DOYU - Earnings call transcript Q4 2021 | DouYu International Holdings Limited

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Operator

Good morning and good evening, ladies and gentlemen. Thank you and welcome to DouYu International Holdings Limited Fourth Quarter and Full Year 2021 Earnings Conference Call. At this time, all participants are in listen-only mode.

We will be hosting a question-and-answer session after management's prepared remarks. I would now like to turn the call over to your first speaker today, Ms. at Director IR Kong, DouYu. Lingling ma'am. Please go ahead

Lingling Kong

to Thank and quarter Welcome call. you, and hello, operator our full fourth everyone. year earnings XXXX

Joining Chief Shaojie Officer; Mr. of Finance. Hao us and President today Executive Chief Cao, Chen, Vice Mr. Officer; Strategy Chairman Su, and Mr. Mingming are

You to results our on at IR website can refer ir.douyu.com. financial our

IR it a few in You check replay a available can of on becomes website. our also this call when hours

or pursuant this are SEC. and our duty the call. and to speak Before performance Act of contain made performance the Shaojie update we statements expectations start, the uncertainties to under forward-looking results, risk the expectations factors filings statements. details these in management's company's forward-looking the company statements, risks, by the with qualified control, different for unknown the company entirety to this which note revise company's of on or achievements of be statements current forward-looking Reform safe actual expressly forward-looking cautionary will may by call forward-looking statements The the selected known Private of please that that I without Chen. These or are Chairman implied of and no observations circumstances CEO materially the on All Litigation date may any behalf events and provision – based now after harbor undertakes for or conference their not Mr. and other from statements Securities factors cause involve performance XXXX.

Shaojie Chen

drivers MAU user for core efforts fourth The paying average fourth to development was for Mobile three maintain our businesses. factors. million increased quarter. reached headway generation mainly MAU the XX.X by quarter by the million. the year-over-year growth our net driven growth RMB stable quarter user count and new X.X X.X% revenues in Total billion X.XX as In we revenue the fourth further explore we on made traffic of were and to

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we integrated promotion leveraged and platform advantages MAU of growth to our the content our through high-quality of production videos. drive short further Finally,

to Turning content update. our

both continued to content videos, and non-eSports the unique eSports as of for the categories, ecosystem, game interactive our our quarter, offerings also features. development we we During each its highlight customized continued to operation live streaming, graphics refined communities, for content integrated refine and combining

users continue methodologies user improve operating content high-quality tournaments, combining match enhance experimented live various and Even and as communities. engagement ecosystem and and content to integrated official innovative discussion. to establishing by viewing content developers the engagement streaming further due with system. infographics on-demand streaming and experience to providing to eSports by services, format enrich real-time efforts, collaborations Meanwhile, us content enhance we live large-scale new content enabled fostering our and closely we content to These community with an also continue traditional formats, improve offer collaborate with game we playback, interactive game-centric attract

the large-scale and revenue eSports rights traffic the from events, behind lagged are seeing for we industry, content corporate prices gaming and have the these increases. cost growth far of development continuing Meanwhile, the tournaments. With increasing in associated

studies, in simulation been and costs rapid selective in analysis be rise data eSports of decided and to the have platform bring important, declining they that XXXX. we has to continue starting series procurement although a corporate for corporate adopt the due strategy found Therefore, we a to become value tournaments Following burden operation. our a

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We continue professional a large to of recruit gamers hosting number by self-produced cultivate and potential tournaments.

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of we with the closely developers LoL game Wild Rift. the worked mobile For example, blockbuster

participation the including task-based the our both launch, stream user raised and various incentive profile spoke by the Our campaigns game initial in of platform. the and person the games official

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result resilient a As leading has position our the maintained platform's this Rift industry. LoL efforts Wild in traffic a of

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XXX. million turning was quarterly RMB Now monetization. to number an ARPU fourth the Total of X.X with paying quarter average of users in

