The Meet Group Reports First Quarter 2019 Financial Results

Meet Group
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The Meet Group, a portfolio of mobile social entertainment apps including MeetMe, LOVOO, Skout, Tagged and Growlr, released financial results for its first quarter ended March 31, 2019. The company reported revenue of $49.5 million, an increase of $11.9 million (or 32 percent) from $37.6 million in the first quarter of 2018.

Other highlights from The Meet Group’s Q1 2019 financial report include:

  • GAAP net income of $1.3 million, or $0.02 per diluted share, compared to a GAAP net loss of $4.2 million, or a loss of $0.06 per diluted share, in the prior year quarter.
  • Adjusted EBITDA of $8.1 million, compared to Adjusted EBITDA of $5.2 million in the prior year quarter.
  • Non-GAAP net income of $7.0 million, or $0.09 per diluted share, compared to $4.1 million, or $0.05 per diluted share, in the prior year quarter.

The Meet Group attributed much of its revenue growth to video. “We grew video revenue to more than $20 million, a more than four-fold increase from the year ago quarter, and we set new records growing video revenue on each of our apps,” said Geoff Cook, Chief Executive Officer of The Meet Group, in a prepared statement. “Average video revenue per daily active video user increased to 26 cents, up from 18 cents in the fourth quarter of 2018, while approximately 20% of users engaged in video every day.”

The addition of a live marquee to the top of the MeetMe and Skout locals tab is helping to drive awareness and engagement in video. MeetMe set a new record for gifts given in a day in a recent contest, while a LOVOO streamer recently achieved a new record for the most diamonds earned in a single stream across any of The Meet Group's apps. MeetMe currently has five to 10 recurring weekly featured livestreamed shows planned or in progress, covering a range of interests including fitness, music and art.

In addition to developing content, The Meet Group is pursuing opportunities to drive video growth through product development. The company completed the roll out of Battles, which pits live streamers against each other in real-time competitions, across its apps. Future plans include adding one-on-one video chat capabilities, a levels system to further gamify livestreams, interactive games and new shows.

“In 2018 we drove growth by rolling out livestreaming video to new communities. In 2019, we expect to drive growth by executing on our product roadmap and enabling community and connection for our users,” said Cook. “With 80% of our users still to reach with our video features and with new and interesting monetization projects on the horizon, we look forward to delivering new products that drive meaningful connections for our users.”