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Meitu rebrands as AI company amid profit surge driven by subscriptions, overseasgrowth
Meitu, a photo and design app developer based in Hong Kong, rebrands itself as an AI company following a significant 71% profit surge in H1 2023. The company's revenue rose to RMB 1.8 billion, driven by AI-integrated products and a 42% increase in paying subscribers. Overseas users also grew, highlighting the company's expanding global reach.
Key points
- Meitu reported H1 2023 net profit of RMB 470 million, a 71% increase year-over-year.
- Revenue grew 12.3% to RMB 1.8 billion, primarily from imaging and design products.
- 74% of total revenue came from core products driven by subscription growth.
- Paying subscribers increased by 42%, totaling 15.4 million users.
- AI features are incorporated in 90% of Meitu’s products.
- Launched RoboNeo, an AI agent for creative imaging, which quickly gained popularity with over 1 million MAUs.
- Global monthly active users rose to 280 million, with a 15.3% increase in users outside mainland China.
Why it matters
- This shift reflects a broader trend in the tech industry, where traditional companies are adopting AI to enhance their offerings.
- In 2023, AI technologies continue to drive growth across various sectors, aligning with Meitu's strategy.
- The rise of AI-driven applications corresponds with increasing consumer demand for innovative digital tools.
Meitu's rebranding as an AI-focused company highlights the significant impact of AI on its growth trajectory and underscores an industry-wide trend towards embracing innovative technologies for enhancing user experience and expanding market reach.