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  "documentTitle": "Joyy Inc. (YY)",
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  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-18 00:00:00",
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      "text": "We estimate that most, perhaps as many as 90%, of the PUs were also performers.",
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      "text": "Following a pattern we have observed with YY and also found repeated in Bigo, many top contributors in the dating platform are also performers on the dating channels themselves. We estimate that most, perhaps as many as 90%, of the PUs were also performers.",
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      "kind": "paragraph",
      "text": "known “dating” channels, in which girls chat with or sing for male customers, constitute most, but not all, of the remainder of reported YY revenues.",
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      "text": "However, we found that these rooms contain levels of egregious revenue inflation similar to our findings on YY Live. We learned this by monitoring the dating rooms for gift revenues, inactive users, and PU overlap.",
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      "text": "Our investigators used data monitoring techniques to assess the dating rooms’ activity levels and revenues in Q1 2020. During the monitoring period, we observed that YY typically ran approximately 500 live broadcasting rooms daily. We further estimate that about half of the users in these rooms were “sit-in bots” - inactive users creating the appearance of an audience. The rooms typically showed little activity and some recorded near zero in contributions.",
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      "text": "In many cases, the same PUs were displayed as being present in multiple live broadcasting rooms at the same time, and approximately two-thirds or more of the top PU lists in various performers’ rooms were identical.",
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      "text": "A third-party Chinese data analytics app, the Big One (not related to Bigo) also noted a large delta in its revenue estimates, and expressed its belief that at least 20% of revenue from YY Live comes from its dating livestreaming business. Based on Q1 2020 reported revenues, this would equate to RMB ~513.4 million.",
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      "text": "We do not track ‘online dating’ channels on YY Live platform for all the time periods, which contributes to more than 20% of YY Live’s total live streaming revenue. — The Big One mobile app analytics data",
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      "text": "59-62 Footnotes detailing data sources and calculations.",
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