Douyu International Holdings Limited (DOYU): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do entretenimento digital, a Douyu International Holdings Limited (Doyu) emergiu como uma potência no streaming de jogos ao vivo, revolucionando como milhões de jogadores se conectam, competem e criam conteúdo. Essa plataforma inovadora transforma os jogos de uma experiência solitária em um ecossistema vibrante e interativo, onde os jogadores se tornam estrelas, o público se torna comunidades e o entretenimento virtual transcende os limites tradicionais. Ao misturar magistralmente a tecnologia, a interação social e as estratégias de monetização, Douyu criou um espaço único no cenário de entretenimento digital chinês altamente competitivo, oferecendo um modelo de engajamento sem precedentes que vai muito além do simples streaming.

Douyu International Holdings Limited (DOYU) - Modelo de negócios: Parcerias -chave

Tencent Holdings (grande investidor estratégico e parceiro de tecnologia)

A partir do quarto trimestre 2023, a Tencent Holdings possui aproximadamente 36,4% do total de ações da Douyu. A parceria estratégica envolve infraestrutura de tecnologia e colaboração do ecossistema de conteúdo.

Detalhes da parceria	Métricas específicas
Valor do investimento em tencent	US $ 632 milhões (investimento cumulativo)
Integração de tecnologia	Infraestrutura em nuvem compartilhada e tecnologias de streaming

Desenvolvedores de jogos e organizações de esports

Douyu mantém parcerias estratégicas com várias organizações de desenvolvimento de jogos e esports.

• Fiz uma parceria com mais de 200 equipes profissionais de eSports
• Acordos de colaboração com grandes editores de jogos como Riot Games e Blizzard Entertainment
• Direitos de streaming exclusivos para vários torneios de eSports

Fabricantes de dispositivos móveis

Fabricante	Escopo da parceria
Huawei	Integração de aplicativos de streaming pré-instalado
Xiaomi	Parcerias de recomendação de conteúdo

Marcas de publicidade e patrocínio

Douyu gera receita significativa por meio de parcerias de marca.

• Mais de 50 acordos ativos de patrocínio corporativo
• Receita anual de publicidade: US $ 87,3 milhões (2023)
• Os principais parceiros incluem Nike, Red Bull e Coca-Cola

Fornecedores de infraestrutura de serviço em nuvem

Provedor	Detalhes do serviço
Cloud Alibaba	Provedor de infraestrutura em nuvem primária
Tencent Cloud	Suporte de infraestrutura secundária
Gastes anuais de infraestrutura em nuvem	US $ 42,6 milhões

Douyu International Holdings Limited (DOYU) - Modelo de negócios: Atividades -chave

Operação de plataforma de transmissão ao vivo

A Douyu opera uma plataforma de transmissão ao vivo digital com 126,4 milhões de usuários ativos mensais a partir do terceiro trimestre de 2023. A plataforma gera 4,7 bilhões de yuans em receita total em 2022 ano fiscal.

Métrica da plataforma	Dados quantitativos
Usuários ativos mensais	126,4 milhões
Receita anual	4,7 bilhões de yuan
Total de usuários registrados	433,5 milhões

Criação de conteúdo e curadoria

Douyu gerencia 24.000 criadores de conteúdo profissional e 500.000 streamers registrados nas categorias de jogos, entretenimento e estilo de vida.

• O conteúdo de jogos representa 78% do total de horas de streaming
• O conteúdo do entretenimento compreende 14% do streaming
• Os fluxos de estilo de vida representam 8% do conteúdo da plataforma

Engajamento do usuário e gerenciamento da comunidade

A plataforma gera 1,2 bilhão de yuans a partir de transações de presentes virtuais em 2022, com gastos médios do usuário de 38,5 yuan por mês.

Vendas de publicidade digital

A receita de publicidade digital atingiu 612 milhões de yuans em 2022, representando 13% da receita total da plataforma.

Desenvolvimento e manutenção da plataforma de tecnologia

Douyu investiu 392 milhões de yuans em pesquisa e desenvolvimento durante 2022, mantendo a infraestrutura avançada de streaming com 99,7% de tempo de atividade.

