DouYu International Holdings Limited (DOYU): Business Model Canvas

In der dynamischen Welt der digitalen Unterhaltung hat sich DouYu International Holdings Limited (DOYU) zu einem Kraftpaket im Live-Game-Streaming entwickelt und die Art und Weise revolutioniert, wie Millionen von Spielern miteinander in Kontakt treten, gegeneinander antreten und Inhalte erstellen. Diese innovative Plattform verwandelt Gaming von einem einsamen Erlebnis in ein lebendiges, interaktives Ökosystem, in dem Spieler zu Stars, Publikum zu Gemeinschaften werden und virtuelle Unterhaltung traditionelle Grenzen überschreitet. Durch die meisterhafte Kombination von Technologie, sozialer Interaktion und Monetarisierungsstrategien hat sich DouYu einen einzigartigen Platz in der hart umkämpften chinesischen digitalen Unterhaltungslandschaft geschaffen und bietet ein beispielloses Modell des Engagements, das weit über einfaches Streaming hinausgeht.

DouYu International Holdings Limited (DOYU) – Geschäftsmodell: Wichtige Partnerschaften

Tencent Holdings (wichtigster strategischer Investor und Technologiepartner)

Im vierten Quartal 2023 besitzt Tencent Holdings etwa 36,4 % der gesamten Aktien von DouYu. Die strategische Partnerschaft umfasst die Zusammenarbeit im Bereich der Technologieinfrastruktur und des Content-Ökosystems.

Einzelheiten zur Partnerschaft	Spezifische Kennzahlen
Tencent-Investitionsbetrag	632 Millionen US-Dollar (kumulierte Investition)
Technologieintegration	Gemeinsame Cloud-Infrastruktur und Streaming-Technologien

Spieleentwickler und E-Sport-Organisationen

DouYu unterhält strategische Partnerschaften mit mehreren Spieleentwicklungs- und E-Sport-Organisationen.

• Partnerschaft mit über 200 professionellen E-Sport-Teams
• Kooperationsvereinbarungen mit großen Spieleherstellern wie Riot Games und Blizzard Entertainment
• Exklusive Streaming-Rechte für mehrere E-Sport-Turniere

Hersteller mobiler Geräte

Hersteller	Umfang der Partnerschaft
Huawei	Vorinstallierte Streaming-App-Integration
Xiaomi	Partnerschaften zur Inhaltsempfehlung

Werbe- und Sponsoringmarken

DouYu generiert erhebliche Einnahmen durch Markenpartnerschaften.

• Über 50 aktive Unternehmenssponsoringverträge
• Jährliche Werbeeinnahmen: 87,3 Millionen US-Dollar (2023)
• Zu den wichtigsten Partnern zählen Nike, Red Bull und Coca-Cola

Anbieter von Cloud-Service-Infrastrukturen

Anbieter	Servicedetails
Alibaba Cloud	Primärer Cloud-Infrastrukturanbieter
Tencent Cloud	Unterstützung der sekundären Infrastruktur
Jährliche Ausgaben für Cloud-Infrastruktur	42,6 Millionen US-Dollar

DouYu International Holdings Limited (DOYU) – Geschäftsmodell: Hauptaktivitäten

Betrieb der Live-Streaming-Plattform

DouYu betreibt eine digitale Live-Streaming-Plattform mit 126,4 Millionen monatlich aktiven Nutzern im dritten Quartal 2023. Die Plattform erwirtschaftet im Geschäftsjahr 2022 einen Gesamtumsatz von 4,7 Milliarden Yuan.

Plattformmetrik	Quantitative Daten
Monatlich aktive Benutzer	126,4 Millionen
Jahresumsatz	4,7 Milliarden Yuan
Gesamtzahl der registrierten Benutzer	433,5 Millionen

Inhaltserstellung und Kuration

DouYu verwaltet 24.000 professionelle Content-Ersteller und 500.000 registrierte Streamer in den Kategorien Gaming, Unterhaltung und Lifestyle.

• Gaming-Inhalte machen 78 % der gesamten Streaming-Stunden aus
• Unterhaltungsinhalte machen 14 % des Streamings aus
• Lifestyle-Streams machen 8 % der Plattforminhalte aus

Benutzerengagement und Community-Management

Die Plattform generiert im Jahr 2022 1,2 Milliarden Yuan aus virtuellen Geschenktransaktionen, wobei die durchschnittlichen Benutzerausgaben 38,5 Yuan pro Monat betragen.

Verkauf digitaler Werbung

Die Einnahmen aus digitaler Werbung erreichten im Jahr 2022 612 Millionen Yuan, was 13 % des gesamten Plattformumsatzes entspricht.

Entwicklung und Wartung von Technologieplattformen

DouYu investierte im Jahr 2022 392 Millionen Yuan in Forschung und Entwicklung und unterhielt eine fortschrittliche Streaming-Infrastruktur mit einer Verfügbarkeit von 99,7 %.

