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Douyu, China’s Twitch backed by Tencent, files for a $500M U.S. IPO – TechCrunch

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Douyu, a Chinese live streaming service focused on video games, has filed with the U.S. Securities and Exchange Commission as it prepares to raise up to $500 million on the NYSE less than a year after its archrival floated on the same stock market.

Wuhan-based Douyu, whose name translates as “fighting fish”, is the second Twitch -like service backed by Tencent to go public in the United States. Its direct competitor Huya, who has a similarly fierce name “tiger’s teeth” and also counts Tencent as a major investor, raised $180 million from its NYSE listing last May.

It’s not surprising for Tencent to hedge its bets in esports streaming, given the giant relies heavily on video games to make money. For example, Tencent can use some of its portfolio companies’ ad slots to get the word out about its new releases. Indeed, Douyu’s filing shows it received a hefty 27.48 million yuan ($4.09 million) in advertising fees from Tencent last year.

As Douyu warns in its prospectus, its alliance with Tencent can be tenuous.

“Tencent may devote resources or attention to the other companies it has an interest in, including our direct or indirect competitors. As a result, we may not fully realize the benefits we expect from the strategic cooperation with Tencent. Failure to realize the intended benefits from the strategic cooperation with Tencent, or potential restrictions on our collaboration with other parties, could materially and adversely affect our business and results of operations.”

But there are nuances in the giant’s ties to China’s top two live streaming services that could mean more affinity between Tencent and Douyu. The social media and gaming behemoth is currently Douyu’s largest shareholder with a 40.1 percent stake owned through its wholly-owned subsidiary Nectarine. Over at Huya, Tencent is the second-largest stakeholder behind YY, the pioneer in China’s live streaming sector that had spun off Huya.

When it comes to the financial terms, the rivaling pair is in a head-on race. In 2018, Douyu doubled its net revenues to $531.5 million. Huya held an edge as it earned $678.3 million in the same period, also doubling the amount from a year ago.

Huya may have learned a few things about monetizing live streaming from 14-year-old YY as it managed to pull in more revenues despite owning a smaller user base. While Douyu claimed 153.5 million monthly active users in the fourth quarter, Huya had 116.6 million.

How the two make money also diverge slightly. In the fourth quarter, 86 percent of Douyu’s revenues originated from virtual items that users tipped to their favorite streaming hosts, with the remaining earnings derived from advertising and more. By contrast, Huya relied almost exclusively on live streaming gifts, which made up 95.3 percent of total revenues.

Screenshot of a Douyu live streaming session 

As Douyu grows its coffers to spend on content as well as technologies following the impending IPO, competition in China’s live streaming landscape is set to heat up. Just earlier this month, Huya raised $327 million in a secondary offering to invest in content and R&D. Like many other businesses anchored in content, Huya and Douyu depend tremendously on quality creators to keep users loyal. Both have offered sizable checks to live streaming hosts, promising to grow the internet celebrities into bigger stars.

And they’ve extended the battlefield outside China as emerging media forms, most exemplified by short video services Douyin (TikTok’s China version) and Kuaishou, threaten to steal people’s eyeball time away. Both bite-size video apps now enjoy a much bigger user base than their live streaming counterparts.

“We intend to further explore overseas markets to expand our user base through both organic expansion and selective investments,” noted Douyu in its IPO filing.

In a similar move, Huya’s overseas expansion is also well underway. “In addition to our vigorous domestic growth, we have successfully leveraged our unique business model to enter new overseas markets. We believe we are delivering long-term value through strategic investments in overseas markets in 2019 and beyond,” said Huya chief executive Rongjie Dong in the company’s Q4 earnings report.

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Nothing’s Ear (Stick) Teaser Tells Us A Whole Lot Of Nothing

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The good news for fans of the relatively new company is that we know Nothing will be launching a new audio product by the end of the year. The bad news is that we know almost nothing about the product except for its name: the Nothing Ear (Stick). The company included a couple of teaser images with its announcement, but none of them really give us a look at the product, instead showcasing a cylindrical container (presumably the charging case) with the company’s logo on it.

