What happened with JOYY today?
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JOYY lets users watch livestreams for free and pay for virtual gifts to streamers or features that signal status. Bigo Live is its largest revenue-generating platform, and livestreaming supplies most of the company’s revenue. JOYY shares virtual-item revenue with certain partners, so this business depends on keeping viewers willing to pay and retaining popular performers.
Advertising is its second-largest revenue source. Advertisers pay BIGO Ads to reach potential customers on JOYY’s own apps, including imo and Likee, and on third-party properties through the BIGO Audience Network. Most advertising revenue comes through agencies without long-term or exclusive commitments. Ad delivery also depends on access to partners’ ad placements and user data, which privacy rules and platform policies restrict.
A smaller business, Shopline, helps merchants build online brands and sell products worldwide. Merchants pay recurring software subscriptions and transaction-based fees for services such as payment processing.
JOYY relies on Apple’s App Store and Google Play to distribute its apps. Content rules and local licensing requirements constrain its services, and violations can lead to app removals or operating restrictions. India has previously blocked its apps.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
JOYY still relies chiefly on paying livestream viewers and their virtual-gift spending; TikTok, absent from this list, is an important rival for their attention.
Scienjoy competes with JOYY for users who buy virtual gifts for livestreamers, including through internationally available platforms. Watch virtual-item revenue at services such as BeeLive International: it reflects the same kind of spending that funds JOYY’s core livestreaming business.
AppLovin competes with JOYY’s BIGO Ads for advertisers paying to find users and mobile publishers seeking to earn money from ad space. Watch how effectively Axon Ads Manager meets advertisers’ return-on-spending goals—the service generates substantially all of AppLovin’s revenue and competes for the advertisers BIGO Ads serves.
Liftoff Mobile competes with JOYY’s BIGO Ads by helping mobile advertisers find users and app publishers sell ad space, earning advertising revenue. Its Core Advertising revenue is the line to watch for this rivalry, rather than Other revenue from discontinued advertising platforms and non-advertising offerings.
Bilibili’s video community and live broadcasts compete with JOYY for viewers, creators and paying entertainment users, but Bilibili focuses on China while mainland China supplied only 9.8% of JOYY’s 2025 net revenue. Bilibili’s value-added services revenue is more relevant to this overlap than its mobile-game revenue.
Google competes with JOYY for global advertisers’ budgets, selling ads that drive user actions or build brand awareness on its own services and partner properties. Watch Google Services advertising revenue from Search, YouTube and network partners for this rivalry, rather than Alphabet’s cloud business.
Shopify competes with JOYY’s Shopline for merchants paying subscriptions and service fees to sell online. Shopify’s commerce-platform subscription revenue is the clearest line to watch for this rivalry; JOYY’s e-commerce and other revenue together accounted for 7.1% of its 2025 net revenue.
Shopify Inc. earningsSHOP
Shopify’s subscription revenue will show how merchants’ spending on online-store software is holding up in the market where it competes with JOYY’s Shopline.
Watch Shopify’s commerce-platform subscription revenue. Growth would show merchants still paying for tools to run online stores, supporting demand in the market Shopline serves; weakness would point to tighter spending on those tools and more pressure on JOYY’s smaller commerce business.
Applovin Corporation earningsAPP
AppLovin’s advertising business will show how advertisers respond to mobile-campaign results in the market where it competes with JOYY’s BIGO Ads for budgets.
Watch advertising revenue from Axon Ads Manager alongside what AppLovin says about advertisers’ returns. Rising revenue with results advertisers value would show continued spending on mobile user acquisition, supporting the market BIGO Ads competes in; weaker revenue or results would point to strain in that demand and tougher conditions for JOYY’s advertising business.
JOYY Inc. earningsThis company
Live streaming still drives most of JOYY’s revenue, and this report will show whether paying users and advertising together can support the business.
Read live-streaming revenue alongside paying users and average revenue per paying user, then check whether advertising revenue keeps growing. Stabilizing live-streaming revenue with rising advertising would show the core business holding while ads add support; continued live-streaming declines that ad growth cannot offset would show JOYY’s dependence on streaming still weighing on revenue.
Scienjoy Holding Corporation earningsSJ
Scienjoy Holding Corporation’s virtual-item revenue will show how viewers are spending in livestreams, the same kind of purchases that fund JOYY’s core live-streaming business.
Watch virtual-item revenue at services such as BeeLive International. Growth would show viewers still paying for livestream content and streamers, supporting the kind of spending JOYY relies on; a decline would point to softer demand for livestream payments and more pressure on JOYY’s core revenue source.
