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M17 ENTERTAINMENT Ltd.(NYSE:YQ) will be landing NYSE on Jun 7, 2018, and IPO price range is $10.00-12.00, it intends to raise not more than 103.65 million from the IPO.
We operate the largest live streaming platform by revenue in Developed Asia with a market share of 19.2% in the first quarter of 2018, according to Frost & Sullivan. In our home market of Taiwan, which, according to Frost & Sullivan, represented 36.1% of the live streaming market in Developed Asia in 2017, we were ranked number one among all live streaming platforms in terms of revenue with a market share of 38.6% in the first quarter of 2018, more than double that of our closest competitor. Artists located in Taiwan were responsible for 78.1%, 87.8% and 71.6% of live streaming revenue in 2016, 2017 and the three months ended March 31, 2018, respectively. We have successfully extended our market leadership in Taiwan to other markets in Developed Asia that have close cultural proximity to Chinese-speaking countries. According to Frost & Sullivan, in the first quarter of 2018, we were number one among live streaming platforms in Hong Kong by revenue with a market share of 15.3% and we were ranked second among live streaming platforms in Japan by revenue where we increased our market share to 18.6% from 9.6% in the fourth quarter of 2017.
Our live streaming platform, 17 Media, was launched in Taiwan in July 2015. 17 Media had 33.3 million registered users as of March 31, 2018, compared to 32.4 million and 29.3 million as of December 31, 2017 and 2016, respectively. 17 Media had 1.0 million average monthly active users in the three months ended March 31, 2018, compared to 1.0 million and 0.9 million in the three months ended December 31, 2017 and in December 2016, respectively. We also operate Paktor, which was launched in Singapore in 2013, and Goodnight, which are our main dating applications. The total number of registered users on our dating applications grew to 14.6 million as of March 31, 2018 from 13.9 million and 11.0 million as of December 31, 2017 and 2016, respectively. Our average monthly active dating users increased to 0.7 million in the three months ended March 31, 2018 from 0.6 million and 0.5 million in the three months ended December 31, 2017 and in December 2016, respectively. We are in the process of integrating our live streaming platform into our online dating applications, and our integrated platform had 47.9 million registered users as of March 31, 2018 and 1.7 million average monthly active users in the three months ended March 31, 2018, an increase from 46.3 million registered users as of December 31, 2017 and 1.6 million average monthly active users in the three months ended December 31, 2017.
We are a tech-enabled entertainment company led by veteran media and entertainment executives. Our co-founders and core management team have over 20 years of combined experience managing top artists and producing high quality music and video content in Asia, as well as operating social and interactive entertainment platforms in Asia and globally. Because of our media and entertainment expertise, we understand the challenges facing the entertainment industry, including the gap between fans and artists. We seek to bring our users closer to their favorite artists by enabling users to interact and socialize with artists directly from their mobile devices. This model has made it possible for us to disrupt the traditional artist-agency model by creating a robust and systematic process of discovering, training, developing and promoting artists. We are able to identify and nurture high-quality artists early while avoiding substantial upfront investments.
We have a proven track record of using highly engaging interactive entertainment experiences across multiple media formats to drive monetization. Our high quality live streaming content, evidenced by the fact that 78.2% of the content streamed on our live streaming platform during March 2018 was from contracted artists, as well as our innovative online-to-offline events and competitions have been highly effective in attracting, engaging and growing a vibrant base of paying users. Our online competitions give fans an opportunity to show their support to their favorite artists with gifts and provide our popular artists an opportunity to increase their earnings. Average daily time spent on our live streaming platform by live streaming users increased to 40.4 minutes in March 2018 from 35.5 minutes in December 2017 and 19.0 minutes in December 2016, while average monthly paying users have increased to 32,038 in the three months ended March 31, 2018 from 25,000 in the three months ended December 31, 2017 and 10,748 in December 2016, representing a paying user ratio of 3.1%, 2.5% and 1.2% in the same respective periods. Average revenue per paying user per month on our live streaming platform was US$355.2 in the three months ended March 31, 2018 compared to US$381.1 and US$102.3 in the three months ended December 31, 2017 and in December 2016, respectively. In addition, our ability to understand, predict and influence viewers’ tastes has enabled us to create a variety of successful products, including pop music albums, music videos, TV programs and variety shows. Our live streaming revenues have historically accounted for the large majority of our revenues, including 90.1% of our total net revenues in the three months ended March 31, 2018, and we expect to continue to derive the large majority of our revenues from live streaming in the foreseeable future.
Our current structure is the result of a series of transactions that were completed in March 2017 between Machipopo, Inc., the entity that operates our live streaming business, and us, the successor of Paktor Pte. Ltd., the entity that operates our dating business. We have enjoyed significant growth since our current structure came into being.
Our principal executive offices are located at 13F, No. 2, Sec. 5, Xinyi Road, Xinyi District, Taipei City 110, Taiwan, Republic of China. Our telephone number at this address is +886 (2) 2720-8688. Our registered office in the Cayman Islands is at the offices of Walkers Corporate Limited at Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc., located at 10 East 40th Street, 10th Floor, New York, N.Y. 10016. Our website is m17.asia.