Douyu International Holdings Limited (Doyu): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du divertissement numérique, Douyu International Holdings Limited (Doyu) est devenu une puissance en streaming de jeux en direct, révolutionnant comment des millions de joueurs se connectent, rivalisent et créent du contenu. Cette plate-forme innovante transforme les jeux d'une expérience solitaire en un écosystème dynamique et interactif où les joueurs deviennent des stars, le public devient des communautés et le divertissement virtuel transcende les frontières traditionnelles. En mélangeant magistralement la technologie, l'interaction sociale et les stratégies de monétisation, Douyu a creusé un espace unique dans le paysage de divertissement numérique chinois hautement compétitif, offrant un modèle d'engagement sans précédent qui va bien au-delà du simple streaming.

Douyu International Holdings Limited (Doyu) - Modèle d'entreprise: partenariats clés

Tencent Holdings (grand investisseur stratégique et partenaire technologique)

Au quatrième trimestre 2023, Tencent Holdings détient environ 36,4% du total des actions de Douyu. Le partenariat stratégique implique l'infrastructure technologique et la collaboration sur l'écosystème du contenu.

Détails du partenariat	Métriques spécifiques
Montant d'investissement Tencent	632 millions de dollars (investissement cumulatif)
Intégration technologique	Infrastructure cloud partagée et technologies de streaming

Développeurs de jeux et organisations esports

Douyu maintient des partenariats stratégiques avec des organisations de développement de jeux et d'eSport multiples.

• En partenariat avec plus de 200 équipes d'eSports professionnels
• Accords de collaboration avec des éditeurs de jeux majeurs comme Riot Games et Blizzard Entertainment
• Droits de streaming exclusifs pour plusieurs tournois esports

Fabricants d'appareils mobiles

Fabricant	Portée du partenariat
Huawei	Intégration de l'application de streaming préinstallée
Xiaomi	Partenariats de recommandation de contenu

Marques de publicité et de parrainage

Douyu génère des revenus importants grâce à des partenariats de marque.

• Plus de 50 accords de parrainage actif des entreprises
• Revenus publicitaires annuels: 87,3 millions de dollars (2023)
• Les partenaires clés incluent Nike, Red Bull et Coca-Cola

Fournisseurs d'infrastructures de service cloud

Fournisseur	Détails du service
Nuage d'alibaba	Fournisseur d'infrastructures cloud primaire
Nuage de Tencent	Support d'infrastructure secondaire
Dépenses annuelles d'infrastructure cloud	42,6 millions de dollars

Douyu International Holdings Limited (Doyu) - Modèle d'entreprise: Activités clés

Fonctionnement de la plate-forme de streaming en direct

Douyu exploite une plate-forme de streaming en direct numérique avec 126,4 millions d'utilisateurs actifs mensuels au troisième trimestre 2023. La plate-forme génère 4,7 milliards de yuans de revenus totaux pour l'exercice 2022.

Métrique de la plate-forme	Données quantitatives
Utilisateurs actifs mensuels	126,4 millions
Revenus annuels	4,7 milliards de yuans
Total des utilisateurs enregistrés	433,5 millions

Création et conservation du contenu

Douyu gère 24 000 créateurs de contenu professionnel et 500 000 streamers enregistrés dans les catégories de jeux, de divertissement et de style de vie.

• Le contenu du jeu représente 78% du total des heures de streaming
• Le contenu de divertissement représente 14% du streaming
• Les flux de style de vie représentent 8% du contenu de la plate-forme

Engagement des utilisateurs et gestion de la communauté

La plate-forme génère 1,2 milliard de yuans à partir de transactions de cadeaux virtuelles en 2022, avec des dépenses moyennes de 38,5 yuans par mois.

Ventes de publicité numérique

Les revenus publicitaires numériques ont atteint 612 millions de yuans en 2022, ce qui représente 13% des revenus totaux de la plate-forme.

Développement et maintenance de la plate-forme technologique

Douyu a investi 392 millions de yuans dans la recherche et le développement en 2022, maintenant une infrastructure de streaming avancée avec une disponibilité de 99,7%.

