For 1HFY2025 ended June 30, 17Live reported operating revenue of US$81.1 million ($103.7 million), down 19.8% y-o-y from US$101.2 million. However, operating revenue for 2QFY2025 came in at US$41 million, up from US$40.1 million in 1QFY2025. Jiang acknowledges the annual drop but stresses that the sequential improvement is the more important indicator. “Although y-o-y is down … we have more to look forward to, knowing that our strategy has paid off. We are confident we can see growth soon,” adds Jiang.
Still, for 1HFY2025, the company posted a net loss attributable to owners of US$4.6 million. Jiang attributes this to accounting treatment under financial reporting standards that require foreign exchange losses to be included in the accounts. Jiang claims that 17Live is “making money” and that the profits are realised under its operating income, which came in higher at US$2.4 million in 1HFY2025 from US$1.3 million in 1HFY2024.
“We are confident that we are profitable. That is the reason that has driven us to declare a dividend for the first half period,” says Jiang, referring to the maiden dividend of 1.5 cents per share.
That 17Live is willing to pay a dividend is indeed unusual. Companies in the growth mode tend to conserve their cash to fund their expansion with the expectation that capital gains will follow. On the other hand, dividends are often seen as a consolation for shareholders.
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“We are confident of our profit-making capabilities as well as cash-flow capabilities,” says Jiang. According to him, “this [profitability] is not a one-time thing” and is a fruit of the company’s labour, which was introduced as a new strategy in 3QFY2024.
In her Aug 14 report, Liu Miaomiao of PhillipCapital has kept her “buy” call and $1.28 target price for this counter, which is trading at around 20 times FY2025 earnings. The 1HFY2025 earnings came in below her expectations but Liu expects more meaningful contributions in the current 2HFY2025. She points out that 17Live now holds US$82.2 million in cash, equivalent to more than 50% of its market capitalisation. “We expect a consistent dividend policy now that it has turned profitable,” says Liu. 17Live shares closed at $1.05 on Aug 13, which is a far cry from the original $5 spac IPO price.
Strategy in action
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The latest results reflect initiatives Jiang has been implementing since taking over in August 2024, when he rolled out the “Forward Strategy” built on three pillars: strengthening the core business of live streamers, diversifying revenue streams and forming strategic partnerships. Many of these moves have now begun to yield tangible results.
Central to the plan is recruiting and retaining a strong pool of live-streamers, known as “Livers”, in its key markets of Japan, Taiwan and Hong Kong. “Livers must live stream meaningful content,” says Jiang. By being more selective in onboarding Livers onto its platform and prioritising content with quality and purpose, 17Live sets itself apart from other platforms.
The initiative meant expanding partnerships with agencies and physically reaching out to more regions in Japan. Jiang shares that the group had expanded partnerships in other prefectures in Japan, such as Osaka, Nagoya and Hokkaido. “The expansion allowed more Livers to come in. When more Livers come in, more content is generated and more people will come in and the wheel starts to turn.”
Event programming has also been part of the retention strategy. Jiang had previously highlighted that 17Live runs over 60 online and offline events monthly, ranging from Halloween specials to anniversary showcases, to engage both Livers and fans. In Japan, where an oshikatsu fan subculture thrives, fans engage in activities to support their favourite celebrities, idols, creators and live-streamers, driving high spending at such events, which are critical to revenue generation.
On the technology side, 17Live has introduced features tailored for both human and virtual streamers. For V-Livers, or virtual streamers who use animated avatars, new functions include “V-Expression” for custom animations and “V-Fusion” to integrate avatars with real-world backgrounds. This is popularly known as version 2.5 live stream. Jiang says these additions “allow more interactive and creative performances” and are complemented by artificial intelligence-enabled co-hosts, mini games and interactive assistants to keep viewers engaged.
The company’s V-Liver unit has grown rapidly, aided by acquisitions such as N Craft and the launch of new intellectual property (IP), including esports talent Nana Hoshi Nana-san.
