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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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The Easiest Way To Transfer Safari Bookmarks To Google Chrome

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Moving bookmarks between desktop browsers is fairly straightforward. You can either let Chrome automatically import the bookmarks or do it manually yourself, as explained on the Google Support website.

To auto-import browser bookmarks from Safari:

1. Fire up Chrome on your computer.

2. Click the three-dot menu button located in the upper right corner of the browser.

3. Navigate to Bookmarks > Import Bookmarks and Settings. 

4. Pick Safari from the drop-down menu.

5. Browsing history, Bookmarks, and Search are checked by default. Uncheck the other items if you only want to import the bookmarks.

6. Click Import and then Done.

As mentioned, you can also transfer the bookmarks manually, but you’ll need the related HTML file. This is also a simple process, but it takes a few extra steps.

1. Open Safari on your computer.

2. Go to File > Export Bookmarks.

3. Save the HTML file in your local Mac storage.

4. Open Chrome and go to Bookmarks > Import Bookmarks and Settings

5. This time, pick Bookmarks HTML File from the drop-down menu.

6. Locate the .html file and click Choose File.

On a fresh installation of Chrome, the imported bookmarks will appear on the bookmarks bar (you can show or hide the bar with Ctrl + Shift + B.) But if you’ve already created new bookmarks on Chrome, you’ll find the imported Safari bookmarks in a folder called “Other bookmarks.”

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Bluetti Gives Veterans And Military Personnel A Treat This Memorial Day Weekend

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Bluetti is including some of its best and most versatile power stations up for grabs this memorial weekend with big price cuts. The EP500 (originally $4,599, discounted at $4,399) and EP500 Pro (originally $5,999, discounted at $4,999) may challenge your definition of “portable,” but they are great for instantly providing backup power to a whole house when the grid goes down, especially with their huge 5,100Wh batteries. On the opposite end of the spectrum, the 716Wh EB70S and 537Wh EB55 (originally $599, discounted at $549) won’t break your back with their super portable sizes. Make no mistake, though, they might be small, but they’re big on power and ports.

Of course, Bluetti’s modular power stations are also joining the party. The AC200 MAX and the B230 battery module (originally $3,299, discounted at $3,099) together dish out over 4,000W of pure AC Sine Wave of power. The AC200 MAX can also be charged to full in just two hours by combining both AC and solar inputs. The AC200P (originally $1,599, discounted at $1,499) brings the best of both worlds of power and portability with its 2,000Wh battery capacity, multiple outputs that can power 17 devices all at once, including wireless charging. And, of course, you can even expand that power by connecting a B230 battery module.

Bluetti’s Veterans and Military Benefits Program starts on May 26 at 7:00 PM PDT and ends on May 31 at the same time. It is open to both active personnel and veterans, and they only need to have their status verified through ID.me to get the discounts. Bluetti notes that the program is available for personal use only.

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The Reason The FTC Just Hit Twitter With A $150 Million Fine

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In the FTC order, the commission states that Twitter had access to personal data from more than 140 million users in just the 2014 – 2019 period, which it then shared with advertisers. This was at a time when Twitter’s terms and conditions explicitly stated to its users that this information would be used for the sole purpose of securing their accounts.

According to the FTC and the United States Department of Justice, Twitter began sharing user data with advertisers in 2013 — around the same time it started allowing users to add their phone numbers for two-factor authentication. Before being called out by the FTC, Twitter maintained that it collected phone numbers and email addresses for the purpose of improving account security. Users could, for example, easily reset their passwords, or unlock their accounts using a verified phone number or email address. 

While the average Twitter user likely assumed their phone number and associated data were secure with Twitter, the company disregarded the trust users placed with them and shared this data with advertisers, the FTC orders states.

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