Boosted by robust growth in live-streaming video services, the revenue of Chinese mobile social networking platform Momo jumped 421% year-on-year to US$265.2 million in the first quarter of 2017.
The strong revenue growth is boosted by robust growth in its live video service business. Since live video service was launched in 2015, it has been growing rapidly and kept its momentum. Momo’s live video service revenue grew 9.1% year-on-year to US$212.6 million, representing 80% of total revenue, the results showed.
Momo is listed on the NASDAQ.
Monthly active users stood at 85.2 million as of 31 March, a record high and up from 72.3 million a year earlier.
Chairman and CEO Tang Yan said in a conference call Wednesday that it was the company’s social media function that made its live video service a success. “Looking ahead, we will push forward with our strategy to drive the video transition and introduce more entertaining content to support recreational activities.”
Tang stressed that the platform will focus on short video services for the rest of the year.