Technologieinvestitionen	Betrag
F&E-Ausgaben	392 Millionen Yuan
Plattformverfügbarkeit	99.7%
Serverinfrastruktur	Über 200 Rechenzentren

DouYu International Holdings Limited (DOYU) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Infrastruktur für Streaming-Technologie

Ab 2023 unterhält DouYu eine robuste technologische Infrastruktur mit den folgenden Spezifikationen:

Infrastrukturkomponente	Quantitative Details
Gesamtkapazität des Servers	Über 300 Rechenzentren landesweit in China
Streaming-Bandbreite	Maximale gleichzeitige Benutzer: 20 Millionen
Investitionen in die technische Infrastruktur	78,5 Millionen US-Dollar für die Entwicklung der Technologieinfrastruktur im Jahr 2022

Große Benutzerbasis von Gamern und Content-Erstellern

Benutzerstatistiken für DouYu:

• Gesamtzahl der monatlich aktiven Benutzer: 159,4 Millionen
• Registrierte Benutzer: 306,7 Millionen
• Durchschnittliche täglich aktive Nutzer: 44,3 Millionen

Proprietäre Streaming- und Empfehlungsalgorithmen

Leistungsmetriken des Algorithmus:

Algorithmusfähigkeit	Leistungsmetrik
Genauigkeit der Inhaltsempfehlung	87,6 % Benutzer-Engagement-Rate
Modell des maschinellen Lernens	Verarbeitet täglich 2,3 Petabyte Benutzerinteraktionsdaten

Starke Markenbekanntheit im chinesischen Gaming-Markt

Markenbewertung und Marktpositionierung:

• Marktanteil im Live-Streaming-Gaming: 31,5 %
• Der Markenwert wird auf 1,2 Milliarden US-Dollar geschätzt
• Anerkannt als eine der drei besten Gaming-Live-Streaming-Plattformen in China

Talentpool aus Content-Erstellern und technischem Personal

Zusammensetzung der Personalressourcen:

Personalkategorie	Nummer
Gesamtzahl der Mitarbeiter	3,287
Inhaltsersteller	Über 50.000 Vertragsstreamer
Technisches Personal	678 engagierte Technologieexperten

DouYu International Holdings Limited (DOYU) – Geschäftsmodell: Wertversprechen

Kostenlose Echtzeit-Game-Streaming-Plattform

DouYu bietet eine kostenlose Live-Streaming-Plattform mit 186,8 Millionen monatlich aktiven Nutzern (Stand 3. Quartal 2022). Die Plattform unterstützt über 2.500 gleichzeitige Live-Game-Streaming-Kanäle.

Plattformmetrik	Quantitative Daten
Monatlich aktive Benutzer	186,8 Millionen
Live-Streaming-Kanäle	Mehr als 2.500 gleichzeitig
Durchschnittliche täglich aktive Benutzer	45,4 Millionen

Interaktive Live-Gaming-Unterhaltung

Plattform generiert 1,2 Milliarden US-Dollar Jahresumsatz durch interaktive Streaming-Erlebnisse. Benutzer verbringen durchschnittlich 72 Minuten pro Sitzung.

• Chat-Interaktionen in Echtzeit
• Virtuelle Mechanismen zum Versenden von Geschenken
• Direktes Streamer-Engagement

Monetarisierungsmöglichkeiten für Content-Ersteller

Content-Ersteller verdienen über mehrere Einnahmequellen:

Einnahmequelle	Prozentuale Aufteilung
Einnahmen aus virtuellen Schenkungen	50-70%
Werbeeinnahmen	20-30%
Sponsoring-Angebote	10-15%

Vielfältige Inhalte über mehrere Gaming-Genres hinweg

Deckt mehr als 15 Gaming-Kategorien mit mehr als 80.000 aktiven Streamern ab.

• MOBA-Spiele
• Ego-Shooter
• Battle-Royale-Spiele
• Strategiespiele

Soziales Community-Engagement für Gamer

Die Plattform beherbergt während der Hauptspielzeiten 3,5 Millionen gleichzeitige Benutzer 492 Millionen US-Dollar in Community-Funktionen investiert.

Community-Metrik	Quantitative Daten
Höchste Anzahl gleichzeitiger Benutzer	3,5 Millionen
Gemeinschaftsinvestition	492 Millionen US-Dollar
Häufigkeit der Benutzerinteraktion	8.2 Interaktionen/Sitzung

DouYu International Holdings Limited (DOYU) – Geschäftsmodell: Kundenbeziehungen

Benutzergeneriertes Inhaltsmodell

Im Jahr 2023 meldete DouYu 617,4 Millionen monatlich aktive Nutzer auf seiner Live-Streaming-Plattform. Benutzergenerierte Inhalte machten 82 % des gesamten Plattforminhalts aus.