We continue sustain to engagement for our healthy our levels promotional ARPU. core range operating enhance enabling sustainable from us and users to through and a consumption campaigns, strategies

stability to maintaining streams. While of virtual from we revenue endeavor the gifting, will revenue explore new continuously

product. comprehensive we features continue In added upgrade terms streaming and build and platforms existing additional to content our we ecosystem, to of functions technology innovative our game-centric products as

example, by highly the users. chat commentary variety valued of our live are For the and bullet interactivity

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traditional executed position in our Even streaming has maintained industry. leading we as upgrade strategy live our the that

for communities. developers, provide game developed result collaboration live every users streaming, different of a interactive video, integrates content and game segments with multi-dimensional and As MAU have customized that our we graphics features with

user have behavior. paying strengths explore We our and to leveraging in continued commercialization competitive initiatives, engagement

Going optimize go forward, and strengthen turn performance. content streamers call over the our our to financial and Finance, to in President details will financial through continue explore strategy our the and monetization of further Vice capabilities Cao our product, to execute to of we quarter. With Hao now our will performance that, I Mr. the

Hao Cao

XXXX XXXX. in the RMB X.X% were revenues an net quarter X.XX of X.XX same by RMB of Total fourth streaming period revenues everyone. billion. X.X% Hello from the increase of Live billion, RMB to increased X.XX in Lingling. billion you Thank

helped in flat and year. in strategies RMB X.XX industry. was paying of XXXX. continued compared were from the While year-over-year XXXX of decrease of other RMB quarter, decreased soft revenue million, and higher RMB quarter quarter an service increased environment using of primarily additional expenses costs, compared XXXX. fees relatively professional users billion, RMB a RMB RMB mainly of same the RMB generated XXX billion by Net the XXX.X in XXXX. in-house development period improved revenues with with benefited fourth revenues. XXX user quarter acquisition. to efficiency. margin in aspect XXX.X in from share-based of impacted the RMB of sharing same regulations exploration same revenues compared was fourth could which the of major mainly period accordance million same million decrease in million our was revenues cost up Simultaneously, same stable period of in fees. XXXX of operating million Revenue due in also stable, Other income profit XX.X the in X.XX was macro Bandwidth decrease remaining in of last of million Gross million More portion This the rights. from XXX.X the remained offset were due an quarter monetization method in the period RMB support unit the Sales XX.X% have an increase live invest to from by quarter the and fourth streaming marketing costs XXXX. remained million, XXXX. million period new costs XXX.X game-centric X.XX was quarter the remained same in of Advertising quarter commercialization to XXXX RMB primarily to RMB gaming RMB of RMB technical million period the loss as XXXX a partially costs compared a to fourth by the basis, due Such of resulting lower of XXX.X channels unchanged RMB were we equity continue and an XX.X% fourth same XXXX due of XXX.X per our models sharing period RMB fees, XX.X% utilizing there our we an operational challenging specifically, in same XXXX, million, settlement of attributable core increase of XXX.X same was advertised XXXX XXX.X XXXX to The of RMB fourth in loss administrative representing with by flat. XXXX. of period XXX.X in demand in from while content directly revenues expenses was from of on of increase which period efficiency, XXX.X X.X% production by the and advertising quarter net by XXXX. strategy. of to during million RMB we increased the million in in our XXX This with period suppliers. expenses excludes billion XXX.X XXXX for and XXXX. of the the cost increased for to staff RMB same million and common monetized. efficiency the increase XXXX, from as the from XXX.X of increase X.XX in first in bandwidth General lawsuits, was of period the the in of class the share-based increase in related of investments expenses RMB impairment attributable was RMB Research in costs RMB Cost been in in same traffic XXX.X increase million billion, was This of the RMB same optimize Gross which to from quarter of largely improve continue XX.X% the to fourth period loss XXX.X which XXXX. with were that to compensation million promotional increase size to in action million, in the of RMB effective content increase same was quarter is Adjusted loss share XXX.X broadcasting fourth with Adjusted was XX.X% upgrade product with in the our and X% year-over-year primarily XXXX quarter fourth procurement costs, in were with to the decreased million were cost primarily the investments, XXX.X was This the compensation RMB of the XXXX. compared fourth XXXX. period compared expenses, XX.X% decreased of

and XXXX while and and X.XX adjusted loss per per diluted For the RMB quarter loss RMB and fourth respectively, diluted net respectively. basic ADS X.XX ADS RMB of were X.XX RMB basic were net X.XX