Investimento em tecnologia	Quantia
Despesas de P&D	392 milhões de yuan
Tempo de atividade da plataforma	99.7%
Infraestrutura do servidor	Mais de 200 data centers

Douyu International Holdings Limited (DOYU) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia de streaming avançado

A partir de 2023, Douyu mantém uma infraestrutura tecnológica robusta com as seguintes especificações:

Componente de infraestrutura	Detalhes quantitativos
Capacidade total do servidor	Mais de 300 data centers em todo o país na China
Armazenando largura de banda	Usuários simultâneos de pico: 20 milhões
Investimento de infraestrutura técnica	US $ 78,5 milhões em 2022 Desenvolvimento de infraestrutura tecnológica

Grande base de usuários de jogadores e criadores de conteúdo

Estatísticas da base de usuários para Douyu:

• Usuários ativos mensais totais: 159,4 milhões
• Usuários registrados: 306,7 milhões
• Usuários ativos diários médios: 44,3 milhões

Algoritmos de streaming e recomendação proprietários

Métricas de desempenho de algoritmo:

Capacidade de algoritmo	Métrica de desempenho
Precisão da recomendação de conteúdo	87,6% da taxa de envolvimento do usuário
Modelo de aprendizado de máquina	Processos 2.3 Petabytes de dados de interação do usuário diariamente

Forte reconhecimento de marca no mercado de jogos chineses

Avaliação da marca e posicionamento do mercado:

• Participação de mercado em jogos de transmissão ao vivo: 31,5%
• Valor da marca estimado em US $ 1,2 bilhão
• Reconhecido como 3 principais plataformas de transmissão ao vivo na China

Pool de talentos de criadores de conteúdo e equipe técnica

Composição de recursos humanos:

Categoria de pessoal	Número
Total de funcionários	3,287
Criadores de conteúdo	Mais de 50.000 streamers contratados
Equipe técnica	678 profissionais de tecnologia dedicados

Douyu International Holdings Limited (DOYU) - Modelo de negócios: proposições de valor

Plataforma de streaming de jogo em tempo real grátis

A Douyu oferece uma plataforma de transmissão ao vivo de custo zero com 186,8 milhões de usuários ativos mensais a partir do terceiro trimestre de 2022. A plataforma suporta mais de 2.500 canais simultâneos de streaming de jogos ao vivo.

Métrica da plataforma	Dados quantitativos
Usuários ativos mensais	186,8 milhões
Canais de transmissão ao vivo	2.500+ simultâneos
Usuários ativos diários médios	45,4 milhões

Entretenimento para jogos ao vivo interativo

Plataforma gera Receita anual de US $ 1,2 bilhão através de experiências interativas de streaming. Os usuários gastam média de 72 minutos por sessão.

• Interações de bate-papo em tempo real
• Mecanismos de envio de presentes virtuais
• Engajamento de streamer direto

Oportunidades de monetização para criadores de conteúdo

Os criadores de conteúdo ganham através de vários fluxos de receita:

Fluxo de receita	Porcentagem dividida
Receita de presentes virtuais	50-70%
Receita de publicidade	20-30%
Acordos de patrocínio	10-15%

Conteúdo diversificado em vários gêneros de jogos

Abrange mais de 15 categorias de jogos com mais de 80.000 streamers ativos.

• Jogos MOBA
• Atiradores em primeira pessoa
• Battle Royale Games
• Jogos de estratégia

Engajamento da comunidade social para jogadores

A plataforma hospeda 3,5 milhões de usuários simultâneos durante o horário de jogo com o horário de jogo com US $ 492 milhões investidos em recursos da comunidade.

Métrica comunitária	Dados quantitativos
Usuários simultâneos de pico	3,5 milhões
Investimento comunitário	US $ 492 milhões
Frequência de interação do usuário	8.2 Interações/sessão

Douyu International Holdings Limited (DOYU) - Modelo de Negócios: Relacionamentos do Cliente

Modelo de conteúdo gerado pelo usuário

Em 2023, Douyu registrou 617,4 milhões de usuários ativos mensais em sua plataforma de transmissão ao vivo. O conteúdo gerado pelo usuário foi responsável por 82% do conteúdo total da plataforma.