Nothing calls the Ear (Stick) “the next evolution” in its own audio lineup, reinforcing the same ethos it used to hawk its smartphone: that of a simplistic device that doesn’t get in the way — possibly in the literal sense this time around, as Nothing describes the product as featuring “supremely comfortable” ergonomics and a “feather-light” design. If there’s any point that seems worth getting excited about, it’s the mention that Ear (Stick) will be “molded to your ears.”

Whether that refers to a pair of earbuds that will come with silicone putty for creating custom ear molds is anyone’s guess, but the concept itself is definitely a thing. Beyond that, Nothing confirmed the earbuds will have a “unique charging case,” so it’s safe to say they likely sport a true wireless design. Sadly, Nothing won’t tell us anything about the product’s specs and price right now, but it did say the model will arrive sometime before 2023.

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Apple Stage Manager’s iPadOS 16 Surprise Could Save You From Buying A New One

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Among the older Apple iPad models that have officially received the nod (via Engadget) for Stage Manager on iPadOS 16 include the 11-inch iPad Pro (first generation and above) and the 12.9-inch iPad Pro (third generation and above). These relatively new iPad models come powered by Apple’s A12X Bionic and A12Z Bionic chipsets. Since Stage Manager was initially designed for M1-powered iPads running iOS 16 or beyond, enabling it on older hardware comes with a few trade-offs. 

While the M1-powered iPad can simultaneously open up to eight live apps on the screen, the maximum number of live apps on older models is limited to just four. In addition, older iPads running iPadOS 16 and beyond would also not be able to invoke Stage Manager while using the devices with external displays. Interestingly, Apple is yet to enable external display support for Stage Manager on even the M1 iPads. However, the company did confirm that Stage Manager for the M1 iPads will be enabled on the M1 iPads via a software update before the end of 2022. 

Apart from enabling Stage Manager on older iPads, the next version of iPadOS 16 (likely to be called iPadOS 16.1) could incorporate a lot of bug fixes. Per Apple’s current plan, the public beta version of iPadOS 16 should reach customers by October. Apple has also confirmed that Stage Manager will also make it to macOSVentura, which is also set for release in October 2022.

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How To Reset And Pair Your Roku Remote

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When your Roku streaming device is freezing up or your remote isn’t working correctly, the problem can often be fixed by simply rebooting the machine, which Roku calls a system restart. If that method doesn’t work, however, users also have the option of resetting the device, which will return it to factory settings. That means you’ll need to set the device back up as if it is new, and that’s why you should try restarting the device before resetting it. The steps to restart are identical for the simple Roku remote and the basic voice remote, both of which use standard AAA batteries:

  1. Slide the battery compartment cover off and remove the batteries.
  2. Disconnect the main device’s power cable and reconnect it after at least 5 to 10 seconds have passed.
  3. Immediately after Roku’s main interface appears onscreen, complete the restart process by re-inserting the batteries into the remote and sliding the cover back in place.

The following are steps for people who own a Roku Voice Remote Pro:

  1. Disconnect the main device’s power cable.
  2. Reconnect it after at least 5 to 10 seconds have passed.
  3. As soon as Roku’s main interface appears onscreen, complete the restart process by long-pressing the pairing button on the remote for 20 seconds.
  4. When you see a slowly blinking green light stop then switch to rapid-fire blinking, let the reset button go.

Another way to restart that works for most types of Roku remotes is by going through the gadget’s “Settings” menu. This is the option you’ll want to use if the Roku’s power cord is located somewhere difficult to reach, according to the company.

  1. Hit the Home icon on the remote.
  2. Go to “Settings.”
  3. Pick “System.”
  4. Choose “Power.” If it’s unavailable, go to the next step.
  5. Hit “System restart,” then confirm by choosing “Restart.”
  6. Immediately after Roku’s main interface appears onscreen, follow step 3 onwards for your specific Roku remote listed above.

Simple Roku remote users can instantly press buttons to check for responsiveness. Those who own voice remotes have to wait at least half a minute to check whether the system restart fixed the issue.

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