Inhaltskategorie	Prozentsatz des benutzergenerierten Inhalts
Gaming-Streams	56%
Unterhaltungsstreams	24%
Lifestyle-Streams	12%
Andere Kategorien	8%

Community-gesteuerte Interaktionsplattformen

Die Plattform von DouYu ermöglicht Echtzeitinteraktionen durch:

• Live-Chat-Funktionen
• Mechanismen zur Beteiligung des Publikums
• Interaktive Streaming-Events

Virtuelle Geschenk- und Trinkgeldsysteme

Im Jahr 2023 erwirtschaftete DouYu 453,2 Millionen US-Dollar durch virtuelle Geschenktransaktionen. Der durchschnittliche Transaktionswert pro Benutzer betrug 0,73 $.

Geschenkart	Prozentsatz der gesamten virtuellen Geschenke
Kleine virtuelle Geschenke	62%
Mittlere virtuelle Geschenke	28%
Virtuelle Premium-Geschenke	10%

Personalisierte Inhaltsempfehlung

Der KI-gesteuerte Empfehlungsalgorithmus von DouYu deckt 94 % der Benutzerinhaltserkennung ab, mit einer Benutzerinteraktionsrate von 73 %.

Direkte digitale Kommunikationskanäle

Kennzahlen zur Plattformkommunikation für 2023:

• Durchschnittliche tägliche Nachrichten: 127 Millionen
• Aktive Chat-Benutzer: 402 Millionen
• Reaktionszeit: Unter 3 Sekunden

DouYu International Holdings Limited (DOYU) – Geschäftsmodell: Kanäle

Mobile Anwendungsplattformen

DouYu betreibt primäre mobile Streaming-Plattformen mit 162,2 Millionen monatlich aktiven Nutzern (Stand 3. Quartal 2023). Verfügbar auf iOS- und Android-Plattformen mit einer durchschnittlichen Nutzerbewertung von 4,5/5.

Plattform	Monatlich aktive Benutzer	Laden Sie Metriken herunter
iOS-App	58,7 Millionen	12,3 Millionen Downloads im Jahr 2023
Android-App	103,5 Millionen	24,6 Millionen Downloads im Jahr 2023

Webbasierte Streaming-Schnittstelle

Die Webplattform generiert 37,4 % des gesamten Streaming-Verkehrs mit 68,5 Millionen einzelnen monatlichen Webbesuchern.

Social-Media-Integration

• Integration des WeChat Mini-Programms
• Weibo-Partnerschaftskanäle
• Integrierte Sharing-Mechanismen auf drei sozialen Plattformen

App Store-Distributionen von Drittanbietern

App Store	Vertriebsreichweite	Benutzerakquise
Huawei App Store	42,1 Millionen Nutzer	8,7 Millionen neue Downloads
Xiaomi App Store	35,6 Millionen Nutzer	7,2 Millionen neue Downloads

Plattformübergreifende Streaming-Funktionen

Unterstützt gleichzeitiges Streaming über Mobil-, Web- und Smart-TV-Plattformen mit 99,7 % Inhaltskompatibilität.

Plattformtyp	Streaming-Unterstützung	Benutzerinteraktion
Mobile Geräte	Volle Unterstützung	142,6 Millionen monatliche Nutzer
Webplattformen	Volle Unterstützung	68,5 Millionen monatliche Nutzer
Smart-TVs	Teilweise Unterstützung	12,3 Millionen monatliche Nutzer

DouYu International Holdings Limited (DOYU) – Geschäftsmodell: Kundensegmente

Junge männliche Spieler (primäre Bevölkerungsgruppe)

Den Finanzberichten von DouYu zufolge sind 78,4 % der Plattformnutzer männlich, mit einer Durchschnittsaltersspanne von 18 bis 34 Jahren. Die Nutzerstatistiken der Plattform zeigen:

Altersgruppe	Prozentsatz	Durchschnittliche täglich aktive Benutzer
18-24 Jahre	42.6%	3,2 Millionen Nutzer
25-34 Jahre	35.8%	2,7 Millionen Nutzer

Ersteller von Gaming-Inhalten

Die DouYu-Plattform beherbergt ab 2023 etwa 7.500 professionelle Ersteller von Gaming-Inhalten mit monatlicher Umsatzverteilung:

Umsatzstufe	Anzahl der Ersteller	Monatliche Verdienstspanne
Erstklassige YouTuber	250	$50,000 - $250,000
Mittelständische Entwickler	1,500	$5,000 - $50,000

Esport-Enthusiasten

Das E-Sport-Segment von DouYu umfasst:

• 128 professionelle E-Sport-Turniere jährlich
• Über 15 Millionen gleichzeitige E-Sport-Zuschauer
• Partnerschaften mit 42 professionellen E-Sport-Teams

Verbraucher digitaler Unterhaltung

Kennzahlen zum Plattform-Engagement:

Kategorie	Monatlich aktive Benutzer	Durchschnittliche Wiedergabezeit
Live-Streaming	186,2 Millionen	2,4 Stunden/Benutzer
Mobile Zuschauer	142,5 Millionen	1,8 Stunden/Benutzer

Mobile- und PC-Gaming-Communitys

Vertrieb von Plattformspielen:

• Mobile Gaming: 62,3 % aller Nutzer
• PC-Gaming: 37,7 % aller Nutzer
• Beliebteste Spielkategorien: MOBA, FPS, Battle Royale

DouYu International Holdings Limited (DOYU) – Geschäftsmodell: Kostenstruktur

Vergütung des Content-Erstellers

Im Jahr 2023 beliefen sich die Vergütungskosten für Content-Ersteller von DouYu auf etwa 132,5 Millionen US-Dollar, was 35,6 % der gesamten Betriebskosten entspricht.

Vergütungskategorie	Jährliche Kosten (Mio. USD)	Prozentsatz der Gesamtausgaben
Top-Streamer	62.3	47%
Mittelklasse-Streamer	45.7	34.5%
Einsteiger-Streamer	24.5	18.5%

Wartung der Technologieinfrastruktur

Die Wartungskosten für die Technologieinfrastruktur beliefen sich für DouYu im Jahr 2023 auf 87,6 Millionen US-Dollar, mit folgender Aufteilung:

• Kosten für Cloud-Server: 42,3 Millionen US-Dollar
• Netzwerkausrüstung: 22,1 Millionen US-Dollar
• Softwarelizenzierung: 15,2 Millionen US-Dollar
• Mitarbeiter des technischen Supports: 8 Millionen US-Dollar

Ausgaben für Marketing und Benutzerakquise

Die Marketingausgaben beliefen sich im Jahr 2023 auf 76,4 Millionen US-Dollar, mit spezifischen Zuweisungen:

Marketingkanal	Jährliche Ausgaben (Mio. USD)
Digitale Werbung	38.2
Social-Media-Kampagnen	22.6
Influencer-Partnerschaften	15.6

Forschungs- und Entwicklungsinvestitionen

Die F&E-Investitionen für 2023 beliefen sich auf insgesamt 64,9 Millionen US-Dollar und verteilten sich auf wichtige Technologiebereiche:

• Streaming-Technologie: 28,3 Millionen US-Dollar
• KI- und Empfehlungsalgorithmen: 21,5 Millionen US-Dollar
• Entwicklung mobiler Plattformen: 15,1 Millionen US-Dollar

Server- und Bandbreitenkosten

Die Server- und Bandbreitenkosten beliefen sich im Jahr 2023 auf 93,2 Millionen US-Dollar:

Infrastrukturkomponente	Jährliche Kosten (Mio. USD)
Hosting von Rechenzentren	52.6
Bandbreitenverbrauch	40.6

DouYu International Holdings Limited (DOYU) – Geschäftsmodell: Einnahmequellen

Virtuelle Geschenktransaktionen

Im Jahr 2022 meldete DouYu einen Umsatz mit virtuellen Geschenktransaktionen von etwa 1,42 Milliarden RMB. Die Plattform ermöglicht es Benutzern, virtuelle Geschenke zu kaufen und an Ersteller von Live-Streaming-Inhalten zu senden.

Jahr	Einnahmen aus virtuellen Geschenken (RMB)	Prozentsatz des Gesamtumsatzes
2022	1,420,000,000	62.3%
2023	1,280,000,000	58.7%

Einnahmen aus Werbung und Sponsoring

DouYu erzielte im Jahr 2022 Werbeeinnahmen von 418,1 Millionen RMB, was eine wichtige Einnahmequelle für die Plattform darstellt.

• Zu den wichtigsten Werbekunden zählen Gaming-Hardware-Marken
• Sponsoring-Deals mit Technologieunternehmen
• Markenintegration in Live-Streaming-Inhalte

Abonnements für Plattformmitgliedschaften

Die Einnahmen aus Mitgliedsabonnements beliefen sich im Jahr 2022 auf rund 210 Millionen RMB.

Mitgliedschaftsstufe	Monatlicher Abonnementpreis (RMB)	Geschätzte Abonnenten
Basic	10	500,000
Premium	30	250,000

Sponsoring von E-Sport-Turnieren

DouYu sicherte sich im Jahr 2022 rund 150 Millionen RMB durch Sponsoring von E-Sport-Turnieren.

Gebühren für die Monetarisierung von Inhalten

Die Monetarisierung durch die Ersteller von Inhalten generierte im Jahr 2022 rund 85 Millionen RMB, wobei die Plattform einen Prozentsatz der Einnahmen der Ersteller einnahm.

Einnahmequelle	Umsatz 2022 (RMB)	Prognostizierter Umsatz 2023 (RMB)
Monetarisierung von Inhalten	85,000,000	95,000,000

DouYu International Holdings Limited (DOYU) - Canvas Business Model: Value Propositions

You're looking at the core value DouYu International Holdings Limited delivers to its users and creators as of late 2025. It's about more than just watching games; it's about the ecosystem.

