17LIVE delivers Strong Profitability for 1H2024
3X growth for VLiver Business
3X growth
The Group’s revenue from V-Liver live streaming more than tripled year-on-year (“y-o-y”) from US$1.5 million in 1H2023 to US$4.8 million in 1H2024. This substantial increase highlights the growth potential of V-Liver live streaming as a significant revenue stream.
Achieved strong profitability with US$1.9 million net profit in 1H2024. 2Q2024 records US$3.5 million in operating income reflecting positive upward growth momentum in profitability on a quarterly basis
We delivered strong profitability in 1H2024, with 2Q2024 achieving USD3.5m operating income.
In the press release, I mentioned, “We delivered a stellar financial performance in 1H2024, with strong profitability coming as a result of our team’s dedication and the effectiveness of our strategic initiatives. In particular, our second quarter, has shown significant progress and fruition of our efforts from the preceding months on our strategic focus to drive revenue growth, and optimise operational efficiencies.”
Handover of Leadership Baton
“I am pleased with the progress we have made as a Company as we have successfully delivered strong profitability and generated positive business growth momentum. Having achieved what was set out when I took on the CEO role, I am thrilled to announce the appointment and promotion of Honghui as the CEO of 17LIVE. Honghui has worked closely with me and the team since the start of 2Q2024 through his secondment as our consultant and has demonstrated his exceptional leadership capability, where he was instrumental for our turnaround in 2Q2024. With his deep experience in venture capital, business and investment management, as well as his familiarity with our business during our business combination, I have full confidence that the Company will continue its positive momentum under his leadership. As I step into my role as Non-Executive Chairman, I look forward to supporting him in our continued success.”
When the Board requested for me to takeover as CEO after Alex stepped down in January, I was tasked with a few deliverables, including
Get Joseph Phua’s stories in your inbox
Join Medium for free to get updates from this writer.
1/ Driving company profitability
2/ Driving company operating growth
3/ Driving new business line growth
Having achieved all three, and after discussion with the Board, I decided it was time to step away back into my Chairman role, and promote new blood into leadership position. I have been working with Jack, my successor, since last year, where he led our DeSPAC as Vertex’s Managing Director. In the last few months, he was also joined 17LIVE as a consultant / advisor to me as we drove growth in the company. I am happy to announce his promotion into CEO role as I am redesignated back to Chairman of the 17LIVE Board.
17LIVE Forward Strategy
The Group also unveiled the “17LIVE Forward Strategy”, which is a strategic framework anchored on three pivotal pillars comprising 1. Enhancing its established platform through advanced technology and a robust community of streamers; 2. Diversifying its revenue streams by developing new products and businesses stemming from its platform and; 3. Forging strategic and business partnerships to build a sustainable live streaming ecosystem across Asia. By focusing on these core areas, 17LIVE aims to solidify its position as a leader in the live streaming industry, delivering diverse and high-quality content that attracts both viewers and top-tier talents.
V-Liver Business
Catalyst for future business transformation Under the 17LIVE Forward Strategy, 17LIVE identifies its V-Liver business to be one of its near term growth drivers.17LIVE’s deepening of its V-Liver business is strategically astute, given the dynamic growth of the V-Liver market as well as the size of the growing global and Japanese anime sectors
Enhancing Shareholder Value
In conjunction with the “17LIVE Forward Strategy”, the Group is also exploring strategic initiatives to drive shareholder value through innovative and forward-thinking capital market initiatives. These initiatives include but are not limited to partnering with and reviewing strategic options from various financial institutions to develop a feasible and sustainable capital market strategy to drive long-term shareholder value.
“In our ongoing commitment to maximising shareholder value, 17LIVE is actively exploring various strategic initiatives to drive significant returns for all our shareholders. We are dedicated to taking comprehensive steps to evaluate and implement the most effective approaches for capital management, aiming to ensure that our strategic decisions align with the best interests of our shareholders,” Joseph Phua added.
The details of various strategic initiatives under the capital market strategy are currently being reviewed and evaluated internally
