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”.
The Big Differences Between The Crypto Exchanges Explained
Perhaps the first thing that a trader will look for when evaluating investment platforms is the fee structure. Fees are common across trading avenues, and understanding the inherent costs that come along with placing trades, holding assets, and transferring funds into and out of brokerage accounts is essential to making smart decisions throughout the investment experience.
The Motley Fool reports that Gemini (as of July 2022) provides trading services at a slightly lower rate than Coinbase (a maximum of 0.4% and 0.6%, respectively). The fee structures are very similar, and each platform uses alternative cost bases depending on whether you will be trading with the basic or advanced interface. At the core of investing (and earning a profit for your efforts) is the raw calculation of profit. Your margin will always be affected by the fees that are taken off the top, so understanding what those costs are and how they are assessed is critical. In this regard, Gemini comes out a nose ahead.
However, fee structure isn’t everything. While Coinbase might charge a slightly inflated fee to use the platform to perform cryptocurrency operations, the Coinbase trade deck supports more than twice as many cryptocurrency coins than Gemini. CryptoVantage notes that stablecoins have retained value better than the typical altcoin in the current bear marketplace, meaning there may be an opportunity for greater growth figures among some of the lesser-known or smaller crypto assets out there. If this resonates with you, Coinbase may be your only option for gaining access.
This Apple-1 Computer Is The Most Expensive In The World
While it might have been a “working computer,” it certainly wasn’t complete, and it looked nothing like what we expect a fully functioning computer to look like today. The first Apple-1s were basically just a fully assembled circuit board with 60 or so microchips. The end user still had to provide the “case, power supply transformers, power switch, ASCII keyboard, and composite video display” (via Jeffry Norman’s History of Information). Thankfully, the Apple-1 was selling at a computer hobbyist store where someone could purchase all of those things separately — American consumerism at its finest.
Over the years, several computers from the first batch of 200 Apple-1s have sold at auction. Each is unique because, after their initial sale, they were customized by each owner. In November 2021, the “Chaffey College” Apple-1, named because it was initially purchased by a professor at the college, sold for $400,000. In March 2020, RR Auction sold one for $458,711. In May 2019, Christie’s sold one for $459,000. Christie’s reportedly sold one signed by Steve Wozniak in 2013 for $387,750, and Charitybuzz sold another for $815,000 in August 2016.
Yet, none of those were the priciest Apple on the tree.
In October 2014, the Henry Ford Museum paid $905,000 for what amounted to a “vintage keyboard with pre-7400-series military specification chips, a vintage Sanyo monitor, a custom power supply in a wooden box, as well as two vintage tape-decks.” After what was described by Bonhams as “fierce competition with a bidder on the telephone,” the final sale price ended at nearly twice the estimate going into the auction. That kind of money puts a whole new spin on the idiom, “How ’bout them apples?”
Elon Musk’s Tesla Optimus Robot Actually Works
What’s arguably more interesting is what’s going on inside. Optimus uses the same self-driving computer as Autopilot in Tesla’s electric cars relies upon. It also trains itself using the same processes that Autopilot does on the roads. The development platform uses “semi off-the-shelf actuators,” Musk says. The battery is in the center of the robot’s torso, with 2.3 kWh capacity. That should be enough for a full day’s work, Tesla says.
The goal, Musk says, is a robot that can liberate a human workforce. He’s predicting “maybe a two order of magnitude potential improvement in economic output” by replacing human workers with Optimus.
As to whether that’s something, long term, people actually want, Musk pointed out that Tesla being a publicly traded company means it’ll be down to shareholders to decide. “The public controls Tesla, and I think that’s a good thing,” the CEO explained. “Because if I go crazy, you can fire me.”
Meta plans hiring freeze, NASA shoots an asteroid, and Elon’s texts about Twitter are made public • TechCrunch
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