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BEIJING, Nov. 27, 2023 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that to fully utilize the advantages of deep learning models and machine learning models, an image classification system that integrates deep learning and machine learning models was developed. The system first uses a deep learning model for feature extraction to transform the original image data into high-level represented features. Then, machine learning models are used to classify these high-level features to obtain the final image classification results. Specifically, WiMi uses a convolutional neural network (CNN) as a deep learning model to extract local features of an image through multiple convolutional and pooling layers, and combines these features through a fully connected layer to obtain a high-level representation of the image. A support vector machine (SVM) is then used as the machine learning model to input these high-level features into the SVM for classification. SVM is a classical machine learning algorithm that can classify feature vectors based on their linear divisibility. By fusing deep learning and machine learning models, the feature extraction ability of the deep learning model and the classification ability of the machine learning model are fully utilized to improve the accuracy of image classification. Meanwhile, due to the separation of the deep learning model and the machine learning model, either module can be flexibly adapted and replaced for different image classification tasks and datasets to achieve more accurate and efficient image classification tasks. The deep learning model can learn more abstract and advanced features, while the machine learning model can utilize these features for more accurate classification. WiMi improves the accuracy of image classification by fusing the deep learning and machine learning models, utilizing the powerful feature extraction capability of the deep learning model and the excellent classification capability of the machine learning model, and, at the same time, optimizes the computational process of image classification to improve the efficiency of classification. Deep learning models usually require a large amount of computational resources for training and inference, while machine learning models are relatively lightweight and can perform classification with lower computational resources. Deep learning and machine learning models are fused to build an end-to-end image classification system. The system can receive input images and output classification results. Users can classify images and get the classification results through this system. The whole system depends on the synergy of all the aspects such as data pre-processing, feature extraction, feature fusion, advanced feature extraction and classifier training Data pre-processing: Pre-processing the input image data, including image resizing, normalization and other operations, to facilitate subsequent model training and classification. Deep learning model training: Such as CNN training to learn the high-level feature of the image. We will use existing deep learning model architectures and train on large-scale image datasets to improve the generalization ability of the model. Machine learning model training: Such as SVM training utilises the features extracted by the deep learning model for classification. We will use the middle layer output of the deep learning model as the input features of the machine learning model and train and optimize it by tuning the model parameters. Model fusion: Deep learning models and machine learning models will be fused to build a comprehensive image classification system. We will get the final classification results by weighted fusion or integrated learning of the classification results of the two models. Through the above steps, we will realize an image classification system that fuses deep learning and machine learning models to improve classification accuracy and efficiency, and provide users with an end-to-end image classification solution. WiMi's image classification system based on deep learning and machine learning models has a wide range of practical application scenarios, and it has a wide range of application prospects in practical application scenarios such as healthcare, intelligent transportation, security monitoring, and autonomous driving. For example, in the field of intelligent transportation, the image classification system integrating deep learning and machine learning models can detect and identify vehicle types, license plate numbers, and traffic signs in the traffic scene in real-time, thus providing real-time traffic information and intelligent traffic management. In the field of autonomous driving, the system can detect and recognize lane lines, traffic signs, and obstacles on the road in real-time, to realize precise control and safe driving of autonomous vehicles. In the future, WiMi will continue to optimize the image classification system by increasing the dataset, optimizing the network structure, introducing the attention mechanism, combining multiple models, and using migration learning to further improve the system performance and expand its applications in more industries. About WIMI Hologram Cloud WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies. Safe Harbor StatementsThis press release contains "forward-looking statements" within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company's strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.
BEIJING, Nov. 24, 2023 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it developed the technology "HoloMuxAI: deep learning assisted holographic polarization multiplexing", which is an innovation based on the framework algorithms of unsupervised deep learning computer-generated holography. The innovation of this technology lies in the application of deep learning, i.e., unsupervised learning methods to directly obtain profiles of hypersurface structures from independent holograms. WiMi's HoloMuxAI: deep learning-assisted holographic polarization multiplexing combines deep learning and hologram processing to simplify the design and generation of polarization multiplexed holograms. The following are the main components of the HoloMuxAI technology framework: Data input: This part is used to accept the input data provided by the user, including the polarization information of the hologram and other relevant parameters. Deep learning: This is the core of the technology and includes a trained deep learning neural network. The architecture and parameters of the model are carefully designed to suit the hologram processing task. Hypersurface generation: Once the deep learning model receives the input data, it generates the structural profile of the hypersurface, which is key to achieving the desired polarization multiplexing. Hologram generation: Using the generated hypersurface structure, it is combined with the input hologram parameters to generate the final holographic polarization multiplexed image. Output: The final hologram can be digitally output for display, storage or further processing. Feedback and improvement: The technology framework also includes feedback mechanisms