Investissement technologique	Montant
Dépenses de R&D	392 millions de yuans
Time de disponibilité de la plate-forme	99.7%
Infrastructure de serveur	Plus de 200 centres de données

Douyu International Holdings Limited (Doyu) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie de streaming avancée

En 2023, Douyu maintient une infrastructure technologique robuste avec les spécifications suivantes:

Composant d'infrastructure	Détails quantitatifs
Capacité totale du serveur	Plus de 300 centres de données à l'échelle du pays en Chine
Bande passante en streaming	Tableau des utilisateurs simultanés: 20 millions
Investissement d'infrastructure technique	78,5 millions de dollars dans le développement de l'infrastructure technologique 2022

Grande base d'utilisateurs de joueurs et de créateurs de contenu

Statistiques de base d'utilisateurs pour Douyu:

• Total des utilisateurs actifs mensuels: 159,4 millions
• Utilisateurs enregistrés: 306,7 millions
• Utilisateurs actifs quotidiens moyens: 44,3 millions

Algorithmes de streaming et de recommandation propriétaires

Métriques de performance d'algorithme:

Capacité d'algorithme	Métrique de performance
Précision de recommandation de contenu	Taux d'engagement de 87,6%
Modèle d'apprentissage automatique	Processus 2.3 Petaoctets de données d'interaction utilisateur quotidiennement

Solide reconnaissance de la marque sur le marché des jeux chinois

Évaluation de la marque et positionnement du marché:

• Part de marché dans les jeux en streaming en direct: 31,5%
• Valeur de la marque estimée à 1,2 milliard de dollars
• Reconnu comme les 3 principales plateformes de streaming en direct de jeu en Chine

Pool de talents de créateurs de contenu et de personnel technique

Composition des ressources humaines:

Catégorie de personnel	Nombre
Total des employés	3,287
Créateurs de contenu	Plus de 50 000 streamers contractés
Personnel technique	678 professionnels de la technologie dédiés

Douyu International Holdings Limited (Doyu) - Modèle d'entreprise: Propositions de valeur

Plate-forme de streaming de jeu gratuite en temps réel

Douyu propose une plate-forme de streaming en direct à coût zéro avec 186,8 millions d'utilisateurs actifs mensuels au troisième trimestre 2022. La plate-forme prend en charge plus de 2 500 canaux de streaming de jeux en direct simultanés.

Métrique de la plate-forme	Données quantitatives
Utilisateurs actifs mensuels	186,8 millions
Canaux de streaming en direct	2 500+ simultanés
Utilisateurs actifs quotidiens moyens	45,4 millions

Divertissement interactif de jeu en direct

La plate-forme génère Revenu annuel de 1,2 milliard de dollars Grâce à des expériences de streaming interactives. Les utilisateurs passent en moyenne 72 minutes par session.

• Interactions de chat en temps réel
• Mécanismes d'envoi de cadeaux virtuels
• Engagement de streamer direct

Opportunités de monétisation pour les créateurs de contenu

Les créateurs de contenu gagnent grâce à plusieurs sources de revenus:

Flux de revenus	Pourcentage de division
Revenus de cadeaux virtuels	50-70%
Revenus publicitaires	20-30%
Offres de parrainage	10-15%

Contenu diversifié dans plusieurs genres de jeux

Couvre plus de 15 catégories de jeux avec plus de 80 000 streamers actifs.

• Jeux MOBA
• Shooters à la première personne
• Battle Royale Games
• Jeux de stratégie

Engagement de la communauté sociale pour les joueurs

La plate-forme accueille 3,5 millions d'utilisateurs simultanés pendant les heures de jeu de pointe avec 492 millions de dollars investis dans les fonctionnalités communautaires.

Métrique communautaire	Données quantitatives
Tableau des utilisateurs simultanés	3,5 millions
Investissement communautaire	492 millions de dollars
Fréquence d'interaction utilisateur	8.2 Interactions / session

Douyu International Holdings Limited (Doyu) - Modèle d'entreprise: relations avec les clients

Modèle de contenu généré par l'utilisateur

En 2023, Douyu a rapporté 617,4 millions d'utilisateurs actifs mensuels sur sa plate-forme de streaming en direct. Le contenu généré par les utilisateurs représentait 82% du contenu total de la plate-forme.

