Founding and growth

DouYu commenced operations and launched its live-streaming platform in 2014. Among the Chinese game streaming platforms, Douyu is ranked first in average total monthly active users (MAUs) and average daily time spent by active users during the first quarter of 2019.^[4]

Early Developments and IPO

In an updated IPO prospectus filed on July 8, Douyu reported a profitable first quarter of 2019 with total revenues soaring 123.4% year on year to approximately US$222 million.^[5] Douyu ended the 2019 with annual revenue of US$1.041 Billion.

On 17 July 2019, DouYu listed on the Nasdaq Global Select Market under the ticker symbol DOYU. The offering raised approximately US$775 million through the sale of 67.4 million American Depositary Shares at US$11.50 each, valuing the company at approximately US$3.73 billion.^[6]  It was the largest U.S. IPO by any Chinese company in July 2019.^[2] According to its IPO filing, Douyu owns exclusive Streaming rights to 29 major tournaments in China, including League of Legends and Dota 2.

In 2020, Douyu annual revenue jumped to US$1.472 Billion^[7]. Tencent owned about 21% of the shares as of 2020.^[8]

In August, the company was registered in Japan, and a new company "Mildom" was established with Mitsui & Co. to enter the Japanese market.^[9]

Proposed merger with Huya

As of 31 March 2020, Tencent held 38% of the company's shares, making it its largest shareholder.

On 10 August, Douyu announced that it had received a non-binding preliminary proposal from Tencent, which proposed that Douyu and Huya Live merge in the form of a share exchange.^[10]

In July 2021, Chinese regulators blocked a proposed $5.3 billion merger between Huya and DouYu on antitrust grounds.^[11] This is the 3rd case prohibited by the State Administration for Market Regulation (SAMR) and the first in the internet platform/digital sector.^[12]

The reason given for the merger ban was that Huya and Douyu rank first and second in China's live streaming market, hold over 40% and 30% market shares respectively and the combined entity will monopolized the market.^[13] Huya and Douyu together accounted for over 80% of active users in China’s game live-streaming market, in addition to more than 70% by revenue.^[14]

On 5 February 2024, Douyu responded by denying recent rumors of a merger with Huya in response to a merger rumor.^[15] During the clarification, both companies acknowledged that they are collaborating in some areas of their business.^[16]

Subsidiaries

DouYu's principal onshore subsidiary, Wuhan Douyu Culture Network Technology Co., Ltd., owns five operating companies:

• Wuhan Yuxing Tianxia Culture Media Co., Ltd.,
• Wuhan Yuyin Radiang Culture Media Co., Ltd.,
• Wuhan Douyu Education Consulting Co., Ltd.,
• Wuhan Yu Leyou Internet Technology Co., Ltd.
• Wuhan Yuwan Culture Media Co., Ltd.^[17]

DouYu International Holdings Limited also owns DouYu Network Inc. in the British Virgin Islands and Douyu Hongkong Limited in Hong Kong.^[17]

Special dividends

Business performance and diversification

Branding

Douyu’s founding tagline was "Everyone's Live Streaming Platform" (每个人的直播平台). In December 2025, as part of its 12th-anniversary celebrations, the company introduced a new tagline, "See Every Passion. Dive Into the Excitement Together" (看见每种热爱，鱼你共赴精彩). The new tagline reflects DouYu’s shift toward a “game-centric diversified content ecosystem,” expanding beyond esports to support a wider range of interests and communities.^[36]

Leadership changes

In November 2023, Ren Simin was appointment as Director and Vice President of the company.^[37]

On 6 August 2026, Shao Jie Chen resigned as CEO and director and passed the baton to Ren Simin, who was promoted to CEO and chair of the board on 7 August 2026. ^[38]

On 7 August 2026, Jie Gao was promoted to vice president of investment and appointed to the board.^[38] Jie Gao joined DouYu in May 2014 as an early employee and was appointed Investment Director in June 2018.^[37]

Douyu Carnivals and Events

DouYu launched the DouYu Carnival in Shanghai in 2016 as an physical gathering of streamers and their viewers. The event moved to Wuhan in 2017 and developed into a large-scale gaming and entertainment festival. The 2017 edition attracted approximately 350,000 visits and more than 170 million online views. In 2018, attendance exceeded 500,000, while online broadcasts of the event recorded more than 230 million views.^[41][42]

In June 2019, DouYu held the 2019 International Wuhan DouYu Live Streaming Festival and yearly DouYu Carnival at Hankou River Beach in Wuhan. The three-day event attracted approximately 405,600 visits and featured more than 1,500 streamers, alongside esports competitions, gaming exhibitions, music and other entertainment activities.^[43]

In December 2025, DouYu organised the China Optics Valley Esports Carnival and DouYu YuYue Cup in Wuhan. Held from 22 to 27 December at the Hubei Olympic Sports Center Gymnasium, the event featured competitions in Delta Force and Valorant, with 24 professional teams and six streamer teams competing for a combined prize pool of RMB800,000.^[44][45]

In June 2026, DouYu organised the DouYu Live Festival (DouYu Carnival) after 7 years due to COVID-19 at the Wuhan International Expo Center.^[46]. The four-day event, themed See Every Passion (看见每种热爱), recorded more than 226,000 on-site visitors, of whom more than 75% came from outside Wuhan.^[47]

The 2026 Douyu Carnival also hosted the DouYu Cup 2026, an S-Tier StarCraft II: Legacy of the Void competition. The tournament was broadcast on DouYu in more than five languages.^{[citation needed]}

DYG (DouYu Gaming)

In 2019, DouYu entered professional esports team ownership through the acquisition of JC Gaming, which was subsequently renamed DouYu Gaming (DYG). DYG won the 2020 King Pro League Autumn championship in Honor of Kings.^{[citation needed]}