Paktor is likely the dating app you are most familiar with by now, and this Singaporean startup has grown to become a major driving force in Asia’s dating scene.
Previously we reported that Paktor has raised US$32.5 million in funding which will take them beyond just being a dating app, diving into the realm of “Social Entertainment”.
Well now we know what that meant, as today Paktor has announced a move that goes precisely in that direction.
Paktor Acquires Livestreaming App ’17’
Popular Asian livestreaming app ’17’ is the product of startup 17 Media from Taiwanese celebrity and media and entertainment entrepreneur, Jeffrey Huang.
Since 21015, achieved an initial six million downloads without paid marketing, seeing many popular East Asian celebrities on the platform, and ranking high in the App Stores of the US, China, Hong Kong, Taiwan, Singapore, Macau, Malaysia, and Indonesia.
In a move which will see Paktor Group CEO Joseph Phua taking over as 17 Media CEO, Paktor today has announced that they have entered into an agreement to acquire a controlling stake in the Taiwanese startup.
Jeffrey Huang will remain as a founder in the capacity of 17 Media’s chairman.
This acquisition will be the Singaporean startup’s first and with it, further diversifies their portfolio taking them into social entertainment and includes plans for the 17 app to expand into Paktor’s existing markets.
What This Means For Paktor And 17 Moving Forward
With this acquisition done, first on the agenda is to further accelerate the growth of the 17 app in the region using the fresh injection of funds, and propel it into becoming the top livestreaming and social entertainment platform.
CEO Joseph Phua says that while the 17 app can be considered a pioneer and leader in social entertainment which saw an explosive growth in users, “is still relatively nascent.”
Through strengthening content production and partnerships, and by adding further enhancements to the livestreaming platform, Paktor hopes to capitalise on the booming demand for mobile social entertainment in Asia.
17 Media will now be able to leverage on not just Paktor’s strong financial backing, but also the networks, strong physical presence, and experience on the ground in 8 countries in the region.
Saying that 17 Media has “found a partner that shares both our vision and passion”, Jeffrey Huang mentions that his company has now gained access to a platform with a large and growing consumer base in Asia, a proven management team and a solid foundation to take his app to the next level
Seeing the growing popularity of livestreaming in Singapore and the region, Paktor and 17 are poised to establish themselves a social entertainment ecosystem that offers tremendous growth opportunities for both the group as a whole.
Social entertainment will be the next big thing in Asia, and Paktor will be the one leading the charge.