Social and Audio Entertainment Company LIZHI Accelerated Growth Through Technological Innovation in 2021
GUANGZHOU, China, Jan. 04, 2022 (GLOBE NEWSWIRE) -- LIZHI INC. ("LIZHI" or the "Company") (NASDAQ: LIZI), an audio-based social and entertainment platform, concludes a remarkable year of growth that saw the Company hit several major milestones throughout 2021, from expanding its global presence to enhancing its product portfolio and technology.
With the development of LIZHI’s global audio ecosystem, LIZHI is dedicated to satisfying user demands through diversified social and interactive entertainment products. While LIZHI was originally known for its flagship LIZHI App, the Company has since diversified its products to include global hit social app TIYA and the vertical podcast platform LIZHI Podcast App. The products are powered by the Company’s proprietary real-time communication (RTC) technology – dubbed the DOREME audio technology solution – which allows for a smoother and more stable audio streaming and livestreaming experience.
LIZHI’s major milestones in 2021:
- Top-line growth: Revenue in the first nine months reached RMB1.56 billion, surpassing its 2020 full-year revenue.
- Global expansion: The Company’s global social networking platform TIYA App has been rolled out in overseas markets, including the U.S., and has been improving its user experience, innovating and adapting to a diverse range of social scenarios, and catering to the social needs of the younger generation.
- Multi-device development: Integrated LIZHI’s in-car audio products into new usage scenarios through forging partnerships with major vehicle manufacturers and Internet of Vehicles companies.
- Technology advancement: Contributed to technological innovation through the improvement of LIZHI’s in-house DOREME audio technology solution and development of its in-house instant messaging (IM) technology, both of which provide tailored features for the Company’s various products.
- Industry recognition: Recognized by multiple tech awards, including being lauded as one of China’s Top 100 Internet Companies for a third consecutive year.
LIZHI expands its social media presence globally
In October 2020, LIZHI launched its global social networking platform, the TIYA App, in the U.S. market and officially tapped into the international market. Powered by innovative product features, TIYA App has quickly gained broad attention in the U.S. market. In 2021, LIZHI continued to expand into the international market and decisively implemented the Company’s globalization strategy. LIZHI remains focused on improving its user experience and optimizing product features with its enhanced audio technology and algorithm system, which aims to meet the social demands of the younger generation in the international market, enhance the network effect of LIZHI’s products, and promote sustainable business growth.
In September 2021, LIZHI launched the “My Friends” live status feature on the TIYA App, which was designed to redefine the traditional contact list found in most social products. The new feature uses an algorithm-based recommendation engine to simplify how users can find and interact online with friends with shared interests and discover their friends’ social desires and status. It allows users to participate in activities of diverse topics, encouraging more user interaction in real time with existing contacts.
In addition, more innovative product functions and tools, including mini games, screen sharing, and interest groups were introduced on the TIYA App. These features enable users to participate in various online social activities, including teaming up to play mobile games, sharing screens as they watch a movie or video, and studying or chatting online. These features reinforce users’ friendship bonds on the platform and enhance the online social experience.
Integrating LIZHI’s product portfolio into new usage scenarios
In 2021, LIZHI has been dedicated to technology innovation in the field of in-vehicle podcasts; improving and optimizing the auto entertainment experience; and cooperating with many auto companies and Internet of Vehicles platforms including Tencent WeScenario, Huawei HarmonyOS, XPeng Motors, Li Auto, WM Motor, and HiPhi. LIZHI has integrated its online audio products into in-car intelligent entertainment systems and collaborated with automotive companies to explore increased engagement with more end-users and in a greater variety of scenarios, as well as create a boutique podcast platform with innovative products and technologies that provide users with a better in-car audio experience.
LIZHI launched a new Livestream Podcast feature on the LIZHI Podcast App in April. As the first platform in China to offer its community of users livestreaming podcasts for the in-car scenario, LIZHI Podcast is dedicated to promoting real-time engagement between talented podcast content creators and LIZHI Podcast users. Livestream Podcast features have been added to vehicles from well-known automakers such as XPeng Motors and in-car entertainment systems like Huawei’s HarmonyOS ecosystem. This fresh new mode of interactive audio entertainment allows participants and content creators to have organic conversations and interactions on both the mobile application and in the in-car scenario.
Advancing the development of LIZHI’s in-house technology
Working tirelessly to also enhance its products’ user experience, LIZHI has improved its foundational DOREME audio technology solution, which combines real-time communication (RTC) technology and audio data transmission with noise reduction, voice quality optimization, and 3D enhancements. DOREME’s RTC technology is designed to bolster the software infrastructure for LIZHI’s products to reduce voice delay, which makes real-time multi-user on-air interaction seamless and natural. DOREME ensures a superior audio experience with improved sound quality and specifically supports LIZHI apps’ livestream feature across different usage scenarios, making it compatible with more in-car operating systems and Internet of Vehicles platforms.