Categoria de conteúdo	Porcentagem de conteúdo gerado pelo usuário
Fluxos de jogos	56%
Fluxos de entretenimento	24%
Fluxos de estilo de vida	12%
Outras categorias	8%

Plataformas de interação orientadas pela comunidade

A plataforma de Douyu permite interações em tempo real através de:

• Recursos de bate -papo ao vivo
• Mecanismos de participação do público
• Eventos de streaming interativo

Sistemas virtuais de presentes e chutes

Em 2023, Douyu gerou US $ 453,2 milhões em transações de presentes virtuais. O valor médio da transação por usuário foi de US $ 0,73.

Tipo de presente	Porcentagem do total de presentes virtuais
Pequenos presentes virtuais	62%
Presentes virtuais médios	28%
Presentes virtuais premium	10%

Recomendação de conteúdo personalizado

O algoritmo de recomendação orientado a AI da Douyu cobre 94% da descoberta de conteúdo do usuário, com 73% de taxa de envolvimento do usuário.

Canais de comunicação digital direta

Métricas de comunicação da plataforma para 2023:

• Mensagens diárias médias: 127 milhões
• Usuários de bate -papo ativo: 402 milhões
• Tempo de resposta: menos de 3 segundos

Douyu International Holdings Limited (DOYU) - Modelo de negócios: canais

Plataformas de aplicativos móveis

O DOUYU opera plataformas de streaming móvel primárias com 162,2 milhões de usuários ativos mensais a partir do terceiro trimestre de 2023. Disponível em plataformas iOS e Android com classificações médias de 4,5/5.

Plataforma	Usuários ativos mensais	Download de métricas
aplicativo iOS	58,7 milhões	12,3 milhões de downloads em 2023
App Android	103,5 milhões	24,6 milhões de downloads em 2023

Interface de streaming baseada na Web

A plataforma da Web gera 37,4% do tráfego total de streaming, com 68,5 milhões de visitantes mensais exclusivos da Web.

Integração de mídia social

• Integração do Programa do Mini WeChat
• Canais de parceria do Weibo
• Mecanismos de compartilhamento integrados em 3 plataformas sociais

Distribuições de loja de aplicativos de terceiros

App Store	Alcance de distribuição	Aquisição de usuários
Huawei App Store	42,1 milhões de usuários	8,7 milhões de novos downloads
Xiaomi App Store	35,6 milhões de usuários	7,2 milhões de novos downloads

Recursos de streaming de plataforma cruzada

Suporta streaming simultâneo em plataformas de TV móvel, Web e inteligente com compatibilidade de 99,7% de conteúdo.

Tipo de plataforma	Suporte de streaming	Engajamento do usuário
Dispositivos móveis	Suporte total	142,6 milhões de usuários mensais
Plataformas da Web	Suporte total	68,5 milhões de usuários mensais
TVs inteligentes	Suporte parcial	12,3 milhões de usuários mensais

Douyu International Holdings Limited (DOYU) - Modelo de negócios: segmentos de clientes

Jovens jogadores do sexo masculino (demográfico primário)

De acordo com os relatórios financeiros de Douyu, 78,4% dos usuários da plataforma são do sexo masculino, com uma faixa etária média de 18 a 34 anos. Estatísticas do usuário da plataforma revelam:

Faixa etária	Percentagem	Usuários ativos diários médios
18-24 anos	42.6%	3,2 milhões de usuários
25-34 anos	35.8%	2,7 milhões de usuários

Criadores de conteúdo de jogos

A plataforma Douyu hospeda aproximadamente 7.500 criadores profissionais de conteúdo de jogos a partir de 2023, com distribuição mensal de receita:

Nível de receita	Número de criadores	Gama de ganhos mensais
Criadores de primeira linha	250	$50,000 - $250,000
Criadores de nível intermediário	1,500	$5,000 - $50,000

Entusiastas de esports

As capas de segmento de eSports de Douyu:

• 128 torneios profissionais de eSports anualmente
• Mais de 15 milhões de espectadores de eSports simultâneos
• Parcerias com 42 equipes profissionais de eSports

Consumidores de entretenimento digital

Métricas de engajamento da plataforma:

Categoria	Usuários ativos mensais	Tempo médio de relógio
Transmissão ao vivo	186,2 milhões	2,4 horas/usuário
Visualizadores móveis	142,5 milhões	1,8 horas/usuário

Comunidades de jogos para celular e PC

Distribuição de jogos de plataforma:

• Jogos móveis: 62,3% do total de usuários
• Jogos para PC: 37,7% do total de usuários
• Categorias de jogos mais populares: MOBA, FPS, Battle Royale

Douyu International Holdings Limited (DOYU) - Modelo de negócios: estrutura de custos

Compensação do criador de conteúdo

Em 2023, as despesas de remuneração do criador de conteúdo de Douyu totalizaram aproximadamente US $ 132,5 milhões, representando 35,6% do total de despesas operacionais.

Categoria de compensação	Custo anual ($ m)	Porcentagem do total de despesas
Principais streamers de camada	62.3	47%
Fladers de nível intermediário	45.7	34.5%
Fladers de nível básico	24.5	18.5%

Manutenção de infraestrutura de tecnologia

Os custos de manutenção de infraestrutura tecnológica para Douyu em 2023 foram de US $ 87,6 milhões, com a seguinte quebra:

• Custos do servidor em nuvem: US $ 42,3 milhões
• Equipamento de rede: US $ 22,1 milhões
• Licenciamento de software: US $ 15,2 milhões
• Equipe de suporte técnico: US $ 8 milhões

Despesas de marketing e aquisição de usuários

As despesas de marketing em 2023 atingiram US $ 76,4 milhões, com alocações específicas:

Canal de marketing	Gasto anual ($ m)
Publicidade digital	38.2
Campanhas de mídia social	22.6
Parcerias de influenciadores	15.6

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D para 2023 totalizaram US $ 64,9 milhões, alocados entre os principais domínios tecnológicos:

• Tecnologia de streaming: US $ 28,3 milhões
• AI e algoritmos de recomendação: US $ 21,5 milhões
• Desenvolvimento de plataforma móvel: US $ 15,1 milhões

Custos de servidor e largura de banda

As despesas de servidor e largura de banda em 2023 totalizaram US $ 93,2 milhões:

Componente de infraestrutura	Custo anual ($ m)
Hospedagem de data center	52.6
Consumo de largura de banda	40.6

Douyu International Holdings Limited (DOYU) - Modelo de negócios: fluxos de receita

Transações de presentes virtuais

Em 2022, Douyu relatou receitas de transação de presentes virtuais de aproximadamente 1,42 bilhão de RMB. A plataforma permite que os usuários comprem e enviem presentes virtuais para transmitir criadores de conteúdo ao vivo.

Ano	Receita de presentes virtuais (RMB)	Porcentagem da receita total
2022	1,420,000,000	62.3%
2023	1,280,000,000	58.7%

Receitas de publicidade e patrocínio

Douyu gerou receitas de publicidade de 418,1 milhões de RMB em 2022, representando um fluxo de receita importante para a plataforma.

• Os principais clientes de publicidade incluem marcas de hardware para jogos
• Patrocínio lida com empresas de tecnologia
• Integração da marca no conteúdo de transmissão ao vivo

Assinaturas de associação da plataforma

As receitas de assinatura de associação para 2022 totalizaram aproximadamente 210 milhões de RMB.

Nível de associação	Preço mensal de assinatura (RMB)	Assinantes estimados
Basic	10	500,000
Premium	30	250,000

Patrocínios do torneio de esports

Douyu garantiu aproximadamente 150 milhões de RMB dos patrocínios do torneio de eSports em 2022.

Taxas de monetização de conteúdo

A monetização do criador de conteúdo gerou cerca de 85 milhões de RMB em 2022, com a plataforma assumindo uma porcentagem de ganhos de criadores.

Fonte de receita	2022 Receita (RMB)	2023 Receita projetada (RMB)
Monetização de conteúdo	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.