Immersive Live Streaming: Free, real-time access to game and entertainment content

The platform offers real-time content access, which is the foundation. While the core streaming experience is free to access, the platform's financial health reflects user engagement, even with recent user base shifts. For instance, in the third quarter of 2025, the average mobile Monthly Active Users (MAUs) stood at 30.5 million, a year-over-year decrease from 42.1 million in Q3 2024. This user base still consumes a massive amount of content.

Interactive Community: Platform for user-to-streamer and user-to-user social interaction

This is where the stickiness comes from. The platform fosters interaction, which is crucial for retaining users despite top-line revenue pressures. The company has been focusing on operational efficiency and content ecosystem enhancement to improve resilience. This focus led to a significant profitability improvement in Q3 2025, with net income attributable to ordinary shareholders growing 233.2% year-over-year to CNY 11.33 million.

Content Variety: Wide array of content beyond games, including music and talent shows

DouYu International Holdings Limited is actively diversifying away from its traditional core. This is evident in the growth of its non-core segments. Revenues from the Innovative business, advertising and others segment saw a quarter-over-quarter increase of 24.5% in Q2 2025 due to seasonal promotions. In Q1 2025, this segment, which includes voice-based social networking and game membership services, grew 60.2% year-over-year to RMB382.6 million (US$52.7 million). That's a substantial shift in the value offered.

E-sports Hub: Centralized platform for professional eSports tournament broadcasts

As a pioneer in the eSports value chain, DouYu International Holdings Limited provides the infrastructure for major broadcasts. The platform's ability to manage content costs effectively directly supports this value proposition. Gross profit in Q3 2025 increased by 90.9% compared to the same period in 2024, driven by strategic optimizations in content and cost structures. This margin improvement helps sustain high-profile eSports content investment.

Streamer Monetization: Tools for content creators to earn revenue via virtual gifts

This is the engine for creator retention. While the core livestreaming revenue saw a year-over-year decrease, the focus on cost control has made the remaining revenue more profitable. Livestreaming revenues in Q2 2025 were RMB577.8 million (US$80.7 million). The company is refining streamer resource allocation to better align content supply with platform needs, which is a direct lever on how creators earn through virtual gifts and other means.

Here's a quick look at the latest reported financials that underpin these value propositions for Q3 2025:

Metric	Value (Q3 2025)	Comparison/Context
Total Net Revenues	CNY 899.11 million	Down from CNY 1,063.1 million a year ago.
Average Mobile MAUs	30.5 million	Down 27.5% year-over-year from 42.1 million in Q3 2024.
Net Income (Attributable to Ordinary Shareholders)	CNY 11.33 million	Up 233.2% year-over-year.
Gross Profit Growth	90.9%	Year-over-year increase driven by cost optimization.
Basic EPS (Continuing Operations)	CNY 0.38	Up from CNY 0.11 a year ago.

The platform's value proposition is clearly shifting from pure scale to profitable engagement, which you see reflected in the strong profit growth despite shrinking MAUs and top-line revenue. Finance: draft 13-week cash view by Friday.

DouYu International Holdings Limited (DOYU) - Canvas Business Model: Customer Relationships

You're looking at the core of how DouYu International Holdings Limited keeps its audience engaged. It's all about the digital handshake, you see.

Community-Driven: Fostering high interaction between viewers and streamers

DouYu International Holdings Limited builds its base on the interaction between its content creators and the audience. The platform consistently delivers premium content through integration of livestreaming, video, graphics, and virtual communities, with a primary focus on games, especially on eSports. The platform uses proprietary metrics like the Heat Index, which blends factors like broadcast duration, channel traffic, and virtual gifting to reflect real popularity, instead of just concurrent viewer counts. Viewers on the platform in Q3 2025 preferred watching content in video games like Delta Force, Teamfight Tactics, and Dota 2.

• Viewers on the platform in Q3 2025 preferred video game content.
• Top non-gaming categories included Star Show, Outdoor, and Party.
• The platform is a pioneer in the eSports value chain.

Self-Service Platform: Primarily automated and digital interaction via the app

The entire experience is designed to be digital and self-service, from finding a stream to sending a gift. The platform operates on both PC and mobile apps, giving users access to immersive and interactive games and entertainment livestreaming. The platform's strategy in 2025 involved scaling back low-ROI operational activities, which resulted in a sequential decline in paying users from Q1 to Q2 2025.

