Chinese live streaming giant YY has finalised the takeover of Bigo, the company that created popular streaming app Bigo Live.
YY had previously acquired 31.7% of the Singapore-based startup last June and announced the purchase of the remaining share yesterday, which was priced at approximately $1.45 billion.
The move is evidence of YY’s desires to expand into new markets, starting with South East Asia.
Founder Li Xueling said in a statement as reported by TechCrunch: “We are very excited to announce the completion of the acquisition of Bigo. It is an important milestone for YY group which demonstrated our confidence and commitment to the globalization strategy”.
Rival streaming service Momo made moves back into the dating space in early 2018 with a $735 million complete acquisition of Tantan.
Despite such a high-profile acquisition, Momo stock has struggled to progress significantly. However, some analysts are suggesting that the company might be undervalued because of its diversification and China’s relatively low internet penetration.
A documentary was released last year following the glamorous lives of two popular YY streamers, but also highlighting the emotional and physical pressure of maintaining an interested audience.
VP of Live Streaming at The Meet Group Lauren Hallanan reviewed the film for Forbes, describing it as excellent but overly dramatised.
The Meet Group’s move to implement live streaming onto its dating platforms has seen its stock price grow to its highest peak in the last 18 months.
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