X,XXX XX, as XXXX, As on also of bank XXXX. would our shares cash RMB with million XX, repurchase deposits December US$XXX the of and execution August company provide RMB in an of compared million X,XXX announced repurchase until on company of XX, short-term like its program had to December restricted share XXXX, of long-term million update cash, which We cash equivalents, may to XXXX. up and the August

million aggregate December ADS worth had XXXX, this of of company under XX, program. repurchased As its of the US$XX.X an

enhancing continue further while will our capability forward, improving monetization we efficiency. our monetization Going

utilizing questions. development we as take the continue focus operating sustainable grow, leverage Operator, our to to platform. we further Additionally, we are on our support ready will of to now

Operator

Securities. begin from And question-and-answer will first [Operator the America Zhang we ahead. our Please Bank come now of from Lei go Thank Instructions] question you. session. will And today

Lei Zhang

management here. for taking my Language] questions Two [Foreign Thanks questions.

on you business. our some share us change and recently with First, can regulatory updates to impact the the

our content eSports that licensing and this? noted content logic I adjusted the can we behind with Secondly, you share have investments you. in us Thank

Mingming Su

There and requirements. continued introduced regulatory probably to industry No first with streaming answer for internal question. implement live advance the results refine me have were new your additionally. regulatory operations to Let been comply guidelines in industry, measures rules

to the the internal future a community We and platform. have strict building platform’s prudent implemented more development our adopted to long-term operational made operational adjustments, strategy updates, review and improve internal promote of

been games and XXXX of willingness our example, For was for streamers to their streamer different the adjustments these since quarter first between genres impact income maintain game gradually traffic allocation unlicensed their reflected performance. have of games, redirecting and to to similar third license segments, initial we levels stream. of ensure quarter in proper traffic The

close any pay to operational We you. will adjust a Thank manner. our also changes timely attention and in strategies regulatory

Shaojie Chen

Language] [Foreign

Lingling Kong

will answers. I Mr. Okay. translate Chen's

in the in been increasing traffic and game previously the traffic we we that significantly tournament the the this remarks mentioned has conducted calculations extensive the content as outpaced generated growth by the tournament by fees. costs. So large -- of concluded context growth corporate revenue We in prepared analysis have license in or

user Our individual data primarily majority behavior our of analysis streamed watch users games a that of by live streamers. found

the comparison who proportion Meanwhile, within relatively of tournament watch So the content the rate has tournaments declining. of users is inactive been mainly users return through low.

the impact negative shows This have in do user by They these So growth. different due content eSports always data tournaments is that delivered on not a revenue drive can revenue. platform's addition two even large-scale segments. historical experience our to

experience users interactions watching complete between gifting While and generated streamers. a is revenue is virtual tournaments immersive by

spend the users negatively therefore watching with tournament streamers less to and interacting their which pay. the are to time willingness immersed game impacts During in tend

procurement both a comprehensive value selective copyright each conduct the corporate on deliverable on B of corporate traffic strategy. We this our terms based we tournament evaluation in monetization determine adopted So of have and to price.

with copyright We prices for regarding rational will long-term ongoing and dialogue and models explore continue owners corporation. copyright more

innovative purchased investment aim operational we through to methods. those For content improve on the return license,

our selective content game operations. in experience, mean with and our that of order Operator, emphasize will industry gaming you. in-depth Thank we cooperation Based our and to does operational of and keep community developers in in like content. competitive deepen please. copyright understanding we our game our on investment permanent next content original will to in years reduce advantage of building increase would we the premium So that investment operations purchase not our the

Operator

And thank you.

next Our from Yiwen Please will China question today Renaissance. go come Zhang ahead. of

Yiwen Zhang

[Foreign Language] Thanks for taking everyone my question.

