DouYu International Holdings Limited (DOYU): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del entretenimiento digital, Douyu International Holdings Limited (Doyu) se ha convertido en una potencia en la transmisión de juegos en vivo, revolucionando cómo millones de jugadores se conectan, compiten y crean contenido. Esta plataforma innovadora transforma los juegos de una experiencia solitaria en un ecosistema vibrante e interactivo donde los jugadores se convierten en estrellas, el público se convierte en comunidades y el entretenimiento virtual trasciende las fronteras tradicionales. Al combinar magistralmente la tecnología, la interacción social y las estrategias de monetización, Douyu ha forjado un espacio único en el panorama de entretenimiento digital chino altamente competitivo, ofreciendo un modelo de compromiso sin precedentes que va mucho más allá de la transmisión simple.

Douyu International Holdings Limited (Doyu) - Modelo de negocios: asociaciones clave

Tencent Holdings (gran inversor estratégico y socio de tecnología)

A partir del cuarto trimestre de 2023, Tencent Holdings posee aproximadamente el 36.4% del total de acciones de Douyu. La asociación estratégica involucra la infraestructura tecnológica y la colaboración del ecosistema de contenido.

Detalles de la asociación	Métricas específicas
Monto de inversión de tencent	$ 632 millones (inversión acumulada)
Integración tecnológica	Infraestructura de nube compartida y tecnologías de transmisión

Desarrolladores de juegos y organizaciones de deportes electrónicos

Douyu mantiene asociaciones estratégicas con múltiples organizaciones de desarrollo de juegos y eSports.

• Se asoció con más de 200 equipos de deportes electrónicos profesionales
• Acuerdos de colaboración con los principales editores de juegos como Riot Games y Blizzard Entertainment
• Derechos de transmisión exclusivos para múltiples torneos de eSports

Fabricantes de dispositivos móviles

Fabricante	Alcance de la asociación
Huawei	Integración de aplicaciones de transmisión preinstalada
Xiaomi	Asociaciones de recomendación de contenido

Marcas de publicidad y patrocinio

Douyu genera ingresos significativos a través de asociaciones de marca.

• Más de 50 acuerdos activos de patrocinio corporativo
• Ingresos publicitarios anuales: $ 87.3 millones (2023)
• Los socios clave incluyen Nike, Red Bull y Coca-Cola

Proveedores de infraestructura de servicio en la nube

Proveedor	Detalles del servicio
Nube de alibaba	Proveedor primario de infraestructura en la nube
Nube de tencent	Soporte de infraestructura secundaria
Gasto anual de infraestructura en la nube	$ 42.6 millones

Douyu International Holdings Limited (Doyu) - Modelo de negocios: actividades clave

Operación de plataforma de transmisión en vivo

Douyu opera una plataforma digital de transmisión en vivo con 126.4 millones de usuarios activos mensuales a partir del tercer trimestre de 2023. La plataforma genera 4.7 mil millones de yuanes en ingresos totales para 2022 año fiscal.

Métrica de plataforma	Datos cuantitativos
Usuarios activos mensuales	126.4 millones
Ingresos anuales	4.700 millones de yuanes
Total de usuarios registrados	433.5 millones

Creación y curación de contenido

Douyu administra 24,000 creadores de contenido profesional y 500,000 streamers registrados en categorías de juegos, entretenimiento y estilo de vida.

• El contenido de juegos representa el 78% de las horas de transmisión totales
• El contenido de entretenimiento comprende el 14% de la transmisión
• Las transmisiones de estilo de vida representan el 8% del contenido de la plataforma

Participación del usuario y gestión comunitaria

La plataforma genera 1.200 millones de yuanes a partir de transacciones de regalos virtuales en 2022, con un gasto promedio de usuarios de 38.5 yuanes por mes.

Ventas de publicidad digital

Los ingresos por publicidad digital alcanzaron los 612 millones de yuanes en 2022, lo que representa el 13% de los ingresos totales de la plataforma.

Desarrollo y mantenimiento de la plataforma tecnológica

Douyu invirtió 392 millones de yuanes en investigación y desarrollo durante 2022, manteniendo una infraestructura de transmisión avanzada con un tiempo de actividad del 99.7%.