to continuously improve the performance and accuracy of the deep learning model. This can be achieved by monitoring performance and user feedback in real-world applications. HoloMuxAI technology: Data acquisition and preparation: First of all, it is necessary to acquire a set of independent hologram samples that contain information in different polarization states. These samples can be generated through experiments or computational simulations. Each hologram sample needs to be represented in digital form and contain Jones matrix information. Deep learning network design: Next, a deep learning neural network is used to learn the hypersurface structure profiles from these hologram samples. This neural network can be constructed using a convolutional neural network (CNN) and recurrent neural network (RNN) for extracting and learning features and patterns from the holograms. Training the neural network: Using the prepared hologram samples, the deep learning network will be trained. The goal of training is to enable the network to predict the structural profile of the hypersurface based on the input hologram data. This requires a large amount of labelled data and an appropriate loss function to ensure that the network learns to reconstruct the hypersurface correctly. Model validation and optimization: After training is completed, the model is validated to ensure that it performs as required. If needed, the model can be further optimized and tuned to improve its accuracy and generalization. Practical application: Once the model has been trained and validated, it can be applied to actual hologram design tasks. Users only need to provide the required polarization information and other relevant parameters, and then use the deep learning model to generate the corresponding hypersurface structures to achieve the desired holographic polarization multiplexing. WiMi's HoloMuxAI technology combines the power of deep learning, making it possible to automate the generation of complex holographic polarization multiplexing images without the need for manual design and complex physical calculations. The strength of the approach lies in its versatility and scalability. It can be applied not only to polarization multiplexed holograms, but can also be extended to other multiplexed holograms, with the potential for a wider range of applications. WiMi's HoloMuxAI: deep learning-assisted holographic polarization multiplexing technology has great potential for development. First of all, this technology represents a breakthrough in the field of information processing and display, and creates new opportunities for the widespread application of holography. It will transform areas such as virtual reality, medical imaging, communications and data storage, enabling us to better utilize polarization information to provide clearer and more vivid images and data transmission. Second, the successful implementation of WiMi's HoloMuxAI technology will also facilitate the application of deep learning in other fields. This information-driven approach can be applied to a wider range of problems, from materials science to autonomous driving, from natural language processing to bioinformatics, bringing the power of deep learning to more fields and driving technological innovation. WiMi's HoloMuxAI: deep learning-assisted holographic polarization multiplexing is a revolutionary technology that breaks through the limitations of traditional hologram technology through a deep learning approach. It not only simplifies the design and generation of holograms, but also brings new possibilities to the field of information processing and display. With the continuous development and application of this technology, there will be more exciting innovations and advances, which will profoundly affect our daily life and scientific research. The invention of this technology will unlock more potential in holographic technology and bring new opportunities and innovations in the field of holographic information processing and display. About WIMI Hologram Cloud WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies. Safe Harbor Statements This press release contains "forward-looking statements" within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company's strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.
BEIJING, Nov. 22, 2023 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it developed a virtual reality interaction based on visual attention and kinesthetic information. Visual attention refers to a human's ability to selectively pay attention to and process some specific information in the external environment, and kinesthetic information refers to a human's ability to gain an understanding of the environment by perceiving their body movement and touch information. Combining visual attention and kinesthetic information can break the limitations of traditional virtual reality interaction methods and enable users to interact with virtual environments in a more natural, realistic and intuitive way. The virtual reality interaction model based on visual attention and kinesthetic information has important research and application value in the field of virtual reality. In WiMi's visual attention and kinesthetic information-based VR interaction model, the system can obtain visual attention and kinesthetic information and realize interaction by tracking the user's eye movements and head movements. For example, when a user gazes at an object in a virtual environment, the system can record the user's gaze point in the virtual environment in real-time, acquire the user's visual attention, and trigger corresponding interactions based on the user's gaze point, such as zooming, rotating, or moving the object. At the same time, the system can also capture the user's head posture and movement through head motion tracking technology, and realize the perspective change of the virtual environment according to the user's head movement, so that the user can explore the virtual environment more freely. Realize a more realistic and natural virtual reality interaction experience. The visual attention mechanism is designed to enable the user to focus on areas or objects of interest in a virtual environment by simulating the human attention mechanism. Through computer vision algorithms, targets in the virtual environment are detected and tracked. Key visual features such as color, texture, shape, etc. are extracted from the target. These features can be used to calculate the saliency of the target, i.e., how important the target is in the whole virtual environment. Using computer vision algorithms, the saliency score of the target is calculated. Based on the saliency score of the target, the visual attention of the user is directed to the region of interest in the virtual environment. This can be achieved by adjusting visual factors such as light, color, and contrast in the virtual environment to attract the user's attention. In contrast, kinesthetic information processing is used to enable users to perceive real motion experiences in virtual environments by simulating human motion perception mechanisms. Utilizing sensor devices, the user's motion is captured and tracked. Based on the captured motion information, motion