--- title: "Yidui's IPO: Dating App or Live-Streaming Giant?" description: "Yidui's 16.4% paying user rate and $570M revenue raise questions: Is it a dating app or a live-streaming platform? The IPO will test investor perceptions." lang: en-GB json-ld: | [ [ { "@context": "https://schema.org", "@type": "NewsArticle", "headline": "Yidui's IPO: Is It a Dating App or a Live-Streaming Giant?", "description": "Yidui's 16.4% paying user rate and $570M revenue raise questions: Is it a dating app or a live-streaming platform? The IPO will test investor perceptions.", "abstract": "Yidui's 16.4% paying user rate and $570M revenue raise questions: Is it a dating app or a live-streaming platform? 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[Home](/) 2. [News](/news) 3. [Financial & Investor](/news) 4. Yidui's IPO: Is It a Dating App or a Live-Streaming Giant? ![A mobile smartphone displaying a three-way video call interface featuring two dating participants and a professional host.](https://images.pexels.com/photos/36024151/pexels-photo-36024151.jpeg?auto=compress&cs=tinysrgb&w=1200&h=220&fit=crop&fm=webp&q=50&dpr=1) A mobile smartphone displaying a three-way video call interface featuring two dating participants and a professional host. [Financial & Investor](/news?category=financial-intelligence) # Yidui's IPO: Is It a Dating App or a Live-Streaming Giant? By [DII Financial Intelligence Desk](/author/financial-intelligence)· April 8, 2026· 7 min read [](https://x.com/intent/post?url=https%3A%2F%2Fwww.datingindustryinsights.com%2Fnews%2Flive-host-dating-app-hong-kong&text=Yidui's%20IPO%3A%20Is%20It%20a%20Dating%20App%20or%20a%20Live-Streaming%20Giant%3F)[](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.datingindustryinsights.com%2Fnews%2Flive-host-dating-app-hong-kong)[](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.datingindustryinsights.com%2Fnews%2Flive-host-dating-app-hong-kong) Reviewed and updated: July 31, 2026 A A ## Key Points - • Chinese dating platform Yidui reported 570 million dollars in revenue and 65.2 million dollars in operating profit for fiscal 2024 before refiling for a Hong Kong IPO. - • Yidui achieves a 16.4 per cent paying user conversion rate, significantly outperforming Western competitors like Tinder and Bumble that convert between three and five per cent. - • Virtual gifts generated 98.7 per cent of Yidui's fiscal 2024 revenue, while traditional subscription services accounted for just 1.3 per cent of total sales. - • Yidui engages 193,000 paid human hosts to facilitate three-way video dates between strangers, driving an average revenue per paying user of 174 dollars in 2024. A Chinese dating platform that deploys nearly 200,000 professional hosts to sit in on video dates has tripled its profits and is heading for a Hong Kong IPO with financials that dwarf Western competitors on key metrics. Yidui's conversion rate of paying users reaches 16.4%—more than three times what Tinder achieves—but the revenue model looks less like matchmaking and more like live-streaming entertainment with romantic overtones. The company has now [refiled for a Hong Kong IPO](https://www.globaldatinginsights.com/featured/major-chinese-dating-app-operator-milian-technology-files-ipo/) after withdrawing an earlier attempt in late 2023. The mechanics are straightforward: two users interested in each other jump on a three-way video call with a professional host who facilitates conversation, breaks silences, and generally plays digital wingman. Users pay for this service overwhelmingly through virtual gifts—think live-streaming economics grafted onto dating—rather than subscriptions. Virtual gifts accounted for 98.7% of revenue in fiscal 2024, with subscription revenue barely registering at 1.3%, or roughly $7.4M. ![Video call conversation with multiple participants on screen](https://images.pexels.com/photos/36024145/pexels-photo-36024145.jpeg) Video call conversation with multiple participants on screen What's striking isn't the model itself—live-streaming platforms across Asia have used paid hosts for years—but the scale and the conversion rate. Yidui's 16.4% paying user base compares