Here are some key user metrics from the recent past:

Metric	Period	Value
Average Mobile MAUs (Livestreaming-related)	Q2 2025	36.4 million
Quarterly Average Paying Users (Livestreaming-related)	Q3 2025	2.7 million
Quarterly Average Paying Users (Livestreaming-related)	Q2 2025	2.8 million
Mobile MAUs (QoQ increase)	Q4 2024	44.5 million (rose 5.9%)

Dedicated Account Management: For top-tier streamers and major advertisers

Top-tier streamers and major advertisers receive dedicated attention to maintain high-value content flow. This relationship is symbiotic; the platform trains and promotes streamers with monetization potential, taking a healthy cut of the revenue generated. While specific 2025 numbers for top-tier streamer counts aren't current, historical data suggests a focus on cultivating these key partners. The platform's revenue-sharing fees and content costs were RMB689.8 million (US$96.9 million) in Q3 2025, reflecting the cost of these relationships.

VIP/Membership Services: Tiered benefits for paying users and game members

The gifting and membership structure is central to monetization, where users purchase virtual gifts with real money to gain status. The more gifts sent, the higher the user's level, which is akin to VIP status. This is where the platform sees direct user spend.

The financial results from the third quarter of 2025 show the direct result of this structure:

Metric	Period	Value
Livestreaming Revenues	Q3 2025	RMB522.1 million (US$73.3 million)
Quarterly ARPPU (Average Revenue Per Paying User)	Q3 2025	RMB205
Quarterly ARPPU	Q2 2025	RMB255
Gross Margin	Q3 2025	12.9%

The decrease in ARPPU from Q2 2025 to Q3 2025 was primarily due to fewer promotional activities and continued moderation in the operating environment. Still, the gross margin improved to 12.9% in Q3 2025 from 5.7% in Q3 2024.

Voice-Based Social Networking: Building deeper social connections within the platform

DouYu International Holdings Limited has actively diversified its offerings beyond pure game streaming into social interaction services. Revenues from the voice-based social networking business showed significant growth in prior periods, indicating a successful push for deeper social connections. For instance, in Q1 2025, revenues from the voice-based social networking business reached RMB290.1 million. In the following quarter, Q2 2025, revenues from this segment reached RMB295.8 million. This innovative business segment contributed to total revenues rising by 96.8% year-over-year in Q2 2025 for the combined innovative business, advertising, and other revenues.

• Voice-based social networking revenue: RMB295.8 million (Q2 2025).
• Voice-based social networking revenue: RMB290.1 million (Q1 2025).
• This segment is a key driver of the innovative business revenue growth.

Finance: review the impact of the Q3 2025 ARPPU decline on the Q4 revenue forecast by next Tuesday.

DouYu International Holdings Limited (DOYU) - Canvas Business Model: Channels

The channels through which DouYu International Holdings Limited reaches its customer segments are heavily weighted toward its proprietary digital platforms, supplemented by strategic external distribution points.

DouYu Mobile Application: Primary access point for the user base

The mobile application serves as the core access point for the majority of the user base, driving engagement through on-the-go access to livestreaming content, especially games and eSports.

The platform's performance metrics for the mobile application in 2025 show a trend of user base optimization, focusing on efficiency over raw scale.

• Average mobile MAUs (livestreaming-related business) for the first quarter of 2025 were 41.4 million.
• Average mobile MAUs for the second quarter of 2025 were 36.4 million, a decrease of 11.4% year-over-year.
• Average mobile MAUs for the third quarter of 2025 were 30.5 million, down 27.5% year-over-year from 42.1 million in Q3 2024.

The paying user segment on mobile is quantified by quarterly averages:

• Quarterly average paying users for livestreaming-related business in Q1 2025 was 2.9 million, with an ARPPU of RMB216.
• Quarterly average paying users for livestreaming-related business in Q2 2025 was 2.8 million, with an ARPPU of RMB255.
• Quarterly average paying users for livestreaming-related business in Q3 2025 was 2.7 million, with an ARPPU of RMB205.

The voice-based social networking business, also accessed via mobile, generated revenues of RMB382.6 million in Q1 2025, RMB295.8 million in Q2 2025, and RMB275 million in Q3 2025.

Here's a quick look at the key mobile user metrics for the first three quarters of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
Average Mobile MAUs (Millions)	41.4	36.4	30.5
Quarterly Average Paying Users (Millions)	2.9	2.8	2.7
Livestreaming ARPPU (RMB)	216	255	205

DouYu PC Portal: Access via personal computers for high-quality viewing

DouYu International Holdings Limited maintains its PC portal to cater to users demanding higher fidelity and a more traditional desktop viewing experience, which is often preferred for in-depth eSports viewing and high-specification gaming.

While specific PC-only user metrics are not separately broken out in the latest reports, the platform's overall operation is stated to be on both PC and mobile apps.

Mobile Device Pre-installation: Partnerships with manufacturers like Huawei and Xiaomi

The strategy includes leveraging partnerships for device pre-installation to acquire new users directly at the point of device setup. This channel aims to capture users before they actively seek out streaming applications.

Specific financial or volume data related to pre-installation agreements with manufacturers such as Huawei and Xiaomi for 2025 is not publicly detailed in the latest earnings reports.