Jiang says that the IP business is still somewhat nascent but is showing promising growth. The IPs of these V-Livers are mainly presented on YouTube, as well as 17Live’s platform. Jiang says that these “mid-tier” talents have about 300,000 followers and rake in about US$100,000 in revenue annually. He notes that strong subscriber growth and engagement on YouTube are signs of eventual monetisation through “super chats” and merchandise.
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Unlike competitors that either focus solely on IP management or act purely as streaming platforms, 17Live combines both roles. Japanese-listed Anycolor and Cover Corp manage talent IP on platforms like YouTube, while providers such as Iriam and Reality offer the tech infrastructure without owning IP. 17Live’s business model does both, as it can control both content creation and its monetisation channels.
17Live’s third pillar of diversification has also seen progress. Live commerce, first piloted in cross-border form from Japan to Taiwan last year, has now expanded into a “total solution” service for Japanese clients. Jiang says that this allows sellers to leverage 17Live’s talent network and production capabilities across multiple sales channels, including TikTok Shop, which entered Japan in June. This segment, along with V-Liver and the Wave audio-streaming unit, contributed 11.6% of total net revenue in 1HFY2025.
Live commerce is showing early signs of promise. The group’s OrderPally platform in Taiwan connects over 1,000 key trendsetters with Japanese vendors streaming through HandsUp, with full payment channel integration to streamline settlements. Popular merchandise categories include baby and mother products, women’s apparel and goods branded with idols, celebs, cartoon characters or live streamers.
Profitability and partnerships
17Live’s first-half results showed operating income rising to US$2.4 million from US$1.3 million a year earlier, with operating margins improving to 3% from 1.3% on tighter cost control and more efficient monetisation. Cash and cash equivalents stood at US$82.2 million as at June 30, up from US$79.2 million at the end of 2024, despite share buybacks of nearly US$2 million. Operating cash flow stood at US$4.1 million.
Jiang shares that the group’s focus is on sustainable, profitable growth. “We are not doing something short-term. We have taken a longer, more difficult route, but we think it is the more correct path,” says Jiang.
Partnerships form the third pillar of the Forward Strategy. While 17Live’s footprint in Southeast Asia remains limited, earlier moves include a collaboration with venture capital firm AppWorks to co-invest in media and entertainment ventures, and a partnership with listed peer mm2 Asia to explore live-streaming content opportunities. In the latest presentation, Jiang says the group will be “very cautious” with acquisitions but is open to deals “impactful to the group” by expanding into new geographies or strengthening core businesses in Japan and Taiwan.
In the competitive Japanese V-Liver market, where players such as Anycolor, Cover Corp, Iriam and Reality compete alongside smaller agencies, Jiang believes 17Live’s integrated model and growing IP stable can carve out a niche. The continued roll-out of new features, geographic expansion within Japan, and diversification into live commerce and audio streaming are all aimed at reinforcing that foothold.
Looking ahead, 17Live will build on the operational momentum established in 1HFY2025 with a sharpened focus on platform innovation, ecosystem expansion, and sustainable growth. A key strategic priority will be enhancing its Voice of Customer (VOC) infrastructure. By strengthening real-time feedback loops between users, streamers and internal product teams, the group aims to accelerate feature development, optimise monetisation tools and deliver a more personalised and responsive user experience.
17Live will also deepen creator engagement through the continued development of Liver and VIP partnership programmes, online and offline community activities, and tiered incentive systems that foster long-term loyalty.
Product innovation also remains central to the group’s roadmap. It will continue to scale its AI-driven features, expand the functionality of its AI-powered co-host and explore new opportunities in virtual gifting, digital commerce and dynamic content curation.
Jiang plans to enhance its existing and new segments while staying profitable. “We are committed to delivering values and profitable growth going forward for all our shareholders,” he says, adding that the group is well-positioned to build on the positive results achieved in 1HFY2025 and capture long-term growth in Asia’s dynamic creator economy.
