The new entity will retain all, and expand many, of those services, which Phua told Tech Crunch are collectively on course to gross 0 million in annualized revenue based on its most recent month of business, and the recently announced Paktor Labs division.
Among the events at the party was a speed dating event where people taking part had eight minutes to chat to a date before moving on to the next.
More than 500 people succeeded in finding a potential date at the party, the report said.
The league was criticised, however, by the Communist Party’s anti-corruption agency last year for its self-serving attitude, with some connected to the group deemed to think of themselves as “political aristocrats”.
The barbs prompted a massive overhaul of the organisation.
One woman attending was quoted as saying that she felt the event was more trustworthy as it was organised by the youth league.
The new unit was established to meet the changing needs of young people, an official at the league in Zhejiang told the .
“We want to explore ways to monetize with audiences with traditional media using both existing and new stars,” he said, adding that M17 has begun housing new stars under its own talent agent.
“Celebs are finding monetization is very significant on live-streaming.” Phua didn’t diverge specific revenues for his company’s live-streaming services — other that it is “significant” — but he did say that 17 (the app) claims 15 million registered users.
All together, the apps claim a combined 50 million users.
Phua, who believes the firm can double its revenues before the end of this year, is particularly bullish around the potential of live-streaming.
“Live-streaming allows us to expand into numerous other areas, for example content production.