LIZHI is also stepping up the development of its in-house IM technology, which is designed to provide more tailored features for various products and help improve users’ interactive experiences through customized technological innovation.
For in-car usage scenarios, LIZHI has rolled out new audio functions – voice search and voice-activated control – on its in-car audio products, providing vehicle users with an enhanced interactive experience as they navigate and listen to LIZHI’s extensive library of audio content. In collaboration with Huawei HarmonyOS, LIZHI also launched its “one-click seamless connectivity” feature, which supports the cross-screen connection and use of LIZHI’s in-car audio products between HarmonyOS-equipped devices for an uninterrupted podcast experience.
Themed activities grow user engagement and give back to the community
During the past year, LIZHI successfully organized a series of themed events and activities to provide users with new and exciting ways to interact, thereby increasing user engagement and enhancing its community-oriented atmosphere. Collaborating with the Aranya Theater Festival and Midnightalks Podcast Network, LIZHI launched the “Migratory Birds Live Radio” project – China’s first 300-hour non-stop live audio broadcast featuring 300 diverse content creators from across China.
In June 2021, LIZHI hosted the “Voices of Science and Technology Week” online forum, which spotlighted the core theme of technology. The event created the first themed forum for a live podcast in China and also invited renowned participants and hosts from diverse backgrounds to take an in-depth look at the technology industry through the new Livestream Podcasts function.
In late 2021, LIZHI hosted the online “2021 LIZHI Annual Gala” series of competitions recognizing outstanding individuals from LIZHI’s content creator community. This online event is designed to empower content creators and encourage content creation, as well as increase user engagement on the LIZHI platform.
In addition, LIZHI gave back to the community by actively engaging in corporate social responsibility events and activities as a content community platform. For example, on National Disability Day, LIZHI released a short documentary film to highlight the stories of its young audio content creators with physical disabilities. These creators showcased their vocal talents on the LIZHI App by creating an audio program titled “Seeing the World with Your Ears”. LIZHI hopes to empower young people with physical disabilities to express themselves through their voices using the influence of the Company’s platforms.
An award-winning company
To top off a standout year, LIZHI has racked up a slew of industry accolades in 2021 – recognizing the Company’s notable achievements in the online audio industry as well as its advancements in and contributions to technological innovation and development.
Most recently, LIZHI was named one of China’s Top 100 Internet Companies for the third year in a row by the Internet Society of China, and among the “Top 20 Internet Companies in Guangzhou in 2021” and “Most Innovative Internet Companies in 2021” by the Guangzhou Internet Society in late October.
LIZHI continued to strengthen its proprietary technological capabilities with a focus on the core technology advancement. As a member of the Pilot Enterprise Cooperation Alliance of Online Audiovisual Industry in Guangdong Province, LIZHI’s Audio Engineering Technology Research Center has also been recognized by the Guangdong Science and Technology Department on its 2021 list of Engineering Technology Research Centers of Guangdong Province. Leveraging LIZHI’s expertise in technology and years of experience in the industry, LIZHI also initiated and established the Pilot Enterprise Cooperation Alliance of Online Audiovisual Industry in Guangdong Province with nine other pilot enterprises of the online audiovisual industry in Guangdong in April 2021.
LIZHI’s products have also received multiple prestigious accolades. In May, LIZHI Podcast was recommended by Apple’s App Store as one of its featured apps. LIZHI Podcast is the first Chinese podcast app to be recommended by the App Store in the China market – a major milestone for the app since its launch. LIZHI Podcast was also officially recommended by Li Auto and XPeng’s App Store – gaining more attention and recommendation from users. With technological innovation and the continued cultivation of high-quality content, LIZHI Podcast received the “Certification of Intelligent Vehicle Field” from the Huawei Yaoxing (Shining Star) Program and became one of the ecosystem partners of Huawei’s “HMS Core Capability Access” app development framework in August 2021. In December 2021, LIZHI Podcast was selected by Huawei as one of its "2021 Huawei Smart Car Solutions’ Outstanding Partners".
About LIZHI INC.
LIZHI INC. has created a comprehensive audio-based social ecosystem with a global presence. The Company aims to cater to users’ interests in audio entertainment and social networking through its product portfolios. LIZHI INC. envisions an audio ecosystem where everyone can be connected and interact through voices. LIZHI INC. has been listed on Nasdaq since January 2020.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
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