Live.me Live-Streaming Startup Raises $60 Million to Take on YouTube, Facebook, Musical.ly

Live.me
Courtesy of Live.me

Live.me, a one-year-old startup that makes a live-streaming video app, has banked $60 million from investors including its majority owner, Chinese app developer Cheetah Mobile.

Live.me is in the race for leadership in the live-streaming app space, competing with the likes of YouTube, Facebook Live, Twitter’s Periscope, Musical.ly’s Live.ly, and YouNow. Cheetah Mobile said it will use the funding to invest in Live.me’s R&D and further improve its overseas operations.

The startup, based in the Cayman Islands, provides video-broadcasting video features with sticker overlays. Users can purchase digital “gifts” like emoji for their favorite live creators. According to Live.me, digital influencers using its platform include Roman Atwood, a popular YouTube prankster and vlogger.

Related

YouTube logo light Youtube youtube

YouTube Opens Mobile Live Video to Big Creators, Along With Paid Chat Option

With the funding round, Cheetah Mobile holds about 70% equity interest in Live.me, down from 90% previously, and retains control over the business. Other investors participating included Matrix Partners China, Evolution Media China, Gobi Partners, IDG Capital and Welight Capital.

“Since its launch, Live.me has demonstrated a track record of strong growth in user number, user engagement and number of paying users, particularly in the U.S. market,” Cheetah Mobile CEO Sheng Fu said in announcing the funding. “We will have more resources to build Live.me into a global social community through partnering with top financial institutions.”

Beijing-based Cheetah Mobile develops mobile app utilities, including for security and battery management. The company says it had 623 million mobile monthly active users worldwide as of December 2016, 81% located outside China.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Digital News from Variety

Loading