LIZHI INC. (“LIZHI”, “the Company” or the “LIZHI App”) (NASDAQ: LIZI), a leading online UGC audio community and interactive audio entertainment platform in China was recognized as an Innovative Media and Entertainment Platform in 2020 at the Global Future Technologies Conference 2020 hosted by iMedia Research, a world-leading mobile Internet third-party data mining and analysis institution.
The recognition followed the announcement of LIZHI’s financial performance for the second quarter of 2020, further underscoring the Company’s achievements bolstered by its technological innovation and audio-centric strategy. According to the unaudited financial results for the quarter ended June 30, 2020, LIZHI’s net revenues grew by 56% year-on-year to RMB350 million, while average mobile monthly active users increased to 55.9 million, a 29% growth compared to the same period last year.
Fuel Creativity with Technological Innovation
Since 2013, LIZHI has been driven by its unswerving commitment to building an immersive audio-centric UGC community where users from all walks of life can showcase their talent through voice. Technology is an essential focus of LIZHI through which the Company can create easy-to-use and intuitive creation tools for content creators to produce high-quality podcasts. The audio recording and editing functions of the LIZHI app feature audio-mixing and noise reduction, background music and special sound effects.
Powering up the platform with the latest functions, LIZHI seeks to maximize accessibility for new users to set up channels and empower experienced content creators to bring more immersive audio experiences to the community. In 2016, audio live-streaming was made available on LIZHI which unlocked a new way for content creators to engage users and reach a wider audience.
LIZHI has applied AI technology with advanced algorithms to content distribution and creation to help the medium to long-tail content creators to expand audience base. On top of it, big data analytical tools across LIZHI App also allows content creators to understand audience preferences.
Uphold Content Creators to Build up a Virtuous Community Ecosystem
LIZHI also seeks to strengthen content ecosystem by upholding content creators with various supportive programs and activities. As a result, the number of monthly active content creators has reached 6.15 million in the second quarter of 2020. Podcasts uploaded on LIZHI App have exceeded 215 million which brought the monthly average total interactions to 3.1 billion.
“In this quarter, we’ve further grew exclusive content creator base in order to enhance premium content offerings on our platform. We are dedicated to growing our platform for all kinds of talent creators to showcase their voice talent, grow their audience, and consequently achieve considerable income,” said Marco, Founder and CEO of LIZHI.
Rooted in creativity, the platform has seen numerous successful stories from content creators. Datong, a former staff of petrol station, has now become a talk show performer with over 310,000 followers. His success on LIZHI inspires him to establish a media company, help over 1,000 audio creators who dream of using their voices and creativity to spark inspirational careers.
In the second quarter, LIZHI continues to explore innovative commercialization models by launching of interactive and engaging activities to attract Gen Z users and has driven solid growth in paying user base. LIZHI manages to strengthen fan-based membership programs across its podcast and audio entertainment segments, further expanding user’s payment scenarios.
Looking forward, Marco said LIZHI would continue to expand its diversified UGC content library, attract, and cultivate more high-quality content creators, and build a highly interactive community that covers diversified features including social networking and audio entertainment.