Industry

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.

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.

LGBTQ singles can face a challenging dating landscape. Bars aren't always the best place to meet, and though dating apps are an option, many cater to a hookup-oriented market and most focus solely on lesbian women or gay men. Qutie, a up-and-coming app from LGBT Media Inc., hopes to change that - with a helping hand from the iconic entertainment company Atari.

“We created LGBTQutie after being frustrated with the limited options for LGBTQ people looking for relationships, friendships and meaningful connections,” says Qutie’s campaign on StartEngine, an equity crowdfunding platform. “Our app is inclusive of the full spectrum of LGBTQ sexual orientations and gender identities. LGBTQutie is more than just another dating app. We are community-focused and provide users with content that is relevant to them including LGBTQ specific news, blogs and events.”

Jiayuan now allows users to livestream.

In technology-forward China, single people are looking to new ways of connecting with each other via dating apps beyond the traditional swipe. Now, online dating companies in China are experimenting with livestream, and soon U.S. companies could follow.

Gizmodo reported on the trend of Chinese dating apps integrating livestream features into their platforms. Jiayuan, China’s largest dating app, launched its new livestream feature this past January with an interesting twist. Instead of two users opting to chat with each other over the app in private (like with Facetime), a user can set up a chat topic and see if someone wants to join. Once one person accepts and the two start a chat, it becomes a broadcast where other users can watch and comment.

Match Group announced some changes in key leadership and company structure in light of its new focus on the Asian market.

As U.S. and European markets make up the bulk of revenue for Match Group, the company sees great untapped potential in Asian markets, where young single populations are booming. According to Tech Crunch, there are more than 400 million singles in Southeast Asia and two-thirds have not tried a dating app.

Match Group is focusing on Japan, Taiwan, India, South Korea and Southeast Asia with three new general managers hired to oversee expansion in these areas. One manager is Junya Ishibashi, who will become general manager of Match Group for Japan and Taiwan. Taru Kapoor will be general manager of Match Group India, and Lyla Seo is now GM of Match Group for South Korea and Southeast Asia.

With the launch of Match.com in 1995, the search for a partner was irrevocably changed. Technology, business and society have radically transformed the ways we meet, communicate, date, fall in love, get married and break up. The dating industry has experienced tremendous growth as an increasing number of consumers use the internet to seek love and the social stigma for doing so disappears. There are now around 2,000 dating services in North America and an estimated 8,000 around the world.

According to the market research firm IBISWorld, the dating sector grew by 11.9 percent over a five-year period to reach revenue of $3 billion in 2018. In the same timeframe, the number of businesses has grown by 1.0 percent and the number of employees has grown by 5.6 percent. Mobile dating applications now account for nearly a quarter of industry revenue, and their growth has rapidly outpaced that of other dating services.

Match Group - parent to Match.com, Tinder, OkCupid and others - remains a dominant force in the industry. The company brought in $1.7 billion in revenue in 2018. Tinder contributed nearly half of that ($805 million) thanks to the incredible success of its premium subscriptions. As of January 2018, Statista listed Tinder as the most popular dating service for US singles in the coveted 18-29 age range. Plenty of Fish (also owned by Match Group), Match.com, and OkCupid followed.