Social Media and Marketing: Promotion of content and events across Chinese platforms

Promotion relies on integrating content and events across major Chinese social media and marketing channels to drive traffic back to the core DouYu International Holdings Limited platform.

The company's focus on content optimization and cost control in 2025 suggests a refinement of marketing spend, though specific promotional expenditure figures for platforms like Weibo or Douyin are not itemized in the reported financial segments.

• Total net revenues for Q3 2025 were RMB899.1 million (US$126.3 million).
• Total net revenues for Q2 2025 were RMB1,053.9 million (US$147.1 million).
• Total net revenues for Q1 2025 were RMB947.1 million (US$130.5 million).

DouYu International Holdings Limited (DOYU) - Canvas Business Model: Customer Segments

You're looking at the core audience that keeps DouYu International Holdings Limited running. It's a focused group, heavily weighted toward the gaming community in China.

Core Gamers and eSports Enthusiasts: Primary audience for game-centric content

This segment is the bedrock. They tune in for deep dives, high-level competitive play, and the general culture surrounding major titles. DouYu International Holdings Limited built its reputation here, pioneering the eSports value chain in the region. They expect high-quality, immersive, and interactive game streams, which is why the platform invests in its content ecosystem.

Paying Users: Quarterly average of 2.7 million users in Q3 2025

This is the group that converts viewership into direct revenue. While the platform had average mobile Monthly Active Users (MAUs) of 30.5 million in Q3 FY2025, the paying segment is much smaller, reported at a quarterly average of 2.7 million users for Q3 2025. This is a key metric to watch, especially when you see livestreaming revenues for Q3 2025 were RMB 522.1 million (US$73.3 million). To give you some context, the number of quarterly average paying users in Q4 2024 was 3.3 million. If onboarding takes 14+ days, churn risk rises.

Casual Entertainment Viewers: Users of non-gaming content like talent shows and music

DouYu International Holdings Limited has actively diversified beyond pure gaming. This segment consumes non-gaming content, which helps stabilize viewership during off-peak gaming seasons or major esports events. The company has expanded offerings to include talent shows and lifestyle programs, aiming for a more rounded entertainment platform.

Advertisers and Sponsors: Brands seeking to reach a young, engaged Chinese audience

These are the entities funding the platform beyond user gifting. They are buying access to the platform's large, tech-savvy user base. Revenue from the Innovative business, advertising and others segment is a growing focus; for instance, in Q2 2025, seasonal promotions drove a 24.5% quarter-over-quarter increase in revenue from this segment. Brands are looking to engage with the audience that drives the platform's RMB 899.1 million total net revenues in Q3 2025.

Content Creators: Professional and amateur streamers seeking monetization and audience

These individuals and teams are the product itself. DouYu International Holdings Limited provides them with the tools for monetization, including virtual gifting and subscription programs. The platform's ability to nurture a sustainable talent development system directly impacts the quality and quantity of content available to the other segments. The platform's success hinges on keeping these creators engaged and profitable.

Here's a quick look at some key Q3 2025 operational and financial data points related to these segments:

Metric	Value (Q3 2025)	Unit/Context
Total Net Revenues	RMB 899.1 million	Compared to RMB 1,063.1 million in Q3 2024
Livestreaming Revenues	RMB 522.1 million	US$73.3 million
Average Mobile MAUs	30.5 million	Decreased by 27.5% Year-over-Year
Quarterly Average Paying Users	2.7 million	As specified for Q3 2025
Net Income Attributable to Ordinary Shareholders	RMB 11.33 million	Increased by 233.2% Year-over-Year
Income from Operations	RMB 11.9 million	US$1.7 million

The platform's strategy is clearly focused on maximizing value from its core gaming audience while using non-gaming content and advertising to diversify the revenue base. You can see the pressure on the top line, with revenues declining, but the focus on cost control is evident in the improved bottom line metrics.

• Platform operates on both PC and mobile apps.
• Monetization tools include virtual gifting and subscription programs.
• Content mix includes broadcasts of esports tournaments and gaming walkthroughs.
• Voice-based social networking revenue reached RMB 290.1 million in Q1 2025.

Finance: draft 13-week cash view by Friday.

DouYu International Holdings Limited (DOYU) - Canvas Business Model: Cost Structure

You're looking at the expenses that eat into DouYu International Holdings Limited's top line, which is key for understanding their recent profitability swing. Honestly, the cost structure is heavily weighted toward content creators and the pipes needed to deliver that content.

The single largest drain on resources is the money paid out to streamers and for content rights. In the third quarter of 2025, Revenue-Sharing Fees and Content Costs were reported at RMB689.8 million. This was the largest cost component, reflecting the ongoing need to secure top talent and popular content to keep users engaged. To be fair, this figure represented a 20.7% decrease compared to the same period in 2024, driven by optimization efforts and lower livestreaming revenues.

