NEWS
Yuanyu Enters $4 Billion Matchmaking Market, Signs $30 Million Licensing Agreement
• Yuanyu enters into exclusive license agreement covering Hong Kong, Japan, Korea, and Southeast Asia.
• Agreement is expected to generate in excess of $30 million in license income for YYEM through the end of December 2026.
• The global online dating market is estimated to be $4 billion currently, with nearly 140 million users by 2029.1
Windsor Mills, MD, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Connexa Sports Technologies Inc. (NASDAQ:YYAI) the 20% owner of Yuanyu Enterprise Management Co., Limited (YYEM), a Hong Kong-based entity focused on the global Love & Marriage sector, today announced that it has entered into an exclusive license agreement with Guofu Enterprise Management Co., Limited, a Hong Kong-based entity, covering Hong Kong, Japan, South Korea, and Southeast Asia (in particular, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam). Building on an earlier term sheet, this agreement calls for minimum royalty payments to YYEM of more than $30 million through 2026.
"This license agreement is part of a series of similar agreements designed to globalize YYEM's business and clearly establish it as a leader in the emerging Love & Marriage sector through its patented AI-led matchmaking process. An agreement was also signed earlier this week covering the UK and the major markets of Europe. This latest agreement enables YYEM to capitalize on the substantial opportunities in the online dating and matchmaking market in East and Southeast Asia," commented Mike Ballardie, CEO of Connexa.
• Agreement is expected to generate in excess of $30 million in license income for YYEM through the end of December 2026.
• The global online dating market is estimated to be $4 billion currently, with nearly 140 million users by 2029.1
Windsor Mills, MD, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Connexa Sports Technologies Inc. (NASDAQ:YYAI) the 20% owner of Yuanyu Enterprise Management Co., Limited (YYEM), a Hong Kong-based entity focused on the global Love & Marriage sector, today announced that it has entered into an exclusive license agreement with Guofu Enterprise Management Co., Limited, a Hong Kong-based entity, covering Hong Kong, Japan, South Korea, and Southeast Asia (in particular, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam). Building on an earlier term sheet, this agreement calls for minimum royalty payments to YYEM of more than $30 million through 2026.
"This license agreement is part of a series of similar agreements designed to globalize YYEM's business and clearly establish it as a leader in the emerging Love & Marriage sector through its patented AI-led matchmaking process. An agreement was also signed earlier this week covering the UK and the major markets of Europe. This latest agreement enables YYEM to capitalize on the substantial opportunities in the online dating and matchmaking market in East and Southeast Asia," commented Mike Ballardie, CEO of Connexa.
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