reconstruction is performed on the objects in the virtual environment. Feedback the motion information in the virtual environment to the user to enhance their motion perception experience. VR technology has developed rapidly in recent years and has shown great potential in several fields. VR interaction based on visual attention and kinesthetic information is one of the important research directions. By combining visual attention and kinesthetic information, the realism and immersion of virtual reality interaction can be improved, the user's immersion and participation can be enhanced, and a more intelligent and natural virtual reality interaction can be realized. The VR interaction based on visual attention and kinesthetic information can be applied in a variety of fields such as gaming, education, and healthcare. For example, in the gaming industry, a more realistic gaming experience can be provided by directing the user's attention and simulating real action feedback. In the education field, visual attention and kinesthetic information can be utilized to design more vivid and interactive teaching content and improve learning effects. In the medical industry, virtual reality can be utilized for surgical simulation and rehabilitation training to improve the accuracy of surgical operations and rehabilitation effects. The virtual reality interaction based on visual attention and kinesthetic information has a promising future, but also needs to overcome some challenges. In future research, WiMi will further explore how to optimize the integration of visual attention and kinesthetic information, as well as how to personalize the design and adjustment according to the individual differences of users. Through continuous research and innovation, it is believed that virtual reality interaction based on visual attention and kinesthetic information will bring people a more realistic, immersive, and interactive experience. About WIMI Hologram CloudWIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies. Safe Harbor StatementsThis press release contains "forward-looking statements" within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company's strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.
BEIJING, Nov. 21, 2023 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that its multi-level feature fusion algorithm based on convolutional neural networks (CNN) can better capture the global and local information of an image and improve the performance of the model by fusing features from different levels. Feature fusion algorithms have been widely used in computer vision, natural language processing and other fields. By fusing features of different levels or modalities, the expressive ability and performance of the model are improved to better solve complex tasks. The multilevel feature fusion algorithm studied by WiMi adopts a deep network structure, and gradually extracts the high-level features of the image through multiple convolutional and pooling operations, to better express the semantic information of the image. In addition, by fusing features at different levels, the model can focus on both global and local information about the image, thus improving the performance of the model. The multi-level feature fusion algorithm, as an improved CNN model, has important applications in the field of image processing. CNN is a deep-learning algorithm widely used in the field of computer vision. It extracts the features of an image through multilevel convolutional and pooling layers and performs classification and recognition through fully connected layers, which has the advantages of automatic learning of feature representation, parameter sharing and local perceptibility. CNN-based multi-level feature fusion algorithms can improve the performance and generalization of the model by fusing features from different layers. A multi-layered CNN model is used which contains multiple convolutional and pooling layers and a fully connected layer for classification tasks. By fusing the features of different layers, the information of different layers can be effectively captured and the features of different layers of the image can be effectively extracted for better classification, thus improving the accuracy of the model. The application of the algorithm mainly includes the following key modules: Feature extraction: First, the input image is feature extracted by CNN. Different levels of convolutional layers can extract features with different levels of abstraction of the image. Feature fusion: The features at different levels are fused. Different fusion methods can be used such as weighted fusion, cascade fusion or parallel fusion. Weighted fusion can get the weight of each feature layer by learning, cascade fusion can connect features of different levels in series, and parallel fusion can process features of different levels in parallel. Feature mapping: The fused features are mapped to further extract more discriminative features. This can be achieved using fully connected layers, pooling layers, or other nonlinear mapping functions. Feature selection: Select the most discriminative features for further processing according to the needs of the specific task. The multi-level feature fusion algorithm based on CNN improves the performance and generalization ability of the model by effectively extracting the multi-level features of the image and fusing them, and it has important research significance and application prospects. This algorithm has a wide range of applications in tasks such as image classification, target detection and image generation. The current multi-level feature fusion algorithm mainly focuses on the fusion of shallow and mid-level features, and in the future, WiMi will further explore deeper feature fusion, such as the fusion of higher-level features, to improve the algorithm's performance and expressive ability. The attention mechanism is introduced into the multilevel feature fusion algorithm to improve the network's ability to perceive and utilize key features. In addition to CNN, other models can be considered to combine with multilevel feature fusion algorithms, such as recurrent neural networks (RNN) or graph convolutional networks (GCN), to further improve the performance and applicability of the algorithms. The performance of the multi-level feature fusion algorithm can be improved by improving the network structure, such as introducing residual connections and increasing the width and depth of the network. The multi-level feature fusion algorithm based on CNN has been widely used in the field of computer vision, and in the future, WiMi will continue to expand to other fields, such as natural language processing, speech recognition, etc., to explore the potential and applications of multi-level feature fusion algorithms in other tasks. About WIMI Hologram Cloud WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies. Safe Harbor Statements This press release contains "forward-looking statements" within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company's strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.