Catégorie de contenu	Pourcentage de contenu généré par les utilisateurs
Streams de jeu	56%
Streams de divertissement	24%
Streams de style de vie	12%
Autres catégories	8%

Plateformes d'interaction axées sur la communauté

La plate-forme de Douyu permet des interactions en temps réel à travers:

• Fonctionnalités de chat en direct
• Mécanismes de participation du public
• Événements de streaming interactifs

Systèmes de cadeaux et de basculement virtuels

En 2023, Douyu a généré 453,2 millions de dollars à partir de transactions de cadeaux virtuelles. La valeur de transaction moyenne par utilisateur était de 0,73 $.

Type de cadeau	Pourcentage de cadeaux virtuels totaux
Petits cadeaux virtuels	62%
Cadeaux virtuels moyens	28%
Cadeaux virtuels premium	10%

Recommandation de contenu personnalisé

L'algorithme de recommandation de Douyu axé sur l'IA couvre 94% de la découverte du contenu des utilisateurs, avec un taux d'engagement de l'utilisateur de 73%.

Canaux de communication numériques directs

Métriques de communication de la plate-forme pour 2023:

• Messages quotidiens moyens: 127 millions
• Utilisateurs de chat actifs: 402 millions
• Temps de réponse: moins de 3 secondes

Douyu International Holdings Limited (Doyu) - Modèle d'entreprise: Channeaux

Plates-formes d'application mobile

Douyu exploite les principales plateformes de streaming mobile avec 162,2 millions d'utilisateurs actifs mensuels au T3 2023. Disponible sur les plates-formes iOS et Android avec des cotes d'utilisateurs moyens de 4,5 / 5.

Plate-forme	Utilisateurs actifs mensuels	Télécharger les métriques
Application iOS	58,7 millions	12,3 millions de téléchargements en 2023
Application Android	103,5 millions	24,6 millions de téléchargements en 2023

Interface de streaming basée sur le Web

La plate-forme Web génère 37,4% du trafic de streaming total avec 68,5 millions de visiteurs Web mensuels uniques.

Intégration des médias sociaux

• Intégration du programme WECHAT MINI
• Canaux de partenariat de Weibo
• Mécanismes de partage intégrés sur 3 plateformes sociales

Distributions de tiers de l'App Store

App Store	Réalisation de la distribution	Acquisition d'utilisateurs
Huawei App Store	42,1 millions d'utilisateurs	8,7 millions de nouveaux téléchargements
App Store de Xiaomi	35,6 millions d'utilisateurs	7,2 millions de nouveaux téléchargements

Capacités de streaming multiplateforme

Prend en charge le streaming simultané sur les plateformes de télévision mobile, Web et SMART avec une compatibilité de 99,7% de contenu.

Type de plate-forme	Support de streaming	Engagement des utilisateurs
Appareils mobiles	Soutien complet	142,6 millions d'utilisateurs mensuels
Plates-formes Web	Soutien complet	68,5 millions d'utilisateurs mensuels
Téléviseurs intelligents	Soutien partiel	12,3 millions d'utilisateurs mensuels

Douyu International Holdings Limited (Doyu) - Modèle d'entreprise: segments de clients

Jeunes joueurs masculins (démographie primaire)

Selon les rapports financiers de Douyu, 78,4% des utilisateurs de la plate-forme sont des hommes, avec une tranche d'âge moyenne de 18 à 34 ans. Les statistiques des utilisateurs de la plate-forme révèlent:

Groupe d'âge	Pourcentage	Utilisateurs actifs quotidiens moyens
18-24 ans	42.6%	3,2 millions d'utilisateurs
25-34 ans	35.8%	2,7 millions d'utilisateurs

Créateurs de contenu de jeu

La plate-forme Douyu accueille environ 7 500 créateurs de contenu de jeu professionnel à partir de 2023, avec une distribution mensuelle des revenus:

Niveau de revenus	Nombre de créateurs	Fourchette de bénéfices mensuels
Créateurs de haut niveau	250	$50,000 - $250,000
Créateurs de niveau intermédiaire	1,500	$5,000 - $50,000

Esports Esports

Couvertures du segment eSports de Douyu:

• 128 Tournois professionnels de l'eSports chaque année
• Plus de 15 millions de téléspectateurs d'eSports simultanés
• Partenariats avec 42 équipes d'eSports professionnels

