On the evening of November 12th, Huya released its financial report for the third quarter of 2024. According to the financial report, Huya's total revenue for the quarter reached 1.54 billion yuan, a decrease of 7.4% from 1.664 billion yuan in the same period last year. Under non GAAP accounting standards, the net profit attributable to Huya Company was 78 million yuan, a decrease of 27% from the same period last year, which was 107 million yuan.
By sector, revenue from gaming related services, advertising, and other businesses increased by 209.3% year-on-year to 410 million yuan. Huang Junhong, Co CEO and Senior Vice President of Huya Company, mentioned the growth in gaming related services during the quarterly report analyst conference call, stating that the revenue reached a historic high, accounting for 26.7% of the total revenue.
Revenue from gaming related services, advertising, and other businesses has increased by over 2 times
In the third quarter of 2024, by sector, game related services, advertising, and other revenue (formerly known as advertising and other revenue) amounted to RMB 410.2 million, compared to RMB 132.6 million in the same period of 2023, a year-on-year increase of 209.3%.
Huang Junhong, Co CEO and Senior Vice President of Huya Company, mentioned the growth in gaming related services during the quarterly report analyst conference call, stating that the revenue reached a historic high, accounting for 26.7% of the total revenue. Lei Peng, Co CEO and CFO of Huya Company, also mentioned that in order to support strategic transformation, Huya has proactively adjusted its business structure and operated prudently. In the third quarter, gaming related services, advertising, and other businesses grew rapidly, with revenue increasing by 209.3% year-on-year and 32.9% month on month.
The live streaming revenue in the third quarter was RMB 1.1275 billion (USD 160.7 million), compared to RMB 1.5317 billion in the same period of 2023, a decrease of 21% year-on-year. The financial report stated that this was mainly due to the continued impact of macroeconomic and industry environment, as well as the company's proactive business adjustments to support strategic transformation and prudent operation.
In terms of shareholder returns, as of the end of September 2024, the company has repurchased $61.1 million worth of Huya shares through a stock buyback program. This year, Huya also returned approximately $400 million to shareholders through two special cash dividends. Huya Company will be committed to consolidating its financial and operational performance, and creating greater value for shareholders.
Game related services boost paid user growth by 9.5%
In terms of user count, Huya Mobile's MAU in the third quarter was 84 million, a decrease of 2 million compared to the same period last year's 86 million. The number of paying users increased by 9.5% year-on-year to 4.6 million. Lei Peng mentioned during the earnings conference call that more users paid for game related services, driving a year-on-year growth of 9.5% to 4.6 million paying users in the third quarter.
In terms of upgrading the platform ecosystem, Huya Company continues to strengthen cooperation with multiple content platforms in cross platform live streaming, professional content co production, and selectively distributes attractive game live streaming and video content on the Huya platform to the Tencent ecosystem and other content platforms. Thanks to the above measures, it is estimated that in September of this year, the total number of users reached by Huya's content ecosystem exceeded 140 million.
In terms of game related services, game distribution, game prop sales, and game advertising business continue to make progress. In terms of game distribution, Huya Company has closely cooperated with game developers on the launch of new games, version updates, and related operational activities, and has encouraged hosts to participate in game distribution services. In the third quarter, the total revenue of games distributed through Huya's distribution channel was more than 20 times that of the same period last year, including popular games such as "King of Glory", "Dragon Saber", "Dungeon&Fighter: Origins", "QQ Speed Mobile Game", and "Peace Elite".
Southern Metropolis Daily reporters have noticed that in the third quarter, Huya launched the barrage gameplay feature of "King of Glory" for the first time in the live streaming industry. Under this feature, viewers can activate special skill cards that affect the host's game situation by sending bullet comments or giving gifts in the host's live broadcast room, creating unique gameplay scenarios and bringing more interesting live content.