HONG KONG, Nov. 21, 2023 /PRNewswire/ -- Kuaishou Technology (HK Counter:01024/RMB Counter: 81024) (the "Company" or "Kuaishou"), a leading content community and social platform, today announced its unaudited consolidated results for the three months ("Third Quarter") and nine months ended September 30, 2023. Third Quarter 2023 Key Highlights Average DAUs on Kuaishou APP were 386.6 million, representing an increase of 6.4% from 363.4 million for the same period of 2022. Average MAUs on Kuaishou APP were 684.7 million, representing an increase of 9.4% from 626.0 million for the same period of 2022. Total e-commerce GMV(1) was RMB290.2 billion, representing an increase of 30.4% from RMB222.5 billion for the same period of 2022. Total revenue increased by 20.8% to RMB27.9 billion from RMB23.1 billion for the same period of 2022. Online marketing services and live streaming contributed 52.6% and 34.8%, respectively, to the total revenue. The other 12.6% came from other services. Gross profit increased by 35.0% to RMB14.5 billion from RMB10.7 billion for the same period of 2022. Gross profit margin in the third quarter of 2023 was 51.7%, improving from 46.3% for the same period of 2022. Profit for the period was RMB2.2 billion, compared to a loss of RMB2.7 billion for the same period of 2022. Adjusted net profit(2) was RMB3.2 billion, compared to adjusted net loss(2) of RMB672 million for the same period of 2022. Operating profit from the domestic segment(3) increased to RMB3.2 billion from RMB375 million for the same period of 2022. Mr. Cheng Yixiao, Co-founder and Chief Executive Officer of Kuaishou said, "We continued to expand our business and increase our profits in the third quarter of 2023, led by strong revenue growth and improved ROI in our core businesses, along with our strategic emphasis on operating efficiency. We are successfully attracting new users and retaining existing users. In the third quarter, our thriving community's average DAUs and MAUs again reached new highs of 386.6 million and 684.7 million, respectively, representing year-over-year increases of 6.4% and 9.4%, respectively. We will continue to foster high-quality growth throughout our robust content ecosystem, integrating more monetization opportunities across various user scenarios, while enriching our ecosystem with more diverse content and leveraging our advanced technological capabilities. Looking ahead, we will further promote innovation and explore new growth opportunities that help shape the industry landscape, empowering content creators, marketing customers, and merchants alike. In doing so, we fortify our position as a leading content community and social platform as well as foster a brighter future for our shareholders and ecosystem participants." Third Quarter 2023 Financial Review Revenue from our online marketing services increased by 26.7% to RMB14.7 billion for the third quarter of 2023, from RMB11.6 billion for the same period of 2022, primarily attributable to the growth in the number of marketing customers, driven by the increased traffic on our platform, diversified product portfolio and refined operation based on industry attributes. Revenue from our live streaming business increased by 8.6% to RMB9.7 billion for the third quarter of 2023, from RMB8.9 billion for the same period of 2022, as a result of our enriched content supply and continuous optimization of our live streaming ecosystem. Revenue from our other services increased by 36.6% to RMB3.5 billion for the third quarter of 2023, from RMB2.6 billion for the same period of 2022, primarily due to the growth of our e-commerce business, represented by the growth in our e-commerce GMV. The growth in e-commerce GMV was driven by an increase in the number of active merchants, number of active e-commerce paying users and refined operation strategy. Other Key Financial Information for the Third Quarter of 2023 Operating profit was RMB2.2 billion, compared to an operating loss of RMB2.6 billion for the same period of 2022. Adjusted EBITDA(4) was RMB5.0 billion, increasing from RMB1.0 billion for the same period of 2022. Total available funds(5) reached RMB55.4 billion as of September 30, 2023. Notes: (1) Placed on or directed to our partners through our platform.(2) We define "adjusted net profit/(loss)" as profit/(loss) for the period adjusted by share-based compensation expenses and net fair value changes on investments.(3) Unallocated items, which consist of share-based compensation expenses, other income, and other gains/(losses), net, are not included.(4) We define "adjusted EBITDA" as adjusted net profit/(loss) for the period adjusted by income tax expenses/(benefits), depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, and finance income, net.(5) Total available funds included but not limited to cash and cash equivalents, time deposit, financial assets and restricted cash. Financial assets mainly included wealth management products and others. Business Review In the third quarter of 2023, we continued to foster the growth of our healthy and sustainable operations, expanding the universe of our users, content creators, marketing customers and merchants. By integrating more commercial scenarios across our ecosystem and optimizing our operating efficiency, each of our business lines expanded significantly and experienced impressive financial growth. In the third quarter of 2023, we achieved group-level net profit of RMB2.2 billion and an adjusted net profit of RMB3.2 billion. Accordingly, our adjusted net profit margin reached 11.4%. Our profitability improvement was bolstered by our robust revenue growth across each of our core online marketing, e-commerce and live streaming business segments, as well as our ongoing optimization efforts that improved our operating efficiency. For example, we consistently increased our server and bandwidth utilization efficiency by leveraging advanced technologies, and our server and bandwidth cost as a percentage of revenue has consistently decreased over the last few quarters. To further optimize our cost efficiency, we also completed the first phase construction of our own in-house data center — Kuaishou Smart Cloud data center in Ulanqab, Inner Mongolia in July 2023. As one of the largest data centers in China for big data and artificial intelligence technology, our proprietary hyper-scale data center is designed to house up to 300,000 servers, supporting the rapid growth of our businesses and advancing our ongoing development goals. User and content ecosystem In the third quarter of 2023, we maintained high-quality growth across both our user base and traffic, owing to our efficient user growth strategy, extensive high-quality content offerings, and continuous algorithm optimization. Average DAUs and MAUs on the Kuaishou App continued their record-breaking growth momentum during the third quarter of 2023, reaching 386.6 million and 684.7 million, respectively, representing year-over-year increases of 6.4% and 9.4%, respectively. Average daily time spent per DAU on the Kuaishou App was 129.9 minutes in the third quarter of 2023, and our total user time spent grew 6.9% year-over-year. We have increasingly prioritized the efficiency and quality of our user growth, achieving consistent ROI improvement, which resulted in a further decrease in average user acquisition