Taipei-based social media startup M17 Group has acquired MeMe Live, a live streaming platform focused on markets in the Asia Pacific region.
The company claims that the deal would bring its total market share of the live streaming industry in developed Asia to over 60% upon the integration of the two companies’ platform resources, content creators, and users.
The company also expects the acquisition to help it reach annual group revenues of over USD 1 billion, according to a statement.
“As a leader in the global live streaming industry, we continue to focus on three strategic directions: consolidation of the 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,” said M17 co-founder and CEO Joseph Phua.
Over the past year, M17 has been focused on investing in a variety of content types, including music live streaming, variety shows, and live commerce. It is also currently working on its expansion to Japan and the US.
Established in April 2017, M17 is the holding firm for Taiwanese live streaming portal 17 Media, Singapore-based dating app Paktor Group, business-to-business live commerce service HandsUP, and artist agency Unicorn Entertainment.
Upon the completion of the acquisition, 17 Media and MeMe Live will continue to operate independently from each other while exploring synergies through cross-platform partnerships.
The company did not disclose the financial details of the deal, which is contingent upon the approval of M17’s board of directors and shareholders.
Back in May 2019, M17 said that it has been profitable for the year so far. It also previously said it expects to hit USD 323 million in annualized revenue this year, as well as USD 323 million in annualized gross merchandise volume from its live and social commerce business.
The company filed for a USD 115 million initial public offering in the US in 2018 before dropping the target to USD 60.1 million. Its plan to go public was eventually scrapped on the day shares were supposed to begin trading, with the company saying that it had been suspended “due to issues related to the settlement of American depositary shares by specific IPO investors.”
This article first appeared on Tech in Asia.