M17 Media, the parent company to Singapore-based dating app Paktor, has acquired streaming platform MeMe Live for an undisclosed amount.
MeMe allows users to watch streams, send virtual gifts and hold 1-to-1 video chats with friends.
It is a similar product to portfolio property 17 Media. The group claims that once the new brand comes on board, it will hold a 60% market share of the livestreaming industry in developed Asia.
17 Media and MeMe will continue to operate separately, but the parent will look for opportunities to create partnerships between the two.
M17 Co-Founder and CEO Joseph Phua said: “As a leader in the global livestreaming industry, we continue to focus on three strategic directions: consolidation of the global livestreaming industry, expansion into new markets, and content diversification.
“The acquisition of MeMe is the first of a few acquisitions we will complete in the near future.”
Phua claims that the deal will bring the total value of M17 Media north of $1 billion. The firm also owns artist agency Unicorn Entertainment and B2B live commerce service HandsUP.
Earlier this week, Western livestreaming and social entertainment company The Meet Group released its Q3 earnings for 2019.
When preliminary results were announced in early October, the company’s stock jumped over 30%.
Read more here.