favourably to Western swipe-based platforms, where conversion typically hovers between 3% and 5% for premium tiers. Tinder's conversion to paying subscribers sits at roughly 4%, according to [Match Group](/news/the-league-dating-app-india-launch)'s most recent disclosures, whilst Bumble operates in a similar range based on industry estimates. ### Create a free account Unlock unlimited access and get the weekly briefing delivered to your inbox. Register free No spam. No password. We'll send a one-time link to confirm your email. > This is either the most successful dating product innovation of the decade or proof that live-streaming entertainment in a dating wrapper monetises better than actual matchmaking. The 16.4% paying rate tells you something works—but the 98.7% virtual gift revenue split tells you what's working might not be romance. If hosts are incentivised by prolonged interaction rather than successful matches—and the filing doesn't clarify commission structures—then Yidui has built a brilliantly effective entertainment business that happens to involve two people who might fancy each other. ## Revenue model raises definitional questions The virtual gift economy presents a challenge for anyone trying to benchmark Yidui against dating peers. Live-streaming platforms like Momo (owned by [Hello Group](/news/happn-global-expansion-hello-group-acquisition)) or Douyin operate on identical revenue mechanics: users purchase virtual items and send them to hosts or performers during live broadcasts. Hosts take a commission, the platform takes a cut, and engagement drives revenue—not outcomes like matches, dates, or relationships. Yidui describes its hosts as professionals trained to 'help shy or socially awkward users break the ice and facilitate meaningful conversation', according to the IPO prospectus. That framing positions the service as dating enablement. The revenue data suggests users are paying for company, entertainment, or validation—outcomes more commonly associated with live-streaming or even companionship services than traditional dating apps. ![Mobile phone displaying dating app interface](https://images.pexels.com/photos/707667/pexels-photo-707667.jpeg) Mobile phone displaying dating app interface The question isn't whether this model works. Clearly it does—Yidui's average revenue per paying user clocked in at $174 for fiscal 2024, up from $145 the previous year. The question is whether this is a dating company or a live entertainment platform with romantic subtext. That distinction matters for operators elsewhere considering whether human facilitation could address retention and monetisation challenges in swipe-fatigued markets. ## Commission structures and the incentive problem The IPO filing discloses that Yidui's 193,000 hosts work on commission but doesn't specify how that commission is calculated. Are hosts rewarded for successful matches? For time spent on calls? For the volume or value of virtual gifts sent during sessions? The structure determines whether hosts are aligned with user dating outcomes or with maximising session length and gift-sending behaviour. If the latter, Yidui has effectively created a gig economy of professional third wheels whose income depends on keeping users engaged and spending, not on whether those users eventually meet, date, or delete the app. That's not necessarily problematic—plenty of businesses monetise attention rather than outcomes—but it does make the product categorically different from platforms that charge subscriptions tied to profile visibility, unlimited swipes, or advanced filters. > Yidui has effectively created a gig economy of professional third wheels whose income depends on keeping users engaged and spending, not on whether those users eventually meet, date, or delete the app. The model also raises obvious trust and safety questions. Yidui mentions 'romance scams' as a disclosed risk but provides no incident data, mitigation protocols, or specific safeguards beyond general platform monitoring. A three-way video format theoretically reduces certain scam vectors—it's harder to catfish when a third party is present and video