Huya's Strategic Plans for 2024: Growth and Innovation Ahead

2024-03-25

Huya, a prominent game livestreaming platform, conducted its fourth quarter and fiscal year 2023 earnings webinar with key participants such as Mr. Junhong Huang, acting co-CEO and senior vice president, and Ms. Ashley Wu, acting co-CEO and vice president of finance. The webinar commenced with a cautionary note regarding forward-looking statements in accordance with the U.S. Private Securities Litigation Reform Act of 1995.

During the meeting, Mr. Huang emphasized Huya's primary objective for 2023, which revolved around establishing the necessary business infrastructure to support new game-related services and fostering collaborations with game studios. Despite facing revenue challenges in 2023 due to a demanding macro and industry landscape, Huya managed to achieve a non-GAAP net income of RMB 119 million by optimizing costs and enhancing operational efficiency.

In the fourth quarter, the company experienced revenue growth from game-related services, primarily propelled by advertising and other segments. Huya actively promoted a new game called DreamStar using various strategies to effectively engage broadcasters and users. The platform distinguished itself by providing a professional and feature-rich game streaming experience, leveraging technology for real-time analysis and interaction based on game content events.

Looking forward to 2024, Huya aims to consolidate its core livestreaming business, drive the promotion of game-related services, and expand its revenue streams. The company is concentrating on areas such as cybersecurity, education, and rural revitalization to complement its content offerings and cultivate a healthy platform environment. Despite a net decrease in livestreaming revenues in Q4, Huya witnessed substantial growth in advertising and other revenue streams.

Huya's strategies for 2024 encompass strengthening collaborations, enhancing content quality, and improving capital utilization efficiency. The company intends to achieve profitability by prudently managing costs and expenses, utilizing its cash reserves for business development, and enhancing investor returns through initiatives like stock repurchases and dividends. With a robust financial position and a focus on innovation and partnerships, Huya is well-positioned for sustained growth and success in the competitive gaming and livestreaming industry.