Operator: The next question comes from Yiwen Zhang from China Renaissance. Please go ahead.
Yiwen Zhang: [Foreign Language] Thank you for taking my questions. So a couple of questions. First, on the user side, how should we think about overall user trend into 2024? And secondly, we see the ongoing impact of the global microenvironment. How should we think about its impact to our business such as in Europe and what have company done to mitigate such adverse effects? Thank you.
David Xueling Li: [Foreign Language]
Jane Xie: Thank you, Yiwen. This is David. So on user growth, if we look at our progress in the past two quarters, we managed to achieve a rebound in our group’s MAU on year-over-year, while we maintain a relatively disciplined marketing spend. Our group’s MAU rebound achieved positive year-over-year growth for two consecutive quarters and BIGO Live continued double-digit user growth for the six consecutive quarters. I believe that overall speaking, our user acquisition efficiency has steadily improved as shown by an increasing trend in our organic traffic, influencer led traffic and also a higher percentage of premium users. So I think that I believe the current user growth strategy of BIGO Live has been effective and moving forward, we believe that, there are a few actionable points for continuing our user growth.
First of all, we will continue to remain targeted in terms of our user acquisition strategy and prioritizing quality of user growth with a focus on ROI. And second, we continue to leverage our localized operational — operations with primary focuses on content and social experiences as the key drivers of our user acquisition. In the recent quarters, you can see that BIOG Live has successfully expanded product outreach by — with our own original content, for example, our variety shows, miniseries, as well as some third-party high quality content. And our new feature Real Match actually received very positive user feedback in Southeast Asia and drove an increase of downloads in those markets and by collaborating with KOLs, we have maintained a positive momentum in influencer-led traffic, especially in Southeast Asia and Latin America and other emerging countries.
David Xueling Li: [Foreign Language]
Jane Xie: And thirdly, we will continue to work on product features and user experiences for targeting user groups to further improve our user retention. In the recent quarters, we have actually introduced refined content segregation policies and differentiated algorithms tailored to different target user groups and after several rounds of iterations focusing on premium users, new users and female user cohorts, we have actually found that the retention rate and also their user time spent has been consequently improved within those target groups. As we previously mentioned, BIGO Live has a very diverse global user community and there is empty room for targeted optimization and we aim to continue to make perfection in each and every dimension and further enhance user experiences within each and every user groups.
To sum up, we expect BIGO Live to maintain a relatively healthy and steady user growth in the year 2024. For other products, I believe that our goal is to continue to focus on the core functionalities and cultivation of core product value and once they start to generate a consistent profit, then we can — then we will have a solid foundation to revisit user growth. The actual timeline may vary. Some might be slightly ahead. The others may be slightly behind. However, I don’t think that it will interfere the big pictures here, which is covering user growth at group level.
Operator: Next question comes from Lei Zhang from Bank of America Securities. Please go ahead.
Lei Zhang: [Foreign Language] Thanks management for taking my question. I want to see any updates on your global business in terms of regulatory risks? Thank you.
Alex Liu: [Foreign Language]
Jane Xie: This is Alex. I will take your question. For the global social entertainment company, the regulatory landscape across different markets actually varies and has been — and it’s subject to constant evolvement and we have always considered business compliance and emphasis on safety as the crucial prerequisites for high quality growth of our global business. And to achieve that, we will remain vigilant in monitoring the regulatory development and actively engage with the local regulatory authorities. Internally, we will continue to optimize our compliance framework and execution and more proactively adapt our business and operations with the regulatory changes to ensure alignment with the evolving regulatory and industry requirements. So that was the end of our Q&A session. It’s been great catching up with everyone. Thank you so much for joining our call. We look forward to speaking with you next quarter.
Operator: This conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.
