The Chinese entertainment industry is gradually globalizing
Chinese audio platform LIZHI INC (Chinese: 荔枝集团, NASDAQ:LIZI) released its Q3 2022 financial report on 16 November.
According to the report, LIZHI's net revenues in the third quarter of 2022 were CNY 565.2 million (USD 79.5 million), representing a 12% increase year-on-year. The average mobile MAUs (Monthly Active Users) was CNY 49.7 million, compared to CNY 58.9 million in Q3 2021. The average number of monthly paying users was 476.7 thousand, compared to 485.5 thousand in the same period of the previous year.
Founded in 2013, LIZHI is a well-known Chinese audio platform dedicated to meeting users' needs for audio entertainment and online social networking through a diverse product portfolio, enabling everyone to connect and interact through sound in a global audio ecosystem. The products of LIZHI include LIZHI Podcast, LIZHI App and TIYA.
Jinnan Lai, Founder and CEO of LIZHI, said, "In the third quarter of 2022, we remained focused on advancing our dual pillar approach of interactive entertainment plus audio-based social networking business and diversifying the product matrix through innovative product features. Internationally, we continued to enhance its globalization capabilities in the third quarter, further improving its international team building and actively exploring overseas market opportunities; enhancing our core technologies also empowered our global business expansion. Next, we will continue solidifying our core competencies, dedicated to creating greater value for our users and shareholders."
The domestic rivals of the firm include Dragonfly FM (Chinese: 蜻蜓FM) and Himalaya (Chinese: 喜马拉雅). LIZHI shares closed at USD 0.72 apiece today, with a market cap of USD 37.06 million.