I'm not talking about the valuation and I think HUYA fits into that category. Most discussions still call it a livestreaming company, while the company seems to be putting more emphasis on gaming services and publishing. Could be totally wrong though. Any other names where you think Wall Street (or retail) is still using an outdated narrative?
Instead of fighting to keep users strictly contained within the HUYA Live app, the company decentralized its reach. HUYA accepted that its audience and its creators live across the broader internet ecosystem.
The clearest proof of concept for this narrative is the lifecycle of Goose Duck mobile. HUYA would take a thin margin on the ad spend, and the long-term value went entirely to the developer. The final chapter of this structural switch is reflected in the margin profile. Traditional streaming carries heavy revenue-sharing overhead. Software utilities, game publishing, and targeted advertising carry significantly higher gross margins.