is mandatory—but introduces others. Hosts could coordinate with one party to extract gifts from the other, or users might develop parasocial attachment to hosts rather than matches. ## Market context: Hello Group stumbles, AI rivals push different thesis The IPO timing benefits from turbulence at Yidui's primary competitor. [Hello Group](/companies/hello-group), which operates Momo and Tantan, disclosed in January 2025 that Chinese tax authorities are investigating the company for potential underreporting of income between 2020 and 2024. Hello Group's user base has also declined—Momo's paying user count dropped to 8.8 million in Q3 2024, down from 9.6 million a year earlier. Meanwhile, Soulgate—another Chinese dating platform that filed for a Hong Kong IPO in late 2024—has taken the opposite strategic bet. Soulgate emphasises AI-driven features, virtual avatars, and asynchronous interaction. Where Yidui bets on human facilitation, Soulgate is automating connection. Both companies are essentially running controlled experiments on what Chinese users want from dating platforms: high-touch human mediation or high-tech algorithmic matching. ![Person using smartphone for video communication](https://images.pexels.com/photos/36024141/pexels-photo-36024141.jpeg) Person using smartphone for video communication The contrast matters beyond China. Western operators watching both models could draw different lessons. Yidui's success suggests [swipe fatigue](/glossary/swipe-fatigue) and low engagement might be solvable through labour-intensive human intervention, albeit at a cost structure that doesn't obviously translate outside markets with large, affordable gig workforces. Soulgate's approach—leaning into AI, gamification, and virtual interaction—maps more closely to where [Tinder](/news/tinder-requires-face-scans-netherlands), Bumble, and others are already investing product resources. ## What this means for operators outside China Yidui's 16.4% paying conversion rate will turn heads in product and growth teams across the industry. That number alone invites the question: could human facilitation work in Western markets? The honest answer is probably not at this cost structure or revenue model. Yidui operates in a market where live-streaming gift economies are culturally embedded and labour costs allow for a 193,000-person host network. Replicating that in the UK or US—where minimum wage laws, employment regulations, and cultural expectations around tipping and virtual gifts differ—would require a fundamentally different economic model. But the broader principle—that users might pay significantly more for facilitated interaction than self-directed swiping—deserves attention. [Match Group](/companies/match-group) experimented with video dating features during COVID lockdowns and saw uptick in engagement, but never monetised it directly. Bumble introduced video and voice call prompts but similarly treats them as engagement features rather than revenue drivers. Neither platform charges specifically for facilitated introductions or mediated conversations. A lighter-touch version might work: imagine a premium tier where trained facilitators offer optional 10-minute icebreaker video calls between matches, charged per session rather than as part of a flat subscription. The economics would differ—probably closer to coaching or [concierge](/products/concierge) services than entertainment—but the hypothesis is testable: users will pay more for help than for access. The IPO filing doesn't disclose a timeline for the listing, but the financials position Yidui as [one of the most profitable dating-adjacent platforms](https://eu.36kr.com/en/p/3515542381042564) globally by margin. Operating profit margin hit 11.4% for fiscal 2024. Whether investors price it as a dating company, [a live-streaming platform, or something in between](https://thebambooworks.com/digital-matchmaker-milian-looks-for-love-from-hong-kong-investors/) will determine how seriously Western operators take the model. ## Key Takeaways - • Investors must evaluate whether Yidui should be valued as a matchmaking service or a live-streaming entertainment