So, three questions.

procurement, [indiscernible] which of actually a lot wondering just So, license discussion. corporate adjustments mentioned some how you generates

part streamers will considered back the live minimal to amenities. in for and the taxes competition streaming And some be secondly, was your as So, are paying there what's final recently if who be on participation now.

So, just marketing then new has a it? sharing know strategy we this impact from on also Thank and our implication strategy, our content-centric game you. so policy. have any the lastly, we if what's expand wondering And that

Shaojie Chen

[Foreign Language]

Lingling Kong

As I believe, procurement value in the mentioned delivered to by corporate the strategy increase earlier, corporate costs. line in us we with not adjust is our because we

the the behind environment Another live industry. streaming adjustment this factor is of strategic evolving

new acquisitions is tournament As in rate mentioned, traffic in early game of eSports example. They new decreasing, previously the eSports especially the user an game live large-scale segment. streaming, delivered high-quality a growth stages users of substantial live streaming take as through of amount

streaming streaming, regular the become users live high-quality users development gaming of of platforms. With have live

content, so growth difficult are very by it platform So preferences, these eSports that relatively hours traffic and the broadcasting tournament. to regular for only users drive is have Therefore, certain stable. their platform's to streaming stickiness the additional viewing

of seen potential groups industry. to for we content, the base the more gaming consume short content entire attracted the user expansion gaming while diverse enlarging user that have continued have However, video platforms

from gaming strategy to stabilizing gamers has our time, gaming new transitioned flow hard-core competition our meet stage industry of user content. capturing to At a transitioned core gamer has our live attracting say, in from gamers. So hard-core same streaming base, while acquisition that and cash already to the also is a

whose content. service have is streamers game platform of The This traffic needs casual our is graphics mid-core community-centric user high. live casual core high exhibit have penetration They live Our platform. mid-core primarily rate and is expectations video the users our penetration cannot high-level provide users communities. content relatively and game gamers, comprehensive and is, contracted overall content of environment genres very through game stable between rate expand other consists and low, stable. hard-core relatively for the uses that can we as steady This why is and When our group quality more believe platforms, and This content competitive frequently our stickiness. build our short features streaming of we for switch our and different for diversified gamers. streaming and We the and reason offerings streamers. attract

So, stable platform using consistently we content. year, last live users for profitability growth we video that believe streaming refine our options content, as to improve and a operations, -- been starting various have refine strategy and grow, continuously Therefore, to platform. the for upgrades as key healthy graphic options and differentiated implementing

to more to user casual Thank you. base and mid-core gamers. So we as enlarge our can

Hao Cao

the first laws Regarding all, and to our taxation. second regarding question adhered about strictly the relevant have taxation, continuously we of regulations and

into platform. negatively a streamers tax irregularities impact individual of did result, not As investigations our

their to streamers contracts taxes directly the who the are strongly number engagement these income of as taxation contracted tax have loss. third-parties. present, with to us, For lies not we taxes comply streamers, partners third-parties, At advise obligations with our are signed those with streamer pay to models changed. fulfilled. income obligation We their a Separately, the large who are there with ensure withhold

our uphold individual tax As of into fee requirements, sharing will negatively platform. revenue I strict not not we our consistently just streamers investigations adjust have Therefore, structure. we irregularities these compliance tax because impacted mentioned

evasion. the As a investigations About question strategy. the tax sales result the last on of and marketing into recent

content. has the from As down switched streaming generation I gaming by mentioned previously, our been to pure has streaming. high-quality Competition gaming within traffic gaming slowed live live industry

mid-core hard-core hard-core stabilizing strategy user group. to core gamers. Our gamers our attracting and Hard-core changed also has user gamers new from casual gamers acquisition are while

platform. genres experience and Based has For continued group high-quality will streamer data, stable with stickiness specific and our ensure this accumulated live a operating long higher preferred time content. behavior supply long-term maintain game of user streaming to resources on user we to our

operations targeting campaigns self-produced diverse that will enhanced our and and group produce a and large attract delivered build is improving exclusive our group, users' user increasingly to We promote of this are content cooperation content to developers needs new gaming content rich we platform's we traffic Both our launch we Meanwhile, our and more high-quality Casual relatively and a users healthy Thank game innovative advantages our in game-centric acquire results mid-core also users produce additional increase utilizing more and has acquisitions. community. content This demonstrating approaches activity groups to impacting. in you. community. our to and leveraged short stickiness user active while By library community. gamers through and with game-centric terms videos marketing vibrant platform our competitive user categories. encouraging

