Online audio platform Ximalaya has moved into the black for the first time since it was founded in 2012, racking up a fourth-quarter profit of over RMB 10 million ($1.48 million) amid tough competition for user attention in China from short video services, reports the South China Morning Post.
Yu Jianjun, the company’s 45-year-old co-founder and chief executive, announced the milestone at a recent internal meeting, ascribing the accomplishment to the company’s efforts to rein in costs, better serving user needs and organisational streamlining, according to people familiar with the situation who declined to be named.
Ximalaya has raised more than $700 million in nine rounds of fundraising. It is backed by Chinese internet powerhouses Tencent Holdings, Baidu and Xiaomi, and venture capital firms including General Atlantic and Primavera Capital, and entertainment giant Sony Music Entertainment, according to start-up database service Crunchbase.