Mobile dating provider Paktor has secured a controlling stake in 17 Media, the company behind leading Asian live streaming platform 17.
Paktor’s first acquisition, it sees the company push a “substantial amount” of money into 17 Media.
The cash will be used to boost 17 in Paktor’s existing markets, by building on content production and partnerships, as well as improving the livestreaming platform to meet growing demand.
17 is a live-streaming app that lets celebrities, entertainers and influencers create and share live video content and photos.
Founded in 2015, the app has over 15m users around the world.
The founder and Chairman of 17 Media, Jeffrey Huang, said: “We are delighted to have found a partner that shares both our vision and passion for developing the social entertainment scene in Asia.
“With this deal, 17 app gains access to a platform with a large and growing consumer base in Asia, a proven management team and a solid foundation to take it to the next level.”
Huang, in addition to being an entrepreneur, is a member of Taiwanese rap group L.A. Boyz, which he founded with his brother and cousin in 1991.
Phua said: “This agreement marks a significant milestone for Paktor: 17 Media is a pioneer and leader in the social entertainment industry which has seen explosive growth recently, and yet is still relatively nascent.
“Leveraging Paktor’s strong network, with our physical presence and experience on the ground in 8 countries in the region, along with the strong financial backing of Paktor, 17 Media now has what it takes to propel 17 app to be the top livestreaming and social entertainment platform in the region.”
The acquisition comes at the end of a year in which Chinese dating product Momo has seen incredible revenue gains with its livestreaming business, generating $157m in revenue in Q3, a 319% increase compared to the previous year.
And with this savvy acquisition, it seems like Paktor also wants a slice of the live video streaming space that is currently booming in Asia.
Earlier this year, Paktor announced it had secured a massive $32.5m in funding, which the company said would go towards furthering the expansion of Paktor Group’s portfolio.