Consommateurs de divertissement numérique

Métriques d'engagement de la plate-forme:

Catégorie	Utilisateurs actifs mensuels	Temps de surveillance moyen
Streaming en direct	186,2 millions	2,4 heures / utilisateur
Téléspectateurs mobiles	142,5 millions	1,8 heures / utilisateur

Communautés de jeux mobiles et PC

Distribution des jeux de plate-forme:

• Jeux mobiles: 62,3% du total des utilisateurs
• Jeux PC: 37,7% du total des utilisateurs
• Catégories de jeux les plus populaires: MOBA, FPS, Battle Royale

Douyu International Holdings Limited (Doyu) - Modèle d'entreprise: Structure des coûts

Compensation du créateur de contenu

En 2023, les frais de rémunération de Douyu Créateur de contenu ont totalisé environ 132,5 millions de dollars, ce qui représente 35,6% du total des dépenses d'exploitation.

Catégorie de compensation	Coût annuel ($ m)	Pourcentage des dépenses totales
Banderole de haut niveau	62.3	47%
Banderole de niveau intermédiaire	45.7	34.5%
Banderole d'entrée de gamme	24.5	18.5%

Maintenance des infrastructures technologiques

Les coûts de maintenance des infrastructures technologiques pour Douyu en 2023 étaient de 87,6 millions de dollars, avec la ventilation suivante:

• Coûts de serveur cloud: 42,3 millions de dollars
• Équipement réseau: 22,1 millions de dollars
• Licence logicielle: 15,2 millions de dollars
• Personnel de soutien technique: 8 millions de dollars

Dépenses de marketing et d'acquisition des utilisateurs

Les dépenses de marketing en 2023 ont atteint 76,4 millions de dollars, avec des allocations spécifiques:

Canal de marketing	Dépenses annuelles ($ m)
Publicité numérique	38.2
Campagnes de médias sociaux	22.6
Partenariats d'influence	15.6

Investissements de recherche et développement

Les investissements en R&D pour 2023 ont totalisé 64,9 millions de dollars, alloués dans les principaux domaines technologiques:

• Technologie de streaming: 28,3 millions de dollars
• AI et algorithmes de recommandation: 21,5 millions de dollars
• Développement de la plate-forme mobile: 15,1 millions de dollars

Coût des serveurs et de la bande passante

Les dépenses de serveur et de bande passante en 2023 s'élevaient à 93,2 millions de dollars:

Composant d'infrastructure	Coût annuel ($ m)
Hébergement du centre de données	52.6
Consommation de bande passante	40.6

Douyu International Holdings Limited (Doyu) - Modèle d'entreprise: Strots de revenus

Transactions de cadeaux virtuels

En 2022, Douyu a rapporté des revenus de transaction de cadeaux virtuels d'environ 1,42 milliard de RMB. La plate-forme permet aux utilisateurs d'acheter et d'envoyer des cadeaux virtuels aux créateurs de contenu en streaming en direct.

Année	Revenus de cadeaux virtuels (RMB)	Pourcentage du total des revenus
2022	1,420,000,000	62.3%
2023	1,280,000,000	58.7%

Revenus de publicité et de parrainage

Douyu a généré des revenus publicitaires de 418,1 millions de RMB en 2022, représentant une source de revenus clé pour la plate-forme.

• Les principaux clients publicitaires comprennent des marques de matériel de jeu
• Le parrainage traite des entreprises technologiques
• Intégration de la marque dans le contenu en streaming en direct

Abonnements à l'adhésion à la plate-forme

Les revenus d'abonnement à l'adhésion pour 2022 ont totalisé environ 210 millions de RMB.

Niveau d'adhésion	Prix ​​d'abonnement mensuel (RMB)	Abonnés estimés
Basic	10	500,000
Prime	30	250,000

Parrainages du tournoi eSports

Douyu a obtenu environ 150 millions de RMB des parrainages du tournoi eSports en 2022.

Frais de monétisation du contenu

La monétisation du créateur de contenu a généré environ 85 millions de RMB en 2022, la plate-forme prenant un pourcentage de revenus des créateurs.

Source de revenus	2022 Revenus (RMB)	2023 Revenus projetés (RMB)
Monétisation de contenu	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.