Inversión tecnológica	Cantidad
Gasto de I + D	392 millones de yuanes
Tiempo de actividad de la plataforma	99.7%
Infraestructura del servidor	Más de 200 centros de datos

Douyu International Holdings Limited (Doyu) - Modelo de negocio: recursos clave

Infraestructura de tecnología de transmisión avanzada

A partir de 2023, Douyu mantiene una infraestructura tecnológica robusta con las siguientes especificaciones:

Componente de infraestructura	Detalles cuantitativos
Capacidad total del servidor	Más de 300 centros de datos en todo el país en China
Estructación de ancho de banda	Usuarios concurrentes máximos: 20 millones
Inversión de infraestructura técnica	$ 78.5 millones en el desarrollo de infraestructura tecnológica de 2022

Gran base de usuarios de jugadores y creadores de contenido

Estadísticas de base de usuarios para Douyu:

• Usuarios activos mensuales totales: 159.4 millones
• Usuarios registrados: 306.7 millones
• Usuarios activos diarios promedio: 44.3 millones

Algoritmos de transmisión y recomendación

Métricas de rendimiento del algoritmo:

Capacidad de algoritmo	Métrico de rendimiento
Precisión de recomendación de contenido	87.6% Tasa de participación del usuario
Modelo de aprendizaje automático	Procesos 2.3 petabytes de datos de interacción de usuario diariamente

Reconocimiento de marca fuerte en el mercado de juegos chinos

Valoración de la marca y posicionamiento del mercado:

• Cuota de mercado en los juegos de transmisión en vivo: 31.5%
• Valor de marca estimado en $ 1.2 mil millones
• Reconocido como las 3 mejores plataformas de transmisión en vivo de juegos en China

Talento Proy de creadores de contenido y personal técnico

Composición de recursos humanos:

Categoría de personal	Número
Total de empleados	3,287
Creadores de contenido	Más de 50,000 streamers contratados
Personal técnico	678 profesionales de tecnología dedicados

Douyu International Holdings Limited (Doyu) - Modelo de negocios: propuestas de valor

Plataforma de transmisión de juegos en tiempo real gratis

Douyu ofrece una plataforma de transmisión en vivo de costo cero con 186.8 millones de usuarios activos mensuales a partir del tercer trimestre de 2022. La plataforma admite más de 2,500 canales de transmisión de juegos en vivo concurrentes.

Métrica de plataforma	Datos cuantitativos
Usuarios activos mensuales	186.8 millones
Canales de transmisión en vivo	2,500+ concurrente
Usuarios activos diarios promedio	45.4 millones

Entretenimiento de juegos en vivo interactivo

La plataforma genera Ingresos anuales de $ 1.2 mil millones a través de experiencias de transmisión interactiva. Los usuarios pasan un promedio de 72 minutos por sesión.

• Interacciones de chat en tiempo real
• Mecanismos de envío de regalos virtuales
• Compromiso directo de streamer

Oportunidades de monetización para creadores de contenido

Los creadores de contenido ganan a través de múltiples flujos de ingresos:

Flujo de ingresos	División porcentual
Ingresos de regalos virtuales	50-70%
Ingresos publicitarios	20-30%
Ofertas de patrocinio	10-15%

Contenido diverso en múltiples géneros de juego

Cubre más de 15 categorías de juegos con más de 80,000 streamers activos.

• Juegos MOBA
• Tiradores en primera persona
• Juegos de Battle Royale
• Juegos de estrategia

Compromiso de la comunidad social para jugadores

La plataforma aloja 3.5 millones de usuarios concurrentes durante las horas máximas de juego con $ 492 millones invertidos en características de la comunidad.

Métrica de la comunidad	Datos cuantitativos
Usuarios concurrentes máximos	3.5 millones
Inversión comunitaria	$ 492 millones
Frecuencia de interacción de usuario	8.2 Interacciones/Sesión

Douyu International Holdings Limited (Doyu) - Modelo de negocios: relaciones con los clientes

Modelo de contenido generado por el usuario

En 2023, Douyu reportó 617.4 millones de usuarios activos mensuales en su plataforma de transmisión en vivo. El contenido generado por el usuario representó el 82% del contenido total de la plataforma.

