M17 Group, a social networking entertainment group based in Taipei, Taiwan, has acquired Hong Kong-based MeMe Live, a live-streaming platform invested by FunPlus, with a focus on Asia-Pacific markets.
The acquisition will accelerate the global acquisition footprint and expansion of operating bases of the M17 Group.
Upon the completion of the acquisition, 17 Media and MeMe Live will continue to operate independently while exploring synergies through cross-platform collaborations.
As a result of this acquisition, M17 claims its market share of the live-streaming industry in developed Asia will exceed 60 per cent upon the integration of both companies’ platform resources, content creators, and users.
Coupled with the company’s global push into markets like Japan and the US, MeMe’s acquisition will enable M17 Group to deepen its footprint worldwide.
Joseph Phua, Co-founder and CEO of M17 Group, said, “This acquisition is a crucial and strategic move for M17 Group. We have grown to become the dominant 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 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.”
Established in April 2017, M17 Group has invested in various content types, including live music streaming, variety shows and live commerce, over the last 12 months. M17 Group is the holding group for 17 Media, Paktor Group, HandsUP live commerce, and Unicorn Entertainment.
In 2017, Singapore’s dating app Paktor announced a merger with its 17 Media to form M17, a company focused on social entertainment. Paktor had acquired a controlling interest Taiwan-based 17 Media for an undisclosed sum in 2016.
In December 2018, M17 Entertainment raised US$25 million in a round led by Terry Tsang, CEO of Hong Kong-based mobile game developer Madhead.