Live Streaming and Social Networking Business Remains Steady
Innovative Business Showcases Future Potential
HONG KONG, Mar 26, 2024 – (ACN Newswire) – Inkeverse Group Limited (“Inkeverse” or “the Group”, stock code: 3700) has announced its annual results for the year ended December 31, 2023 (the “Reporting Period”).
During the Reporting Period, the Group achieved revenue of RMB 6,845 million, representing a year-on-year increase of 8.3% as compared with that of 2022; Net profit was RMB 401 million, turning around from a loss in the previous year; Adjusted net profit was RMB 426 million, representing a year-on-year increase of 9.9% as compared with that of 2022. The value-added service revenue is RMB 5,220 million yuan, accounting for 76.3% of the Group’s overall revenue; The content services revenue is RMB 959 million, accounting for 14.0% of the Group’s overall revenue.
Live streaming and social networking businesses remain steady, with platform advantage expanding
In 2023, Inkeverse maintained a healthy momentum in its live streaming and social networking businesses through refined operational strategies. The flagship product “Inke App” improved the commercial monetization capabilities by optimizing resource management and incentive policies. The platform advantage accumulated over the years in the live streaming field has effectively supported the Group’s strategic multi-product plan. These measures have effectively promoted the healthy development of the live streaming social networking ecosystem, creating a healthy and vibrant live broadcasting ecosystem, and contributing stable cash flow to the Group.
The social networking business has continued to leverage the advantages of the Group’s product matrix. By continuously optimizing the monetization logic of the social product matrix, adjusting user matching mechanisms, and upgrading member benefits, the overall market competitiveness of the Group has been constantly enhanced. Over the years, live streaming and social networking businesses have become the core businesses of the Group. The steady growth momentum has provided stable and substantial cash flow support to the Group, effectively driving deep expansion and continuous innovation.
Innovative businesses such as playlets have become the second growth driver, once again confirming the Group’s innovative mechanism
In the second half of 2022, the Group swiftly deployed resources to capitalize on the thriving trend in the playlets market. Leveraging its first-mover advantage in live streaming and social networking businesses, along with a mature support system and efficient internal management mechanisms, the Group thoroughly analyzed the industry chain and rapidly launched hit products. Thus, the Group quickly emerged as one of the leading companies in this sector, attracting a large number of users and occupying a prominent position in the market.
The Group has incubated a number of phenomenal products, demonstrating its ability to rapidly leverage the innovative methodologies. Based on years of experience accumulation and astute market insight, the Group consistently seizes market opportunities and continues to innovate in an ever-evolving environment.
The strategy of seizing global opportunities to go overseas has achieved results
Seizing global development opportunities and implementing an effective overseas strategy, the Group has rapidly expanded into overseas markets and promoted product localization. Leveraging extensive experience in the audiovisual networking field, the Group continuously optimizes its products and operational strategies. Some social networking products have topped the best-selling social applications in countries like Vietnam. Furthermore, the Group has expanded its presence beyond Vietnam to include other Southeast Asian nations, as well as venturing into emerging markets such as the Middle East. The success validates the Group’s ability to achieve business model loop through international expansion and establishes a solid foundation for its future overseas development.
The rapid verification of the overseas expansion strategy highlights the Group’s exceptional proficiency in global market deployment and product localization. Through in-depth understanding of local user needs, establishment of localized teams and close collaboration with local partners, the Group has successfully extended its operational experience to international markets and achieved remarkable sales performance. The accomplishment not only demonstrates the Group’s strategic vision in international operation, but also underscores its leading position in industry chain extension and global market competition.
Looking ahead, the Group will continue to consolidate its core business, expanding its platform advantages by enriching the live streaming social ecosystem to meet the evolving needs of global users. Meanwhile, the Group will actively expand its presence in overseas markets, leveraging its accumulated market expansion experience to expedite the consolidation of its core markets’ competitive advantage and explore emerging markets in order to fully tap into the international markets. The Group will closely monitor the pace of technological innovation, particularly in areas such as artificial intelligence and Web 3.0, while increasing investment and actively embracing new technologies to facilitate seamless integration with diverse business scenarios. Through optimizing product experiences, strengthening user relationship chains, developing tailored products for different markets, and enhancing technology integration capabilities, the Group aims to establish a more advanced and intelligent internet ecosystem that leads the industry towards high-quality and comprehensive intelligence-driven development. Looking ahead, the Group will continuously enhance its core competitiveness to provide users with richer, more convenient, and personalized service experiences while achieving sustained and steady growth.
About Inkeverse:
Inkeverse (3700.HK) is a leading interactive social platform in China. In May 2015, the core product Inke APP was launched, creating the trend of domestic mobile live streaming broadcasting. Inke was listed in Hong Kong in July 2018, making it the first entertainment livestreaming enterprise on the Hong Kong Stock Exchange, and continues to deepen its efforts in the field of audio and video streaming. After its listing, Inke is focusing on the strategy of “matrix products” for the development layout of the Group. Based on the mature industrial mid-stage system, aiming at the needs of many vertical markets and individuals, it has successively created a number of phenomenon products and has rolled out a rich matrix of social products. After undergoing multiple online and offline scenarios, and establishing a presence in overseas markets, it has transformed from a single product line into a matrix of products to drive performance growth. Reflecting this shift, in 2022, Inke changed its name to Inkeverse, aiming to create a multidimensional social matrix combining reality and virtual reality based on a new technology model. In 2023, the Group’s newly developed playlets swiftly rose to the top tier in the industry, once again validating its innovative capabilities and solidifying its position as a leader in the industry.
For more information, please visit the IR website: https://ir.inkeverse.com/sc/ir_overview.php
For enquiry, please contact Intelligent Joy Limited:
Jaon Guo / Willa Xie