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.

Match Group Stock Awards Payment Could Help Tinder Co-Founder’s Lawsuit

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Match Group recently paid $9 million in stock awards to Tinder employees, thanks to the stellar growth of its most valuable dating app. But this good news could sour for the online dating giant if it helps former Tinder execs win their lawsuit, led by Tinder’s co-founder Sean Rad.

Rad and other former Tinder employees filed a lawsuit against Match Group last year, claiming it devalued Tinder stock options to avoid paying them billions in stock. The new hefty $9.4 million payout to current Tinder employees, based on the popular dating app’s performance over the last year, could be an indication that Match Group might have undervalued Tinder, as Rad argues in the lawsuit.

PlentyOfFish Says Farewell To The Forums

POF (Plenty of Fish)
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Longtime denizens of the online dating world are marking the loss of an institution. With neither fanfare nor explanation, Plenty of Fish has announced that it has shuttered its forums. Visitors to the forum page are now greeted with a terse message announcing the shutdown:

“To focus on better serving our members, we've decided to shut down the POF forums. While regular posting is now disabled, you can continue to view all threads until the end of June 2019. Event Hosts can still create and promote events while we work on a new and improved event creation service for you.”

The POF forums were an active destination for digital daters for 15 years. Users created more than 10 million posts before the closure, covering a broad spectrum of topics including dating, love, relationships, marriage, parenting and breakups. The forums proved equally popular for general discussions that ran the gamut from cooking and creative writing, to sports and science, to travel and humor, to music and philosophy.

Apple and Google Remove 3 Dating Apps After FTC Warns They Endanger Children

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Early in May, Apple and Google removed three dating apps from their stores after the FTC declared them a danger to children. By Friday May 10th, the updated apps were available again in Google Play, but not in the Apple Store.

According to The Hill, the FTC issued a consumer advisory for dating apps, and named three apps specifically - Meet24, FastMeet, and Meet4U – because they put children at risk of exposure to potential predators. Children under 13 years of age were able to sign up for these apps and communicate with other users, including adults, a violation of a law that requires parental consent before collecting information on underage people.

Tinder Launches New Festival Mode Feature

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Tinder has added another buzzy feature to attract younger singles to its platform. “Festival Mode” is a badge that users can add to their profiles when they plan to attend a specific music festival, so that they can connect with other attendees.

When people are swiping quickly through the app, the badge will be easier to spot, according to Tech Crunch. The idea is that festival-goers increase their chances of matching with someone who will be there along with them, and hopefully make more in-person connections. The badges will be available beginning three weeks before each event.

Chinese Tinder Clone Tantan Removed From App Stores For Violations

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Tantan, one of the highest grossing dating apps in the world in the first quarter of 2019, has been removed from Android app stores by order of governmental authorities in China due to a violation of policies. The popular dating app was often referred to as “China’s Tinder” and had been acquired by Momo in May 2018.

The details of the ban are unclear. The official statement from Tantan did not reveal the specific nature of the violations. The company merely said it would cooperate fully with authorities and promised to "conduct a comprehensive internal review of the content in the Tantan mobile app and undertake other measures necessary to stay in full compliance with all relevant laws and regulations.”