Meitu to focus on internet services, social media for higher revenue

Selfie application maker Meitu Inc is accelerating its monetization efforts through paid subscription, audio streaming, virtual makeup and other internet value-added services as the company is shifting to an asset-light business model after licensing its hardware business to smartphone heavyweight Xiaomi Corp.

Industry insiders said Meitu has adjusted its strategy and is concentrating on social media and internet services to garner higher margins, boost advertising revenue and enhance user engagement.

The company reported its total revenue dropped by 4.7 percent to 464 million yuan ($64.7 million) in the first half of 2019, while its net loss declined 41.4 percent to 171.7 million yuan compared with the same period last year.