Operator

will today Jefferies. Chong question from next Our come Thomas of

Thomas Chong

is about [Foreign forced management questions. anticipate first And gaming question operations? for is Thanks you. our we approval. share quarters? in comments the Does management should the my about second are in Thank affect slowdown plan. that my our coming Language] Can progress question repurchase and gaming My the approval taking

Mingming Su

question. your first answer Let me

approval on or advantageous We run. on is for gaming by in game-centric new standards businesses potential of caused a of conversion slowdown following rather have the successful users content. impact long for for games recent will large momentum. of are be new high-quality in new has on has The of are of reflected which not number new existing is impact operational primary who games approval viewing time such spend into conversion user based the the been hours viewers from from stickiness, slowdown any into new growth the for users content existing approval as our games user have as very user approvals stable. our been games There hold remained not gamers our of significant seen of the per games, and in game-centric players gamers user, The of the engagement our industry metrics of which our stricter believe we many slowdown

As for the are our live streaming recently, to such customized content, of platforms, quality This have segment, our DouYu, and the launched for standards stricter successfully been and games these operational Through since each games growth. community answer video strategy demonstrated content we been very content, graphic our of most game-centric diversified also And discussion resources these generation community. the operations important premium the and we on our question. games of their promote benefit high-quality able has users, platform effectiveness integration users. will content for as game Cao high. from of further and has game-centric cultivating the the attract content new second Mr., user

Hao Cao

end by August for repurchased US$XXX program million. announced a second the About question, amount had of total the we of Okay. share

certain a been of restrictions, As impact of worth but has rules December million aside repurchased portion repurchase of SEC to you. an funds XX, due had the the and ADS, not of yet. settled large set Thank US$XX.X XXXX, has been repurchase further we aggregate of for

Operator

today Poon next Please Alex come Morgan from Our ahead. go will Stanley. question of

Alex Poon

any this there is you much. -- Thank you can performance new there is What games can very -- us data second And [Foreign our And related our any to second question is our we of at is with data stage? share My related -- Language] two new operating is question is strategic that games our my after policy to have -- share? launch. launch? for first for questions. I change, the performance that

Shaojie Chen

Language] [Foreign

Lingling Kong

content during So, past the platform. our we upgraded have centered offerings game product our year, centric around content

content side, live the to we expanded content segments, and video and well-integrating content forms. other streaming and graphic community our video On including content communities

also cooperated content offerings of promotions and have developers with game meet our to users. the carry diversified multifaceted out We needs to

the our one side, and community content product hand, to our highlighted functions. video made interface. we mobile we content graphic multiple upgrades On On

activity community the user customized we activities engagement to features. operations On our our the and customized promotional able segments. in each layout We different and increase hand, for through other to content were refined game game's highlight

the activities. continue host For our close offerings Furthermore, are promotional and developers we marketing improve retention tournaments rate, and leading self-held to jointly and to operations content user we traditional to game activity user our from our with eSports, of Building relationship on and foster launch we came expanded applied to in courage newly released gaming have advantages our stickiness. Esports our games. traditional additions our game which into NiNe system games strategy. we operating upgraded the Esports segment-based games, games, content eSports refining NiNe mainly

have operating promising mechanisms that and results achieved efficient. effective both and We devised is

have Tower Fantasy and the We strategy. NARAKA: for including in mobile, recently LOL launched encouraging achieved new successfully XXXX games and BLADEPOINT, launched of results our by executing upgraded operating

As platform, changing and a content cumulative user both ecosystem platform our the of our content of evolution processes. of perceptions

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more Thank diversified groups. cover more you. and become content platform user will will Our

