- Annualized Video Revenue Run-rate Now Exceeds $48 million
- Video DAU Averages More Than 900,000
- Marks One Year Anniversary of Launch of Livestreaming Monetization
October 4, 2018 -- /BUSINESSWIRE/ -- The Meet Group, Inc. (NASDAQ: MEET), a public market leader in the mobile meeting space, today provided an update on its livestreaming video platform, ahead of the Company’s presentation at the B. Riley FBR Consumer & Media Conference in New York City, scheduled for 3:30pm today.
“We’ve made tremendous progress in the last year,” said Geoff Cook. “As of September, our video business is now generating more than $48 million on an annualized basis – growing from zero in October of last year. It is easily the fastest-growing new product in our history, and we believe we can continue to grow it from here.
“For the month of September, daily live video users averaged more than 900,000, of which an average of 125,000 were broadcasting. We’ve also continued to grow total minutes of livestreaming content,” added Cook.
For the month of September:
- Annualized video revenue run-rate exceeded $48 million, an increase of 17% versus the $42 million we last reported in August.
- Daily video users exceeded 900,000, an increase of 20% from the 750,000 we last reported in July. Increased vDAU reflects growing video penetration at LOVOO.
- Daily video users as a share of mobile daily active users (or average vDAU%) exceeded 20% for the portfolio.
- Total daily time spent in video exceeded 25 million minutes.
“Livestreaming video is revolutionizing the way people connect,” continued Cook. “I believe it is a media form that will rival traditional television for size and diversity, with channels developing for video games, dating, contests, and news, to name just a few. The rise of services like Twitch, HQ, and MOMO, I believe, are indicative of this trend, as is our substantial progress growing a global social entertainment livestreaming network.
“Having now completed the rollout of our livestreaming platform to all of our apps, including LOVOO, which we fully rolled-out as of mid-August, we see additional opportunities for growth. LOVOO is our most trafficked app, and our early results have been promising, tracking what we saw in the early days of our live video rollout on MeetMe and Skout. This past Sunday, for example, LOVOO’s share of vDAU surpassed 20%, up from an average of 14% in August, which contributed to total portfolio vDAU on that day surpassing one million for the first time in our history.
“In addition to rolling out Live to more users, we’ve also begun expanding the use cases of video within the app. With the recent launch of our Quick feature on the MeetMe app, we extended our livestreaming solution from one-to-many to one-on-one. For Quick, our focus in the coming months will be to grow its value and engagement within the community, similar to the early days of our live platform launch last year.
“We are excited, as well, about our expected roll out of Battles beginning later this year. Battles is our twist on the popular PK Asian livestreaming format, which we believe will further grow video monetization and engagement. We believe this format has been a mainstay of livestreaming monetization for apps as varied as YY, MOMO, and Inke. We aim to re-interpret this format for a Western audience. We believe we are in the early innings of the livestreaming opportunity, and we are excited by the potential of live video to enable meaningful connections for our users.”
About The Meet Group
The Meet Group (NASDAQ: MEET) is a portfolio of mobile social entertainment apps designed to meet the universal need for human connection. We leverage a powerful live-streaming video platform, empowering our global community to forge meaningful connections. Our primary apps, MeetMe®, LOVOO®, Skout®, and Tagged®, keep millions of mobile daily active users entertained and engaged and originate untold numbers of casual chats, friendships, dates, and marriages. Our apps, available on iPhone, iPad, and Android in multiple languages, use innovative products and sophisticated data science to let our users stream live video, send gifts, chat, and share photos. The Meet Group has a diversified revenue mix consisting of in-app purchases, subscription, and advertising, and we have offices in New Hope, Philadelphia, San Francisco, Dresden, and Berlin. For more information, visit themeetgroup.com, and follow us on Facebook, Twitter or LinkedIn.