costs in the third quarter of 2023, both on a quarter-over-quarter and year-over-year basis. More specifically, we intensified our efforts in promoting and distributing high-quality original content, including short plays, which led to robust user retention. Meanwhile, through offering high-quality vertical content such as Summer Star Wish Party (夏日星願派對), we acquired new users while also increasing the engagement of our existing users. Additionally, we are actively exploring innovative user acquisition channels. For instance, we extended our reach to young user demographics through providing public welfare live-streaming courses at universities. We have been committed to fostering a differentiated social media platform that inspires users to develop social connections and relationships. As at the end of the third quarter of 2023, pairs of mutual followers on the Kuaishou App reached 32.2 billion, representing a year-over-year increase of approximately 40%. In addition, in the third quarter of 2023, average daily interactions (including likes, comments, reposts, and private messages) on the Kuaishou App exceeded 9 billion. We are dedicated to encouraging high-quality original content creation, supporting the development of diverse content genres, and promoting high-quality content featuring distinctive Kuaishou characteristics. In terms of sports content, as the rights-holding broadcaster and short video-sharing platform of the 19th Asian Games Hangzhou (the "Asian Games"), Kuaishou provided users a panoramic view of the Asian Games with rich content, innovative interactive experience, and cutting-edge live streaming technology. During the Asian Games, average daily users watching Asian Games-related content reached 230 million, with 53.1 billion video views. In terms of short plays, a total of 85 short plays produced by Project Astral (星芒計劃) were launched during the summer vacation period, with 21 short plays surpassing 100 million views, covering various themes such as costume drama, youth, urban, family and etc.. While solidifying our ability to produce blockbuster short plays, we have steadily upgraded our capabilities in monetization. In the third quarter of 2023, revenue from marketing sponsorship of Project Astral (星芒計劃) short plays surged by more than 10 times compared with the previous quarter. With respect to our search business, we introduced Kuaishou AI Dialogue (快手AI對話) function, which is the first intelligent question-and-answer product based on a large language model in the short video and live streaming industry in China. This innovation brings intelligent question-and-answer and text creation functions to users within search scenarios, improving users' intelligent search experience. In the third quarter of 2023, our average monthly users for searching exceeded 470 million, and the number of average daily searches on our platform reached over 600 million and the number of daily search enquiries peaked at more than 700 million. We are accelerating the commercialization of search service, and search marketing revenue grew by over 120% year-over-year in the third quarter of 2023. Online marketing services In the third quarter of 2023, despite the ongoing challenges associated with macroeconomic conditions and the slow recovery of marketing customers' confidence, we achieved robust online marketing revenue growth. This was mainly driven by our commercial products upgrades, technology and algorithms developments, and the deepening of operations in various vertical industries. In the third quarter of 2023, our revenue from online marketing services reached 14.7 billion, growing by 26.7% year-over-year, and accounting for 52.6% of our total revenue. The number of active marketing customers in the third quarter of 2023 increased by more than 140% year-over-year. In the third quarter of 2023, our external marketing services continued to recover, exhibiting an accelerated year-over-year growth rate compared with the second quarter of 2023. Notably, we made substantial progress in industries such as media information, education and training, and so on. We have been focused on refining industry-specific operations. For example, in the education and training industry, we identified the demands of specific high-quality users on our platform, prompting budget placement by marketing customers. By expanding the scope for native marketing materials, we aim to enhance users' content consumption experience and boost conversion rates for marketing customers. In the third quarter of 2023, the consumption of external native marketing materials increased by more than 30% compared with the second quarter of 2023. In addition, we introduced an AIGC tool to produce marketing material, boosting the efficiency of marketing customers' production, which has substantially reduced production costs. In terms of brand marketing, we leveraged our sponsorship of the Asian Games to explore customized brand marketing strategies that align with marketing customers' individual needs. To that end, we created IPs tailored to diverse scenarios and utilized our advantages in traffic, content, and our KOL ecosystem, creating additional marketing opportunities for brand marketing customers. For instance, inspired by the concept of Asian Games + Technology, we invented a marketing campaign for China Mobile with the theme of National Champions' Dream, Asian Games' Mobile Journey (全民冠軍夢，亞運移起行). This campaign, which integrated offline and online activities, was showcased in 6 cities, achieving more than 960 million exposures. Marketing services revenue from native e-commerce merchants maintained robust growth in the third quarter of 2023, benefiting from the increased scale of our e-commerce business. Specifically, we focused on customer composition, traffic alignment, and efficiency improvement. In terms of customer composition, we emphasized the growth of small and medium-sized merchants within our ecosystem by incrementally improving how we cultivate these customers and build traction for their businesses, providing increased policy support for their traffic and operations. Our omni-platform market solution effectively enhanced the synergy between marketing and e-commerce traffic, amplifying the long-term value of merchants' investment in omni-domain traffic. In the third quarter of 2023, marketing customers' spending from omni-platform marketing solution increased by nearly five-fold compared with the second quarter of 2023. In terms of efficiency improvement, we increased the stability of advertisement placements for small and medium-sized merchants with our upgraded smart hosting products. Live streaming hosting and merchandise hosting were particularly effective in amplifying merchants' ROI by increasing the revenue-leaping opportunities for small and medium-sized businesses on our platform. This, in turn, has strengthened these businesses' willingness to allocate funds to advertisement placement on Kuaishou. In the third quarter of 2023, our marketing customers' spending through live streaming hosting increased by over nine-fold quarter-over-quarter. E-commerce In the third quarter of 2023, we further enriched our merchandise and enhanced buyer conversion efficiency