TAIPEI, Nov. 1, 2019 /PRNewswire/ -- M17 Group, the leading social networking entertainment group in Developed Asia, announced today the acquisition of MeMe Live, a live streaming platform invested by FunPlus, with a focus on Asia-Pacific markets. As a result of this acquisition, M17's market share of the live streaming industry in Developed Asia will exceed 60% upon the integration of both companies' platform resources, content creators, and users. The acquisition will also accelerate the global acquisition footprint and expansion of operating bases of the group.
Joseph Phua, Co-Founder and CEO of M17 Group, says, "This acquisition is a crucial and strategic move for M17 Group. We have grown to become the predominant platform in Developed Asia, with focus on Japan, Taiwan and Hong Kong. As a leader in the global live streaming industry, we continue to focus on three strategic directions: Consolidation of global live streaming industry, expansion into new markets and content diversification. The acquisition of MeMe is the first of a few acquisitions we will complete in the near future."
Over the last 12 months, M17 Group has been focused on investing in various content types including music livestreaming, variety shows and live commerce. Coupled with the company's global push into markets like Japan and the US, MeMe's acquisition will enable M17 Group to further deepen its leadership worldwide and accelerate its sprint towards annual group revenues of over USD 1 billion.
Junnan Liang, CEO of MeMe Live, revealed that "MeMe Live is very excited to join M17 Group. They are market leader and have very strong operational and content synergies with the business we have built at MeMe Live in Taiwan, Japan and India." He added "As the entertainment streaming industry consolidates around a few large players, M17 Group was the obvious and preferred partner for us."
M17 Group, which was officially established in April 2017, is the holding group for the following brands: 17 Media, Paktor Group, HandsUP live commerce, and Unicorn Entertainment. Upon the completion of the acquisition, 17 Media and MeMe Live will continue to operate independently while exploring synergies through cross platform collaborations.
(The acquisition will be completed upon the approval of M17 Group's board directors and shareholders.)
SOURCE M17 Group