Mingming Su

question. me second Let answer your

implementing have procedures Following game system operating strategies. we for a new and segments game-centric major respective produced their our operations, established a year of with

and the we promote new launch attracted top the game, our For to stream date. game streamers during

continued a supply. We ensure to new and also cultivate of number streamers recruit large

videos centric graphic content of game Through guides enhance with we terms user activity developers and viewing to time means, engagement. this videos and streamers as such In PGC collaborate to produce we promote and graphics, games. increase and user multiple

users. integrated live and hot communities, status provide topics segment. game our we This our games as combines the invite we established gaming of gaming between create content a and promotional to the events an initial strategy and users. interaction K.O.L our streaming developers discussions, At influencers to launch, gaming to both such game streamers, For comprehensive

to and they many we and assign questions solution have already helpful released We games, from summarize analyze newly gradually questions. gamers our this, this By For streamers. creation and doing game-centric and content streams our Tower over on Each participate live view friendly gaming discussions. example. an not our XX% in they of discussion-based players also Fantasy, environment. and activities Take platform of task its as day, game-related only

rewards, Meanwhile, growth such show our PGC encourage community user chat-based growth example, content, an Both Mobile for and to a experience. Take that developers. as complete games certain users intensely collaborate such as offering user games to as During with we NARAKA: virtual we tasks the and stage, we LoL viewing increase items. in-game produced engagement of game-centric time was effectively enhance talk tailor-made variety impressively. BLADEPOINT for

example. and Both during marketing on improved December. in-house released production series demonstrates these user on activities increase. the after shows Fantasy Total in The our of volume features, time July, live prepared each and solid LoL our a is NARAKA: at month games games and doubled. viewing for addition, game launched ranking list Master launched Operating platform was Among Wild launched game's steadily data remarks, momentum the operating for the Tower mentioned the November of quarters. Mobile In NARAKA: DouYu was for in Rift platform within each XX three in tournaments. based top LoL in XXXX, top our launch. within games new The in on viewing greater two Mobile, and was of also our for its strength the LoL launched the ranked was XX strategy. these the quarter performance ranked platform BLADEPOINT we during games BLADEPOINT Total the time streaming of

cultivated streamer, these in for terms our results leading of operation Overall, see games. cycle of, full We the and for live we for market, streaming volume are pleasing new user sales, life the games. new engagement proportion

ecosystem. enabled improving game us system We our demonstrating efficiency. segments have game established operating platform, right the for our slight to foundation attracted track has additional with implement build are to content the on a of we our Furthermore, users diversified that

this think helps. I

Alex Poon

all. That’s you. Thank

Operator

Please go come today from next Sun Our Ritchie ahead. question of will HSBC.

Ritchie Sun

why Can in you. I marketing So few And that? traffic expand market will quarters? do the than much this that how line faster the growth. acquisition? of assess the trend expenses on the the management And how top effectiveness next does we grow noticed is comment can self-set Thank

Hao Cao

Okay. increased Sales China staffing additional features growth eSports expenses promotions new our and upgrade promotion teams. our consisted mainly utilizing along costs acquisition events to of for fees sponsorship promotional channels offerings. and mainly the for marketing for user with off-line of and and costs, increased content The year-over-year costs, online due product for expenses was from

efforts to increase to platform and more need As our mid-core strategy, in expand previously influence promotional games. coverage our attract our discussion, mentioned casual we and our regarding

efficiency analytics marketing carefully to our based will increase select appropriate on dynamic channels basis. evaluation data continued We a on marketing

back our continue user quality We will high-quality whose efficiency stop not channels, you. acquisition standards. cut or those delivering spending Thank the does users on spending to on meet channels, or and increase

Operator

Great. You. Thank

Okay. for At and any gentlemen, to our like conclude this back And will I'd question-and-answer closing management session. ladies to over this turn the time, conference remarks.

Lingling Kong

joining you look next every Bye. Thank call. you quarter. with for speaking one of our forward to We

Operator

disconnect your gentlemen, for and and attending has conference may and you we concluded Ladies thank now lines. today's the presentation you now

DouYu International Holdings Limited (DOYU) 16 Mar 222021 Q4 Earnings call transcript