through our refined operations. As a result, our GMV growth has significantly outpaced the industry, increasing by approximately 30% year-over-year. In terms of supply, the number of newly onboarded merchants remained at a high level during the third quarter of 2023. Meanwhile, through more refined tiered operations for merchants and enhanced policy support to improve the live streaming penetration rate, the number of monthly active merchants on our platform increased by approximately 50% year-over-year. We also introduced targeted high-potential merchants in major industry zones in 14 cities, offering practical courses to help merchants increase their scale at a rapid pace. Regarding brands, we have expanded the richness of our brand offerings through various channels such as outlet stores and exclusive shops, resulting in continuous and rapid growth in the number of new brands on our platform. We fully utilize the Stream Initiative (川流計劃) and the brand traffic project to enhance the brands' traffic acquisition capabilities. Meanwhile, we are continuously improving our traffic-matching efficiency. By creating marketing IP such as brand flash sales, we further fortified user mindset, while improving conversion efficiency. In the third quarter of 2023, GMV from brands, including Kwai Brands, continued to increase year-over-year. In terms of KOLs, we placed greater emphasis on the overall healthiness of the ecosystem. We expanded short video and shelf-based e-commerce realm, lowering the operational barriers for KOLs. We have consistently strengthened our distribution channels, improved merchandise selection efficiency, and refined operations of growth and development paths of mid-tier and long-tail KOLs. The proportion of mid-tier and long-tail KOLs in the overall KOL related GMV has gradually increased from over 20% at the beginning of 2021 to nearly 50% in the third quarter of 2023. In the third quarter of 2023, scoring systems for merchandise, merchant experience, and KOL reputation played a crucial role in differentiating quality merchants by helping them gain more traffic and reducing exposure for underperforming merchants. We continuously optimized the scoring system by introducing more positive indicators, with the aim of influencing users' shopping decisions, reinforcing user trust in the platform, enhancing conversion efficiency, and promoting repeat purchases. With regard to algorithm optimization, we have adopted a omni-domain modeling approach to improve the scale and efficiency of e-commerce traffic across the board. At the same time, we will continue to promote the content and services ranking mechanism by increasing the algorithm weight of both store score and KOL score. With respect to the expansion of e-commerce services scenario, we further strengthened our short video and the shelf-based scenarios. We are continually improving the quality of short video e-commerce content and conversion efficiency. Through combining the highlights from live streaming, short video GMV grew by more than two-fold year-over-year in the third quarter of 2023, marking the fifth quarter of consecutive growth. Within the shelf-based e-commerce, we continued to optimize users' search experience and the peak number of average daily users who used Kuaishou's search function originated with clear e-commerce mindset increased by 25% quarter-over-quarter to over 100 million. Meanwhile, search GMV grew by nearly 70% year-over-year in the third quarter of 2023. In terms of the shopping mall, we increased traffic on paying users' homepage and the shopping tab on the homepage. We also improved the paying ratio by leveraging our differentiation strategy such as making merchandise information vivid and detailed. Through shopping mall's deep integration with content and our refined inventory operations, we were able to take a deeper dive into the exploration and aggregation of paying users' demands that enabled us to carry out more targeted measures to attract merchants. We also continuously explored new marketing and operating scenarios to provide merchants with more predictable business opportunities. In the third quarter of 2023, GMV of the shopping mall continued to grow quarter-over-quarter, and the shelf-based e-commerce GMV representing nearly 20% of total GMV. The continuous prosperity of supply and ecosystem further drives users' demands. In the third quarter of 2023, our average monthly paying users reached nearly 120 million, with both the absolute number and penetration rate increasing quarter-over-quarter on the basis of second quarter's peak season. Leveraging the optimized efficiency of smart subsidy, channel governance, and user empowerment projects, the quality of users on our platform, especially the quality of new users, improved significantly, and the frequency of monthly orders continued to grow year-over-year. Live streaming In the third quarter of 2023, our live streaming revenue grew by 8.6% year-over-year to RMB9.7 billion. The increase was attributable to our consistent improvements in high-quality live streaming offerings, better user consumption experiences, and continuous optimization of the live streaming ecosystem. On the supply side, we established a regional talent agency operating system to enhance talent agencies' operating capabilities, as well as drive new user acquisition for streamers and high-quality content supply for small and medium-sized streamers. In the third quarter of 2023, the number of streamers managed by talent agencies grew by over 40% year-over-year, while average daily live-streaming time of streamers increased by nearly 30% year-over-year. Meanwhile, we continually expanded our diversified supply by developing innovative tools based on entertainment live-streaming scenarios and attracted high-quality developers through our live-streaming open platform while lowering the entry barriers for streamers. Across both internal and external industry ecosystems, we have increased the supply of multi-host live-streaming, bringing users more high-quality content. We are firmly committed to building a long-term healthy and sustainable live-streaming ecosystem while continuously advancing popular content verticals and nurturing streamers. In September 2023, we initiated the National Art Inheritance Program (國藝傳承計劃) to create traditional culture IP by providing substantial traffic support and professional training to streamers on our platform who cover traditional Chinese opera, folk music, and folk art. Meanwhile, we continued to facilitate AIGC scenarios, including virtual person live streaming, and empowered the underlying technical capabilities such as real-time capturing, visual effects tools, virtual interaction and others. These capabilities boost the efficiency of our business innovations by reducing labor and time costs. Furthermore, as a benchmark case of our "live streaming+" services empowering traditional industries, the average daily resume submissions on Kwai Hire (快聘) grew by over 200% year-over-year during the third quarter of 2023, driven by summer vacation and campus recruitment in autumn. We also lowered the entry barrier for merchants by leveraging AIGC and our smart customer service. As at the end of the