PHILLY.COM - Aug 25 - Meet Group is like China's Momo, with its live streaming video chat. Live streaming on its Quick app now attracts ~850K of its 4M paid and premium-feature free users daily. Those subscription and "gift" payments account for a quarter of Meet Group's revenues. By the end of the year, Meet Group plans to offer a new video product, Battle, that will enable two or more competing performers to register paid gifts as signs of favor from viewers, a kind of interactive mobile America's Got Talent. Last year, Meet Group bought Germany-based Lovoo, a five-year-old, mostly European dating app funded by subscriptions, purchases and ads, for $70M in cash, plus up to $5M in sales bonuses. That purchase boosted Meet Group sales by $32M. In 2016, Meet acquired IfWe for $60M and Skout for $52M. In 2011 it merged with Quepasa, a Latin America-focused, publicly traded social-media company.
by Joseph N. DiStefano
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Summarized by the IDEA team
