Sep. 22 at 11:15 AM
$HUYA Advertising revenues Q1-2 2025 =
$107 million total.
Total revenues for 2025 will likely be between
$240 million and
$270 million.
In 2026, Huya is likely to reach 180-190 million MAUs (average active users) and reach
$350-380 million in advertising revenues!
I remind all investors that traditional revenues are currently stagnant at
$150-160 million per quarter, or
$600-650 million annually. BUT, even here, Huya is demonstrating its desire to change something.
Margins are 13.5%, very low because core revenues are stagnant, but it's likely that after years of a difficult market, something will start working again.
Core revenues will also likely increase in 2026, both due to active paid users and the enormous growth in huya's game offering. There will be major changes underway, and I look forward to seeing margins of 17-19% next year, with a strong increase in advertising R and a 10-15% recovery in traditional revenue.
$1.1/1.2 b revenues with 17/19% gross margin is possible