third quarter of 2023, Ideal Housing (理想家) covered more than 120 cities nationwide, with cumulative gross transaction value surpassing RMB14 billion in the third quarter of 2023. Overseas In the third quarter of 2023, we continued to advance our strategy focused on key overseas markets. DAUs and user time spent in key overseas markets steadily increased year-over-year. We further diversified our content vertical offerings in the entertainment and sports industries, providing traffic support to mid-tier creators. Simultaneously, we deepened our local operations, catering to specific consumption needs of local users. Building on this foundation, we intensified our monetization efforts and continued to improve operating efficiency, which resulted in a significant year-over-year reduction in user growth costs. In the third quarter of 2023, total revenue of our overseas business reached RMB652 million, more than doubling year-over-year. Through continuously optimizing operating efficiency, we achieved a 62.4% year-over-year decrease in overall operating losses overseas in the third quarter of 2023, which also further narrowed quarter-over-quarter. On the online marketing services front, we focused on key industries, optimizing the efficiency of marketing to unlock the commercial potential of various users across different demographics. In the third quarter of 2023, we increased the number of marketing customers for our overseas business by over 200% quarter-over-quarter, ensuring ongoing improvement in customer quality while expanding our customer base. In addition, we enhanced our brand marketing conversion, increased the advertising inventory, and extended marketing resources to more well-known brands. In terms of live streaming services, we continued to promote local operations in overseas markets and focused on tapping into high-value paying users, leading to a continuous increase in the paying user penetration rate for live streaming services in the third quarter of 2023. Corporate social responsibilities Fostering an inclusive and equitable online digital community remains our top priority. Rural populations represent an important part of our community. In September 2023, we hosted our Light Chasing Conference (追光大會), upholding a vision to advance rural revitalization and featuring an array of topics including talent development, job opportunities, business start-ups, and industry-wide development for younger generations who aspire to be live streamers. We also announced Stars Plan (繁星計劃) at this event for rural-based live streamers. Under this plan, over the next three years, Kuaishou will invest RMB10 billion in traffic and RMB50 million in cash to cultivate 1 million rural-based live streamers and 1,000 rural-based entrepreneurs and assist the training of live streaming talents for more than 160 counties in China. We believe these initiatives will energize rural talent and industry growth, promote the sustainable development of China's rural market and empower more rural population to join in our digital community. About Kuaishou Kuaishou is a leading content community and social platform with its mission to be the most customer-obsessed company in the world. Kuaishou has relentlessly been focusing on serving its customers and creating value for them through the continual innovation and optimization of its products and services. At Kuaishou, any user can chronicle and share their life experiences through short videos and live streams and showcase their talents. Working closely with content creators and businesses together, Kuaishou provides product and service offerings that address various user needs that arise naturally, including entertainment, online marketing services, e-commerce, online games, online knowledge-sharing, and more. Forward-Looking Statements Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstance occurring after the date of this press release or those that might reflect the occurrence of unanticipated events. For investor and media inquiries, please contact Kuaishou Technology Investor RelationsEmail: ir@kuaishou.com CONDENSED CONSOLIDATED INCOME STATEMENT Unaudited Unaudited Three Months Ended Nine Months Ended September 30, 2023 June 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 RMB'Million RMB'Million RMB'Million RMB'Million RMB'Million Revenues 27,948 27,744 23,128 80,909 65,890 Cost of revenues (13,495) (13,810) (12,425) (40,810) (36,635) Gross profit 14,453 13,934 10,703 40,099 29,255 Selling and marketing expenses (8,939) (8,636) (9,130) (26,298) (27,381) Administrative expenses (898) (945) (1,060) (2,762) (2,887) Research and development expenses (2,967) (3,155) (3,533) (9,042) (10,338) Other income 434 113 687 599 1,097 Other gains/(losses), net 128 (15) (280) 213 (1,061) Operating profit/(loss) 2,211 1,296 (2,613) 2,809 (11,315) Finance income, net 135 158 69 404 59 Share of losses of investments accounted for using the equity method (26) (18) (31) (58) (112) Profit/(loss) before income tax 2,320 1,436 (2,575) 3,155 (11,368) Income tax (expenses)/benefits (138) 45 (137) (368) (774) Profit/(loss) for the period 2,182 1,481 (2,712) 2,787 (12,142) Attributable to: — Equity holders of the Company 2,181 1,480 (2,713) 2,788 (12,143) — Non-controlling interests 1 1 1 (1) 1 2,182 1,481 (2,712) 2,787 (12,142) CONDENSED CONSOLIDATED BALANCE SHEET Unaudited Audited As of September 30, 2023 As of December 31, 2022 RMB'Million RMB'Million ASSETS Non-current assets Property and equipment 12,115 13,215 Right-of-use assets 10,112 10,806 Intangible assets 1,095 1,123 Investments accounted for using the equity method 239 268 Financial assets at fair value through profit or loss 5,929 3,626 Other financial assets at amortized cost 592 670 Deferred tax assets 5,647 5,095 Long-term time deposits 8,868 7,870 Other non-current assets 402 776 44,999 43,449 Current assets Trade receivables 5,687 6,288 Prepayments, other receivables and other current assets 4,433 4,106 Financial assets at fair value through profit or loss 20,294 13,087 Other financial assets at amortized cost 826 726 Short-term time deposits 10,320 8,318 Restricted cash 90 59 Cash and cash equivalents 11,272 13,274 52,922 45,858 Total assets 97,921 89,307 CONDENSED CONSOLIDATED BALANCE SHEET Unaudited Audited As of September 30, 2023 As of December 31, 2022 RMB'Million RMB'Million EQUITY AND LIABILITIES Equity attributable to equity holders of the Company Share capital - - Share premium 274,206 274,473 Treasury shares (45) - Other reserves 32,797 29,239 Accumulated losses (261,094) (263,882) 45,864 39,830 Non-controlling interests 7 8 Total equity 45,871 39,838 LIABILITIES Non-current liabilities Lease liabilities 8,184 8,721 Deferred tax liabilities 19 23 Other non-current liabilities 9 16 8,212 8,760 Current liabilities Accounts payables 20,263 22,868 Other payables and accruals 15,602 10,190 Advances from customers 3,975 3,240 Income tax liabilities 741 936 Lease liabilities 3,257 3,475 43,838 40,709 Total liabilities 52,050 49,469 Total equity and liabilities 97,921 89,307 Financial Information by Segment Unaudited Three Months Ended September 30, 2023 June 30, 2023 September 30, 2022 Domestic Overseas Unallocated items Total Domestic Overseas Unallocated