TAIPEI, May 22, 2020 /PRNewswire/ -- M17 Entertainment Ltd., the leading live streaming entertainment platform in Developed Asia, today announced that it has sold Paktor Pte Ltd. to Kollective Ventures (KV). After the sale, M17 will focus on accelerating its core live streaming entertainment business in Japan and new markets, also to growing the live streaming market in Chinese speaking markets, Taiwan and Hong Kong. The sale allows Paktor and its portfolio of online dating and offline matchmaking assets in Taiwan and Southeast Asia to operate independently of M17 as part of Kollective Ventures.
"As our Japan live streaming business has skyrocketed, we found that we were unable to devote the same level of internal resources to dating business in SEA. Becoming independent will allow Paktor to control its own destiny as M17 focuses heavily on the future of its streaming services in our largest market, Japan. Live streaming entertainment market in Japan is expected to reach over US$1 billion by 2022. With recent Series D fundraising, we will devote our full efforts to building live streaming business in Japan and growing market share. We hope to continue working with Paktor on future business cooperation and will always value the synergy and teamwork between M17 and Paktor," said Shang Koo, CFO of M17.
Shn Juay, CEO of Paktor Group said, "We're excited to join the KV family. Paktor has firmly established itself as the leading dating group in the region and we believe with the support of KV's Managing Partner, Kheng Lian and her team, we will be able to push into high growth areas like video and voice dating. Global dating leaders have shown the immense size of these businesses but in Asia, the growth is only just starting."
About M17 Entertainment Limited
M17 Entertainment Limited operates the largest live streaming platform in Developed Asia. Anyone with a talent or a passion to share can be an artist and the Company's mission is to empower artists and entertain the world through its platforms. The Company's live interactive platforms include its flagship live entertainment streaming app 17LIVE (Livit in English markets), Meme Live and live streaming shopping platforms HandsUP and FBBuy. For more information about M17, please visit http://m17.asia/.
SOURCE M17 Entertainment Limited