Huya's Pivot to Game Services Is Finally Looking Credible
Huya's central strategic challenge is that its core business, game livestreaming, is in structural decline. Paying user counts in the livestreaming segment peaked above 6 million and had fallen to 4 million by 2025, when the company stopped disclosing the metric. The decline reflects users migrating to video platforms like Douyin, Kuaishou, and Bilibili, as they deepen their gaming-content libraries. We do not expect Huya's livestreaming user counts to recover. Huya has recognized this reality and responded with a transformation plan launched in 2023, the credibility of which has improved over the past two quarters.
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