platform, given that almost all revenue stems from virtual gift tipping. - • Western dating operators looking to address swipe fatigue through human facilitation face economic hurdles, as Yidui relies heavily on China's low-cost gig workforce and established virtual gift culture. - • The lack of disclosure regarding host commission structures creates compliance and strategic uncertainty about whether platform incentives align with successful matchmaking or prolonged session length. ## Frequently Asked Questions ### What is Yidui's paying user conversion rate? ### How does Yidui generate revenue? ### How many hosts does Yidui use for video dates? ### What were Yidui's fiscal 2024 financial results? Cite this article [Funding & Investment](/tag/funding-investment)[Matchmaking](/tag/matchmaking)[Monetisation](/tag/monetisation) D [DII Financial Intelligence Desk](/author/financial-intelligence) Financial Intelligence Desk The DII Financial Intelligence Desk covers earnings, valuations, funding and the financial performance of the global online dating industry. [More articles by DII Financial Intelligence Desk](/author/financial-intelligence) ### In this article - [Revenue model raises definitional questions](#section-0-revenue-model-raises-definitional-questions) - [Commission structures and the incentive problem](#section-1-commission-structures-and-the-incentive-problem) - [Market context: Hello Group stumbles, AI rivals push different thesis](#section-2-market-context-hello-group-stumbles-ai-rivals-push-different-thesis) - [What this means for operators outside China](#section-3-what-this-means-for-operators-outside-china) ### Mentioned in This Article Companies [![Match Group logo](https://img.logo.dev/mtch.com?token=pk_K6hdbPRcTQSnsRNEiZ-Ymg&size=64&format=png&fallback=monogram) Match Group Dating Platform MTCH $31.42 ▼-1.20% ](/companies/match-group)[![Hello Group logo](https://img.logo.dev/name/Hello%20Group?token=pk_K6hdbPRcTQSnsRNEiZ-Ymg&size=64&format=png&fallback=monogram) Hello Group Dating Platform ](/companies/hello-group)[![Bumble logo](https://img.logo.dev/bumble.com?token=pk_K6hdbPRcTQSnsRNEiZ-Ymg&size=64&format=png&fallback=monogram) Bumble Dating Platform BMBL $4.87 ▲+3.40% ](/companies/bumble) Products [![Momo logo](https://img.logo.dev/name/Momo?token=pk_K6hdbPRcTQSnsRNEiZ-Ymg&size=64&format=png&fallback=monogram)Momo ](/products/momo)[![Tinder logo](https://img.logo.dev/tinder.com?token=pk_K6hdbPRcTQSnsRNEiZ-Ymg&size=64&format=png&fallback=monogram)Tinder ](/products/tinder)[![Overtone logo](https://img.logo.dev/name/Overtone?token=pk_K6hdbPRcTQSnsRNEiZ-Ymg&size=64&format=png&fallback=monogram)Overtone ](/products/overtone)[![Tantan logo](https://img.logo.dev/name/Tantan?token=pk_K6hdbPRcTQSnsRNEiZ-Ymg&size=64&format=png&fallback=monogram)Tantan ](/products/tantan)[![HER logo](https://img.logo.dev/weareher.com?token=pk_K6hdbPRcTQSnsRNEiZ-Ymg&size=64&format=png&fallback=monogram)HER ](/products/her-app)[![Concierge logo](https://img.logo.dev/name/Concierge?token=pk_K6hdbPRcTQSnsRNEiZ-Ymg&size=64&format=png&fallback=monogram)Concierge ](/products/concierge) ## Trending in Dating Tech 1. 1 [![A person holding a smartphone displaying a dating app profile alongside a coffee cup on a wooden table.](https://images.pexels.com/photos/7339183/pexels-photo-7339183.jpeg?auto=compress&cs=tinysrgb&w=96&h=96&fit=crop&fm=webp&q=50&dpr=1)](/news/hinge-expands-face-check-direct-date) [Hinge's Face Check and Direct to Date Are Admissions That the Core Experience Is Broken](/news/hinge-expands-face-check-direct-date) 2. 2 [![A frustrated woman looks at her smartphone screen while sitting alone at a wooden cafe table.](https://images.pexels.com/photos/7339183/pexels-photo-7339183.jpeg?auto=compress&cs=tinysrgb&w=96&h=96&fit=crop&fm=webp&q=50&dpr=1)](/news/study-men-go-on-more-dates) [Dating Apps' Gender Imbalance: Women Withdraw as Men Persist](/news/study-men-go-on-more-dates) 3. 3 [![A smartphone displaying a blocked dating application interface beside a digital privacy icon.](https://images.pexels.com/photos/19209287/pexels-photo-19209287.jpeg?auto=compress&cs=tinysrgb&w=96&h=96&fit=crop&fm=webp&q=50&dpr=1)](/news/turkey-blocks-lgbtq-dating-apps) [Turkey's LGBTQ+ App Ban: A Test for Global Dating Platforms](/news/turkey-blocks-lgbtq-dating-apps) 4. 