Meitu eyes profit growth through diversification

Selfie application maker Meitu Inc will launch more internet value-added services - such as games, reading services and claw machines - as well as premium-priced smartphones and beauty-related smart hardware this year, a move that will diversify its monetization channels.

Wu Xinhong, founder and CEO of Meitu, said the company will continue to invest significantly in research and development, particularly in artificial intelligence, augmented reality and computer vision, adding "AI, which could provide more personalized services for users, is the future trend".

From a monetization perspective, the Xiamen-based company will continue to scale up its advertising business. The revenue from online advertising increased by more than four times year-on-year to 307.5 million yuan ($48.5 million) in 2017, according to its annual results.