We'll remain to be very confident, and the forecast I just mentioned for this year Bigo's revenue growth already taking into account some of the uncertainties resulting from COVID-19 and geopolitical risks. I have -- and congratulations on the strong results for Bigo. Meanwhile, to cater to the younger generation preferences, we have expanded its content offering with comedy, dance and music performances. As Bigo Live's user base expands, we will remain focused on developing a highly integrated ecosystem for social and entertainment live streaming. And for the bandwidth and as well as the payment channel costs, we expect to be relatively stable in the next one or two quarters. It is well suited to facilitate social interactions among users, hosts and guests. It was listed on the NASDAQ on November 21, 2012. And that is quite typical across many countries' region. Thank you. Thank you, Daniel. Please go ahead, sir. Acquired BIGO at a valuation of 2.2 billion US dollar. Building upon our success with Idol Friday and other variety shows, we launched a new program called Let's Sing.
Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. Changed the name as “Huanjujituan”, and the English name is “Joyy Inc.”, “Huya”was listed (NYSE: HUYA), its market cap hit over 10 billion in the first year of its IPO, Launched “Yijian”, an online commerce platform, Registered users of YY reached one billion, “100 Education”and “Huya”were officially founded, Hunan TV assigned “YY”as the official communication platform for the singing competition "Happy Boys", YY Group was listed (NASDAQ:YY) and its new brand name “Huanjushidai”was announced at the same time, Launched YY Education, started a new business in the education domain, Launched web and mobile version of “YY”, a new star of live streaming industry was born, YY Client served two million users simultaneously on line, Unique visitors of “Duowan.com” exceeded 20 million, Unique visitors of “Duowan.com” exceeded 10 million. The strategy won't work forever, but for now it is a volatility back-test that has not only returned 205.5%, but has also shown a win-rate of 70% while taking no stock direction risk. It features a virtual currency which users earn through activities such as karaoke or creating tutorial videos and which is later converted to real cash. Now, let me share some updates on HAGO. Therefore, this forecast only reflects our current and preliminary views on the market and operational conditions which are subject to change. Let me answer your question in terms of the strategy about e-commerce.
In addition, as David mentioned in his prepared remarks, we are pleased to report that our Board of Directors has approved a quarterly dividend policy for the next three years. We believe that we will be able to generate recurring revenue from live streaming, advertising and e-commerce as our global user base grows. Please be noted that the financial information and non-GAAP financial information disclosed in our second quarter earnings press release is presented on a continuing operations basis unless otherwise specifically stated. For information Despite the uncertain and challenging macro environment during the second quarter, we grew our net revenues by 36.3% year-over-year to RMB5.84 billion, in particular, Bigo's live streaming revenues grew by 158.8% year-over-year to RMB2.95 billion, contributing more than half of the group's total live streaming revenues for the first time ever. Matthew Zhao -- General Manager of Investor Relations. Thanks to our global operation in over 30 offices around the world. Let me address the question. Bandwidth costs increased to RMB280.7 million from RMB228.1 million in the same period of 2019 as the overseas user base and time spent continued to expand following the consolidation of Bigo. The company offers Live streaming platforms, Short-form video platforms, and other products. From live streaming, short form video, social network, e-commerce, education and Internet finance, JOYY develops and deliver a variety of services such as YY LIVE, BIGO LIVE, Likee, HAGO and YY dating.In March 2019, JOYY completed the acquisition of BIGO which had a market valuation of US$2.1B. But right now because we raised the revenue forecast for Bigo as a total. In addition, through live streaming showrooms or BAR's synchronized friend circle, each Bigo Live user follow 11 hosts on average, representing a significant increase over the previous quarter. And Likee has above 5 times the MAU size of Bigo Live, if we take reference of China situation, short video makes much more live streaming revenue than pure live streaming platforms.
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