Categoría de contenido	Porcentaje de contenido generado por el usuario
Transmisiones de juegos	56%
Transmisiones de entretenimiento	24%
Transmisiones de estilo de vida	12%
Otras categorías	8%

Plataformas de interacción impulsadas por la comunidad

La plataforma de Douyu permite interacciones en tiempo real a través de:

• Características de chat en vivo
• Mecanismos de participación de la audiencia
• Eventos de transmisión interactivos

Sistemas de regalos y propinas virtuales

En 2023, Douyu generó $ 453.2 millones a partir de transacciones de regalos virtuales. El valor de transacción promedio por usuario fue de $ 0.73.

Tipo de regalo	Porcentaje de regalos virtuales totales
Pequeños regalos virtuales	62%
Regalos virtuales medianos	28%
Regalos virtuales premium	10%

Recomendación de contenido personalizado

El algoritmo de recomendación impulsado por la IA de Douyu cubre el 94% del descubrimiento de contenido del usuario, con una tasa de participación del usuario del 73%.

Canales de comunicación digital directa

Métricas de comunicación de plataforma para 2023:

• Mensajes diarios promedio: 127 millones
• Usuarios activos del chat: 402 millones
• Tiempo de respuesta: menos de 3 segundos

Douyu International Holdings Limited (Doyu) - Modelo de negocios: canales

Plataformas de aplicaciones móviles

Douyu opera plataformas de transmisión móvil primarias con 162.2 millones de usuarios activos mensuales a partir del tercer trimestre de 2023. Disponible en plataformas iOS y Android con calificaciones promedio de usuarios de 4.5/5.

Plataforma	Usuarios activos mensuales	Descargar métricas
aplicación de iOS	58.7 millones	12.3 millones de descargas en 2023
Aplicación Android	103.5 millones	24.6 millones de descargas en 2023

Interfaz de transmisión basada en la web

La plataforma web genera el 37.4% del tráfico de transmisión total con 68.5 millones de visitantes web mensuales únicos.

Integración de redes sociales

• Integración de programas WeChat Mini
• Canales de asociación de Weibo
• Mecanismos de intercambio integrados en 3 plataformas sociales

Distribuciones de una tienda de aplicaciones de terceros

Tienda de aplicaciones	Alcance de distribución	Adquisición de usuario
Huawei App Store	42.1 millones de usuarios	8.7 millones de descargas nuevas
Tienda de aplicaciones de Xiaomi	35.6 millones de usuarios	7.2 millones de descargas nuevas

Capacidades de transmisión multiplataforma

Admite transmisión simultánea a través de plataformas de TV móviles, web y inteligentes con una compatibilidad de contenido del 99.7%.

Tipo de plataforma	Soporte de transmisión	Compromiso de usuario
Dispositivos móviles	Soporte completo	142.6 millones de usuarios mensuales
Plataformas web	Soporte completo	68.5 millones de usuarios mensuales
Televisores inteligentes	Apoyo parcial	12.3 millones de usuarios mensuales

Douyu International Holdings Limited (Doyu) - Modelo de negocios: segmentos de clientes

Jugadores masculinos jóvenes (demográfico primario)

Según los informes financieros de Douyu, el 78.4% de los usuarios de la plataforma son hombres, con un rango de edad promedio de 18-34 años. Las estadísticas de usuario de la plataforma revelan:

Grupo de edad	Porcentaje	Usuarios activos diarios promedio
18-24 años	42.6%	3.2 millones de usuarios
25-34 años	35.8%	2.7 millones de usuarios

Creadores de contenido de juegos

La plataforma Douyu alberga aproximadamente 7.500 creadores de contenido de juegos profesionales a partir de 2023, con distribución mensual de ingresos:

Nivel de ingresos	Número de creadores	Rango de ganancias mensual
Creadores de primer nivel	250	$50,000 - $250,000
Creadores de nivel medio	1,500	$5,000 - $50,000

Entusiastas de los deportes electrónicos

El segmento de eSports de Douyu cubre:

• 128 torneos profesionales de deportes electrónicos anualmente
• Más de 15 millones de espectadores de eSports concurrentes
• Asociaciones con 42 equipos profesionales de eSports

Consumidores de entretenimiento digital

Métricas de compromiso de la plataforma:

Categoría	Usuarios activos mensuales	Tiempo de reloj promedio
Transmisión en vivo	186.2 millones	2.4 horas/usuario
Espectadores móviles	142.5 millones	1.8 horas/usuario

Comunidades de juegos móviles y PC

Distribución de juegos de plataforma:

• Juegos móviles: 62.3% del total de usuarios
• PC Gaming: 37.7% del total de usuarios
• Categorías de juegos más populares: MOBA, FPS, Battle Royale

Douyu International Holdings Limited (Doyu) - Modelo de negocio: Estructura de costos

Compensación del creador de contenido

En 2023, los gastos de compensación del creador de contenido de Douyu totalizaron aproximadamente $ 132.5 millones, lo que representa el 35.6% de los gastos operativos totales.

Categoría de compensación	Costo anual ($ M)	Porcentaje de gastos totales
Streamers de nivel superior	62.3	47%
Streamers de nivel medio	45.7	34.5%
Streamers de nivel de entrada	24.5	18.5%

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica para Douyu en 2023 fueron de $ 87.6 millones, con el siguiente desglose:

• Costos del servidor en la nube: $ 42.3 millones
• Equipo de red: $ 22.1 millones
• Licencias de software: $ 15.2 millones
• Personal de soporte técnico: $ 8 millones

Gastos de marketing y adquisición de usuarios

El gasto de marketing en 2023 alcanzó $ 76.4 millones, con asignaciones específicas:

Canal de marketing	Gasto anual ($ M)
Publicidad digital	38.2
Campañas de redes sociales	22.6
Asociaciones de influencia	15.6

Inversiones de investigación y desarrollo

Las inversiones de I + D para 2023 totalizaron $ 64.9 millones, asignadas a través de dominios tecnológicos clave:

• Tecnología de transmisión: $ 28.3 millones
• AI y algoritmos de recomendación: $ 21.5 millones
• Desarrollo de plataforma móvil: $ 15.1 millones

Costos de servidor y ancho de banda

Los gastos del servidor y el ancho de banda en 2023 ascendieron a $ 93.2 millones:

Componente de infraestructura	Costo anual ($ M)
Alojamiento del centro de datos	52.6
Consumo de ancho de banda	40.6

Douyu International Holdings Limited (Doyu) - Modelo de negocios: flujos de ingresos

Transacciones de regalos virtuales

En 2022, Douyu reportó ingresos de transacciones de regalos virtuales de aproximadamente 1,42 mil millones de RMB. La plataforma permite a los usuarios comprar y enviar regalos virtuales a los creadores de contenido de transmisión en vivo.

Año	Ingresos de regalos virtuales (RMB)	Porcentaje de ingresos totales
2022	1,420,000,000	62.3%
2023	1,280,000,000	58.7%

Ingresos de publicidad y patrocinio

Douyu generó ingresos publicitarios de 418.1 millones de RMB en 2022, representando un flujo de ingresos clave para la plataforma.

• Los principales clientes de publicidad incluyen marcas de hardware de juegos
• Acuerdos de patrocinio con empresas de tecnología
• Integración de marca dentro de contenido de transmisión en vivo

Suscripciones de membresía de plataforma

Los ingresos por suscripción de membresía para 2022 totalizaron aproximadamente 210 millones de RMB.

Nivel de membresía	Precio de suscripción mensual (RMB)	Suscriptores estimados
Basic	10	500,000
De primera calidad	30	250,000

Patrocinios del torneo de deportes electrónicos

Douyu obtuvo aproximadamente 150 millones de RMB de los patrocinios del torneo de deportes electrónicos en 2022.

Tarifas de monetización de contenido

La monetización del creador de contenido generó alrededor de 85 millones de RMB en 2022, y la plataforma toma un porcentaje de ganancias de creadores.

Fuente de ingresos	2022 Ingresos (RMB)	2023 Ingresos proyectados (RMB)
Monetización de contenido	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.