items Total Domestic Overseas Unallocated items Total RMB'Million RMB'Million RMB'Million Revenues 27,296 652 - 27,948 27,297 447 - 27,744 22,939 189 - 23,128 Operating profit/(loss) 3,155 (635) (309) 2,211 3,034 (780) (958) 1,296 375 (1,687) (1,301) (2,613) Unaudited Nine Months Ended September 30, 2023 September 30, 2022 Domestic Overseas Unallocateditems Total Domestic Overseas Unallocated items Total RMB'Million RMB'Million Revenues 79,472 1,437 - 80,909 65,550 340 - 65,890 Operating profit/(loss) 7,152 (2,238) (2,105) 2,809 (1,075) (5,139) (5,101) (11,315) Reconciliation of Non-IFRS Measures to the Nearest IFRS Measures Unaudited Unaudited Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023 2023 2022 2023 2022 RMB'Million RMB'Million RMB'Million RMB'Million RMB'Million Profit/(loss) for the period 2,182 1,481 (2,712) 2,787 (12,142) Add: Share-based compensation expenses 871 1,056 1,708 2,917 5,137 Net fair value changes on investments(1) 120 157 332 205 1,299 Adjusted net profit/(loss) 3,173 2,694 (672) 5,909 (5,706) Adjusted net profit/(loss) 3,173 2,694 (672) 5,909 (5,706) Add: Income tax expenses/(benefits) 138 (45) 137 368 774 Depreciation of property and equipment 1,029 978 810 2,971 2,321 Depreciation of right-of-use assets 737 808 780 2,333 2,446 Amortization of intangible assets 38 39 37 115 103 Finance income, net (135) (158) (69) (404) (59) Adjusted EBITDA 4,980 4,316 1,023 11,292 (121) Note: (1) Net fair value changes on investments represents net fair value (gains)/losses on financial assets at fair value through profit or loss of our investments in listed and unlisted entities, net (gains)/losses on deemed disposals of investments and impairment provision for investments, which is unrelated to our core business and operating performance and subject to market fluctuations, and exclusion of which provides investors with more relevant and useful information to evaluate our performance.
Initial five-year agreement delivers expanded media and broadcast network footprint across Asia-Pacific and key regions worldwide, with enhanced access to global markets SYDNEY, Nov. 21, 2023 /PRNewswire/ -- Telstra Broadcast Services (TBS) and BT have entered into an initial five-year strategic alliance to bring together each company's global media network teams, pooling their vast network infrastructure and localised expertise. The deal will increase TBS' global footprint by 50% and expand its customer-base to more than 170 broadcast and media organisations worldwide. As part of the deal, customers of both TBS and BT will have access to the best unified operations of the two Global Media Networks via a product offering headed up by Telstra, including key Asia-Pacific regions with India, Malaysia, and Hong Kong, and other countries. Customers will benefit from Telstra's high-capacity media networks, generating expanded reach and distribution of their content. This will be supported by an increased local team in APAC and access to the broader suite of TBS products and services, including field services, special events teams, and broadcast operations centers in Sydney, Melbourne, Hong Kong, London, and Pittsburgh. Telstra and BT customers will continue to access the same high-quality media delivery service with the additional opportunity to drive greater global reach and visibility of their content. "Our priority at TBS is to offer a world-class global content delivery service for our customers, including the largest distribution network with the most flexibility and options for organisations to connect to the world," said Karen Clark, Head of APAC at Telstra Broadcast Services. "We're continuing to see rapid growth in content demand and ongoing evolution in technology and distribution channels in response to changing consumer behaviour. The focus of TBS and BT's teams and operations on the right customer outcome will ensure our customers have the very best partner to respond to the fast-changing broadcast environment and help them optimise their operations and reach global audiences." TBS is continuing to build a strong team of media and broadcast specialists in the Asia-Pacific region to provide customers localised knowledge and support. To ensure a seamless experience for all customers, dedicated partner managers based locally in the APAC region will work closely with the team and BT customers. "We're excited about this collaboration and the opportunity to bring our customers greater content, reach and visibility by utilising the strength of both BT M&B's and TBS' world-class content delivery networks," said Faisal Mahomed, Director of Media & Broadcast and UK Portfolio Businesses, BT. "This approach builds on the reach of our intelligent media platform, Vena, which continues to add wider networks, in addition to cloud integrations, virtualised services such as baseband encoding, and the recent 5G and LEO developments into our portfolio." For Telstra, the collaboration supports its ambition to grow its team, reach and investments in technology and innovation across APAC, the UK and other regions globally, a key tenant of its T25 strategy for growth. "This significant opportunity means we can continue to not only meet the needs of our customers today, but well into the future," added Clark. About Telstra Broadcast Services Telstra Broadcast Services (TBS) helps broadcasters, media and entertainment companies around the world via its robust, high-capacity global media networks and suite of innovative managed services. Through its international field services and special events teams and its worldwide broadcast operations centers, TBS provides a dedicated team of media industry professionals, high-performance media networks, online video and cloud platforms, satellite services, and 24/7 bookings, operations and engineering support. TBS is part of Telstra, a leading telecommunications and technology company that provides end-to-end solutions globally and offers access to more than 2,000 points of presence across the world. Among its offerings, Telstra provides data and IP networks and network application services, along with professional and managed services to find innovative solutions to customer challenges and help them on their transformation journey to thrive. For more information about TBS, please visit: https://www.telstra.com.au/business-enterprise/industries/telstra-broadcast-services About BT GroupBT Group is the UK's leading provider of fixed and mobile telecommunications and related secure digital products, solutions and services. We also provide managed telecommunications, security and network and IT infrastructure services to customers across 180 countries. BT Group consists of three customer-facing units: Consumer serves individuals and families in the UK; Business covers companies and public services in the UK and internationally; Openreach is an independently governed, wholly owned subsidiary wholesaling fixed access infrastructure services to its customers - over 650 communications providers across the UK. British Telecommunications plc is a wholly owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on the London Stock Exchange. For more information, visit www.bt.com/about
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