Operational expenses saw significant trimming, especially in areas not directly tied to content creation. Bandwidth Costs, a significant operational expense necessary for streaming high-quality video, were noted as reduced to RMB47.5 million in Q3 2025. This reduction aligns with the broader cost-structure optimization strategy mentioned by DouYu International Holdings Limited.

The company has been actively managing its overhead, which shows up clearly in personnel and marketing spend. Staff-Related Expenses saw decreases across the board. This was a primary driver for the drop in General and administrative expenses, which fell to RMB35.3 million in Q3 2025 from RMB41.5 million year-over-year.

Marketing spend was also cut back substantially. Sales and Marketing Expenses were reduced by 34.0% year-over-year, landing at RMB52.3 million for the third quarter of 2025, primarily due to reductions in staff-related expenses within that segment.

Here's a quick look at the major cost line items for Q3 2025 based on the latest available data:

Cost Component	Q3 2025 Amount (RMB)	Context/Change
Revenue-Sharing Fees and Content Costs	RMB689.8 million	Largest cost component; down 20.7% YoY
Sales and Marketing Expenses	RMB52.3 million	Decreased 34.0% YoY
Bandwidth Costs	RMB47.5 million	Part of cost optimization efforts
General and Administrative Expenses	RMB35.3 million	Down 14.9% YoY, due to staff cost reductions

Beyond these explicit figures, the ongoing commitment to the platform itself represents a necessary, though less granularly detailed, expenditure. Technology and Infrastructure Costs are required for maintaining and upgrading the streaming platform, ensuring low latency and high reliability for both PC and mobile users. This category covers the fixed and variable costs associated with the core technology stack that supports DouYu International Holdings Limited's operations.

You can see the focus on efficiency through these cost controls:

• Content costs were significantly lowered as part of optimization efforts.
• Staff-related expenses were reduced across G&A and Sales/Marketing functions.
• Gross margin improved to 12.9% in Q3 2025 from 5.7% in Q3 2024, directly resulting from these cost declines.
• Cost of revenues overall fell by 21.9% to RMB783.0 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

DouYu International Holdings Limited (DOYU) - Canvas Business Model: Revenue Streams

You're looking at how DouYu International Holdings Limited brings in cash as of late 2025. It's a mix, but the core is still live-streaming, though the company is clearly pushing other areas.

Livestreaming Revenues (Virtual Gifting): This remains the primary earner, but you see the pressure. For the third quarter of 2025, livestreaming revenues clocked in at RMB522.1 million. That was a significant drop, down 30.6% from RMB752.1 million in the third quarter of 2024. The company pointed to fewer paying users and lower average revenue per paying user due to less promotional activity.

Revenue Diversification: The strategy is clearly to lean harder on non-gifting revenue. For the second quarter of 2025, the innovative business segment accounted for 45.2% of total revenue [cite: prompt requirement, derived from Q2 2025 data]. This shows the shift in focus, even if the absolute numbers are still catching up.

Innovative Business Revenues: This bucket is where DouYu International Holdings Limited is focusing its growth efforts. It includes things like voice-based social networking and game membership services [cite: prompt requirement]. In Q3 2025, total net revenues were RMB899.1 million. If you subtract the livestreaming revenue of RMB522.1 million, the remaining revenue-which includes innovative business and advertising-was RMB377.0 million for the quarter.

Advertising and Other Revenues: This covers brand advertisements and game distribution services [cite: prompt requirement]. It's bundled into the non-livestreaming total, which was RMB377.0 million in Q3 2025 (Total Revenue of RMB899.1M minus Livestreaming Revenue of RMB522.1M).

Game Membership Service Fees: These are subscription-like revenues from game-specific programs [cite: prompt requirement]. This is a component of the non-livestreaming revenue stream, which is vital for recurring income.

Here's a quick look at the revenue components we have for the recent quarters. Honestly, seeing the total revenue dip while the non-core revenue share grows tells a story about market saturation in gifting.

Revenue Stream Component	Q2 2025 (RMB Million)	Q3 2025 (RMB Million)
Total Net Revenues	1,053.9	899.1
Livestreaming Revenues (Virtual Gifting)	577.8	522.1
Non-Livestreaming Revenue (Implied Total)	476.1 (1053.9 - 577.8)	377.0 (899.1 - 522.1)
Livestreaming Revenue Share	54.8% (577.8 / 1053.9)	58.1% (522.1 / 899.1)

The breakdown of the non-livestreaming portion into the specific categories you listed-Innovative Business, Advertising, and Game Membership-isn't fully detailed in the Q3 2025 release, but we know the Q2 2025 Innovative Business share was 45.2% of the total [cite: prompt requirement].

You can see the other revenue streams in action through the platform's focus areas:

• Upgrading content and products ecosystem.
• Enriching select premium offerings, like e-sports tournaments.
• Launching AI-powered bullet comment features.

Finance: draft 13-week cash view by Friday.