calls “Video Boost.” The Pixel 8 Pro is also the first to extend Night Sight to videos. In addition, the Tensor G3 chip has been reported to bring support for AV1 encoding at resolutions up to 4K at 60fps.
That means the Pixel 8 Pro will be more efficient at compressing raw video footage to web-compliant formats without much loss in quality. Further, the Audio Magic Eraser will eliminate distracting background noise and unwanted sounds from the audio.
Besides video, the Pixel 8 Pro also gets a horde of software features for photography. First, as previewed at Google I/O 2023, Magic Eraser is expanding new AI-based editing features that can create and fill portions of an image, and this tool is now called “Magic Editor.” Secondly, “Best Take” will help you fix or replace any unpleasant parts of a photo, ensuring you always have the best possible pictures.
These Are The Cheapest Places In America To Buy A Car
Before we list the cheapest cities across the U.S. to buy used cars, it is important to know that the national average price for a used car stands at $34,227. However, if you happen to shop in Cleveland-Akron (Canton), the average price of used cars sold in the area is $2,769 lower than the national average, with the typical used car costing just $31,458.
Buyers in Cincinnati, Ohio, come in at a close second with an average used car priced at $31,622. There isn’t much difference between the rest of the cities in the top 10, with Norfolk-Portsmouth-Newport News, Va., coming in at as the third least expensive city with an average used car costing $31,901 there.
The rest of the list includes cities like Fresno-Visalia, Calif. ($31,912), Orlando-Daytona Beach, Fla. ($31,971), Detroit, Mich. ($31,990), Columbus, Ohio ($32,177), Pittsburgh, Pa. ($32,286), Indianapolis, Ind. ($32,418), and Oklahoma City, Okla., ($32,443).
There are a few reasons why these cities are cheaper places to buy a used car. One is that the cost of living in these cities is generally lower than in other parts of the country. Another reason is that these cities have a lot of competition among used car dealerships. This competition drives down prices and gives buyers more bargaining power. Finally, these cities are all located in the Midwest and Northeast, which are two regions of the country that are known for having more used cars on the market. Having a larger selection of used cars to choose from means you are more likely to find a good deal.
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