What happened with DOYU today?
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DouYu lets viewers watch gameplay, esports and other entertainment livestreams for free. Viewers who want to support streamers buy its virtual currency, Yuchi, and use it to send virtual gifts. DouYu shares the gift revenue with streamers or their talent agencies. These purchases supply most of its revenue.
Voice-based social networking and game-related services provide a substantial second source of revenue. Users buy virtual gifts in voice-based communities and pay for game-specific memberships. Advertisers also pay for promotions and ad placements, but advertising contributes much less revenue than these user-paid services.
The business depends on keeping viewers engaged and willing to spend, especially on retaining popular streamers who attract fans and gift purchases. DouYu must balance the income they bring with their compensation and the cost of content rights. Nearly all revenue comes from China, where rules prohibit virtual gifting by minors and require the platform to control unlawful content. Content violations can lead to service suspension or loss of licenses.
Foreign-ownership restrictions prevent DouYu’s wholly owned Chinese subsidiaries from directly providing its value-added telecommunications services. It therefore operates those services through Wuhan Douyu and Wuhan Ouyue, relying on contracts rather than equity ownership for control and economic benefits.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
DouYu’s results hinge on keeping paying entertainment users as short-video rivals Douyin and Kuaishou compete for viewers and broadcasters.
HUYA competes directly with DouYu for game-livestreaming viewers, broadcasters and virtual-gift spending in China; both earn money from viewers buying gifts and share that revenue with broadcasters. HUYA’s livestreaming revenue is the line to watch for competition over those paying viewers.
Bilibili competes with DouYu for Chinese gaming and entertainment audiences, live broadcasters and paying users, combining video and live broadcasts rather than focusing on game livestreams. Its revenue from paid services and mobile games is worth watching for competition over users’ entertainment spending.
Sound Group competes with DouYu’s growing voice-social business through audio apps where users pay for virtual gifts and premium benefits. Watch Sound Group’s revenue from those purchases: DouYu’s voice-based social service generated RMB1,133.0 million in 2025, mainly from virtual gifts.
NIP Group’s online entertainers supply gaming livestreams to DouYu through a long-term platform relationship, while DouYu pays broadcasters or their agencies a share of viewers’ virtual-item purchases. News about NIP Group’s entertainers and their DouYu relationship is more relevant to that content supply than its overall results, which also include businesses such as Bitcoin mining.
HUYA Inc. earningsHUYA
HUYA’s report will show whether spending on gifts by China’s game-livestreaming audience is holding up, a source of revenue HUYA shares with DouYu’s competition.
Read HUYA’s livestreaming revenue with its paying-user and spending trends. Stable revenue and paying activity would suggest the gift market both companies compete in has support; declines in both would signal pressure on that shared pool, making it harder for DouYu to attract gift-paying viewers and earn its share, though HUYA’s results cannot establish DouYu’s own performance.
DouYu International Holdings Limited earningsThis company
DouYu’s report will show whether voice-based social and game services are making up for declining livestreaming gift revenue.
Read livestreaming revenue alongside innovative business, advertising and other revenue, then check paying users and average revenue per paying user. Growth outside livestreaming with stable paying users and spending would mean new services are filling the gap as the core steadies. If those newer revenues do not keep pace while paying users or spending fall further, DouYu is diversifying but its overall business remains under pressure from livestreaming.
