17LIVE Is Bullish On Growing Livestreaming Market Beyond India
TAIPEI, Taiwan, April 6, 2023 /PRNewswire/ — 17LIVE Group, Asian’s leading livestreaming platform, has announced a merger of the group’s two subsidiary companies—MeMe Live and 17LIVE. From April 30, 2023, MeMe, a popular livestreaming platform for making friends and showcasing talent based in India, will officially end its services. 17LIVE will become the brand to serve users and integrate the two companies’ resources effective from April 1, 2023. According to the group, this merger is meant mainly to consolidate the global livestreaming market and to strengthen 17LIVE APP’s brand recognition.
17LIVE Group expects that this merger will accelerate the development of its lead offerings for its growing user-base. MeMe, for instance, had become a preferred destination for both Gen Y and Millennial audiences and creators because of its stable system, multiple content with exciting gaming functions, and widely acclaimed livestreaming user-experience. With 17LIVE’s resources, users will be able to enjoy newer, more entertaining and diverse international content genres and experiences. 17LIVE Group is confident that this development will lead to a leap in greater market share.
MeMe was originally founded in 2016 and was launched in India in 2017. 17LIVE Group then acquired MeMe in 2020, and the acquisition has brought the 17LIVE Group’s total market share of the livestreaming industry in developed Asia to over 60 percent. Generally speaking, livestreaming combined with gaming functionality has always been favored by users. Although MeMe entered the Indian market with the feature in recent years, it stood firm in the top ten by market size last year. In the past few years, MeMe has been steadily developing and growing in Taiwan, China, and India. Nevertheless, to avoid business replication and enhance the brand’s global development and recognition, the group has gradually integrated different markets in stages. The announcement of this merger represents the integration of the Indian region and the end of operations in the China market.
Already, current MeMe users have started to be gradually transferred synchronously to 17LIVE. Based on the group’s previous experience in Taiwan, 17LIVE has also simultaneously started activities to encourage customer feedback. In addition, all relevant matters in regards to continuing the existing cooperation with streamers are currently in progress.
17LIVE Group was founded in 2015 in Taiwan. It has become Asia’s leading livestreaming platform, entering Japan and Southeast Asia in 2017 and 2021, respectively. According to a data.ai “State of Mobile 2023” report, 17LIVE is ranked No. 10 for global consumer spending on mobile video streaming, No. 3 in Hong Kong, and No.4 in both Japan and Taiwan. In the Southeast Asian market, at the end of February 2023, the total number of users has doubled, and the number of streamers has grown nearly 6 times in merely 2 years’ time. In particular, the development and growth of the market in the Philippines has been the most significant and stable. So far, the total number of 17LIVE global users has exceeded 53 million, and the number of contract streamers is over 120,000.
According to 17LIVE, Southeast Asian users have unique attributes and are highly receptive to entertainment social platforms. With the Covid-19 pandemic triggering a variety of profound changes around the world, livestreaming products have set a new trend for people, enabling them to stream, make friends, connect, and much more. 17LIVE has long positioned itself to empower people through content localization, cross-border cooperation, talent competitions, and so on. Recently, 17LIVE team has been working on introducing more newly developed interactive features and entertainment game options. The group is determined and confident in entering different international markets and is looking forward to continuing to steadily increase its local market share in the future.
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