4 [![A smartphone displaying a modern dating app interface set against the backdrop of the Singapore city skyline.](https://images.pexels.com/photos/28539711/pexels-photo-28539711.jpeg?auto=compress&cs=tinysrgb&w=96&h=96&fit=crop&fm=webp&q=50&dpr=1)](/news/chinese-dating-app-tantan-rebrands-singapore) [Tantan's 'Intentional Casual' Rebrand: A Strategic Exit from China's Grip?](/news/chinese-dating-app-tantan-rebrands-singapore) 5. 5 [![A smartphone screen displaying a Hinge dating profile with a beating heart status badge next to the user name.](https://images.pexels.com/photos/36765306/pexels-photo-36765306.jpeg?auto=compress&cs=tinysrgb&w=96&h=96&fit=crop&fm=webp&q=50&dpr=1)](/news/hinge-signals-feature-highlights-user-engagement) [Hinge's 'Signals' Badge: Engagement Fix or Just a Retention Play?](/news/hinge-signals-feature-highlights-user-engagement) ### Create a free account Unlimited access — delivered weekly. 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[← Previous Article Matchmaker.com: Lead Gen in Disguise or Industry Game-Changer? ](/news/matchmaker-concierge-style-dating-system-launches)[Daily News Wire](/news?category=daily-news)[Next Article → Hyperlocal Dating: The Real Threat to Tinder's Global Ambitions ](/news/culturally-specific-dating-apps-popularity-rise)[Data & Analytics](/news?category=data-analytics) ## More in Financial & Investor [View all →](/news?category=financial-intelligence) [ Financial & Investor ![A smartphone displaying social media chat applications alongside financial performance charts.](https://images.pexels.com/photos/7339183/pexels-photo-7339183.jpeg?auto=compress&cs=tinysrgb&w=600&h=340&fit=crop&fm=webp&q=50&dpr=1) ### Hello Group's Middle East Pivot: A Strategic Retreat from China Hello Group's net income collapsed 59% in Q4 2024 to $32.2M, whilst revenue fell 12% year-on-year to $471.2M Middle East… Monday 17th March · 1 min read Read → ](/news/hello-group-bets-global-dating-market)[ Financial & Investor ![Singles engaging in conversation across tables during a curated speed dating event in London.](https://images.pexels.com/photos/7339625/pexels-photo-7339625.jpeg?auto=compress&cs=tinysrgb&w=600&h=340&fit=crop&fm=webp&q=50&dpr=1) ### Fate's Speed Dating Gamble: A Blueprint for Match's Next Acquisition? Fate has 10,000 app installs and is launching curated speed dating events in London with 20 participants each First two … Monday 13th July · 1 min read Read → ](/news/fate-app-hits-10000-installs-events)[ Financial & Investor ![A man and woman talking over coffee on a first date inside a brightly lit urban café.](https://images.pexels.com/photos/15753229/pexels-photo-15753229.jpeg?auto=compress&cs=tinysrgb&w=600&h=340&fit=crop&fm=webp&q=50&dpr=1) ### Known's Pay-Per-Date Model: A Direct Challenge to Match Group's Economics Known charges $15 per confirmed first date, not per month of app usage or premium features The company has raised $10M f… Wednesday 6th May · 1 min read Read → ](/news/ai-voice-dating-app-raises-10m)[ Financial & Investor ![A business professional reviewing dating app analytics and financial data on a digital tablet.](https://wljexrfnabxcmtcyztnv.supabase.co/storage/v1/render/image/public/media/posts/de283573-9c74-4014-9edc-77f43e765c12.jpg?width=600&height=340&resize=cover&quality=75&format=origin) ### Hati Is Charging £48 a Week. Here Is the ARPU Logic Behind It. Hati charges £48 per week (potentially £2,496 annually), making it four to six times more expensive than mainstream dati… Thursday 5th March · 1 min read Read → ](/news/steven-bartlett-backs-hati-dating-app) ![](https://images.pexels.com/photos/7339183/pexels-photo-7339183.jpeg) Up next: [Hello Group's Middle East Pivot: A Strategic Retreat from China](/news/hello-group-bets-global-dating-market) [](/news/hello-group-bets-global-dating-market) ![Dating Industry Insights](/assets/dii-logo-footer-B-hNTbau.webp) B2B intelligence for the online dating industry. 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