PR NEWSWIRE - June 28 - Momo, a leading mobile social and entertainment platform in China, will hold an Extraordinary General Meeting of Shareholders on August 2, 2021. The purpose of the EGM is for the Company's shareholders to approve the change of the company's legal name from "Momo Inc." to "Hello Group Inc."
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Momo to Change Its Name to Hello Group
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Momo Looks for Excitement With Tantan Overhaul
SEEKING ALPHA - June 11 - Momo believes its underperforming Tantan app could grow strongly following a major overhaul now in the works. Tang Yan's move from the CEO's office was just the beginning of a bigger shakeup. That shakeup claimed new victims in April with the departure of the CEO and COO of the Tantan app that Momo acquired for $760M in 2018. Momo's current CEO Wang Li, formerly Momo's longtime COO, confirmed the changes at the top of Tantan on the company's action-packed investor call following the release of its quarterly earnings this week. Investors seemed to welcome the news, with Momo’s shares up 10% since the announcement of the company's latest quarterly results. The company's revenue fell 3.4% to $543M in the Q1, and Momo said it expects another decline of ~5% in the current quarter. Both of those figures do represent an improvement from the 12% revenue decline from last year, including a 19% drop in the Q4. Q1 profit was similarly uninspired, falling 14%.
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Momo Q1 Financial Results
MOMO - June 9 - Q1 2021 net revenues decreased by 3.4% YOY to RMB3,470.6M ($529.7M). Net income attributable to Momo decreased to RMB461.7M ($70.5M) from RMB538.9M in the same period of 2020. Monthly Active Users on Momo app were 115.3M in March 2021, compared to 108M in March 2020. Total paying users of our live video service and value-added service, including 3.5 million paying users of Tantan, were 12.6M for the Q1 of 2021, compared to 12.8M for the Q1 of 2020, which included 4.2M paying users of Tantan.
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Momo Could Buy Back Itself in Under 6 Years
SEEKINGALPHA - Apr 20 - Momo's fair market value could be ~250% above the current market price. The company's dating business is poised for growth post-Covid. A reduction in ad costs should allow Momo to grow without sacrificing profit margins. Dating, a significant part of momo's business fell as people quarantined until the pandemic started to come under control in May of 2020. Momo paid ~$800M for TanTan in 2018. Beyond TanTan, Momo's business segments consist of live streaming, value-added services (virtual gift giving & paid subscriptions), marketing, and gaming. The combined valuation estimate for dating, live-streaming, and VAS is $4.6B.
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Momo's Q4 and 2020 Financial Results, Revenue Impacted by Covid-19
MOMO - Mar 25 - Q4 2020 net revenues decreased by 19% YOY to RMB3,795.2M ($581.6M). Net income decreased to RMB651M ($99.8M) from RMB1,055.9 in the same period of 2019. Monthly Active Users on Momo apps were 113.8M in Dec 2020, compared to 114.5M in Dec 2019. Total paying users, including 3.8M paying users of Tantan, were 12.8M, compared to 13.8M in Q4 2019. Full Year 2020 revenues decreased by 11.7% YOY to RMB15,024.2M ($2.3B). Net income was RMB2,103.5M ($322.4M), compared with RMB2,970.9M during the same period of 2019.
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Momo's Q3 Results: Revenue Down 15%, Net Income Down 50%
PR NEWSWIRE - Dec 1 - Q3 net revenues decreased by 15.4% YOY to RMB3,767M ($555M). Net income attributable to Momo decreased ~50% to RMB457M ($67M). Monthly Active Users on Momo apps were 113.6M in September 2020, compared to 114.1M in September 2019. Total paying users of live video service and value-added service, including 4.1M paying users of Tantan, were 13M, compared to 13.4M last year's Q3, which included 4.5M paying users of Tantan. Live video service revenues were $350M, down 27% YOY.
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Momo Announces New CEO
PR NEWSWIRE - Oct 23 - Momo, a leading mobile social networking platform in China, announced that its board of directors has approved Mr. Yan Tang to step down from the CEO position, and promoted Mr. Li Wang to this position. Mr. Wang was serving as the President and COO of Momo. Mr. Yan Tang will become the executive chairman of the board of directors of Momo.
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Momo Announces Q2 Results: Revenue Down 7%
PR NEWSWIRE - Sep 3 - Net revenues decreased by 6.8% year over year to RMB3,868.3M ($547.5M). Net income decreased to RMB456.4M ($64.6M) from RMB731.8M in the Q2 of 2019. Monthly Active Users on Momo app were 111.5M in June 2020, compared to 113.5M in June 2019. Total paying users of our live video service and value-added service, including 3.9M paying users of Tantan, were 12.8M.
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Momo's Q1 Financial Results: Revenue Down 3.5%, Net Income Up
MOMO - May 28 - Q1 revenue decreased by 3.5% YOY to RMB3,594.1M ($507.6M). Net income attributable to Momo increased to RMB 539M ($76.1M) in Q1 2020 from RMB 289M in the same period of 2019. Monthly Active Users on Momo app were 108M in March 2020, compared to 114.4M in March 2019. Total paying users of live video service and value-added service, including 4.2M paying users of Tantan, were 12.8M for the Q1 of 2020, compared to 14M in Q2 of 2019. "Q1 2020 was a challenging and yet very fruitful quarter for Momo," commented Yan Tang, Chairman and CEO of Momo.
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The Sudden Rise of Virtual, Video Based Dating
QUARTZ - May 10 - Covid-19 has forced a pivot to video for many online singles. A shift (towards video) within the (dating) industry has accelerated. Bumble launched in-app video chat in 2019 and said its use increased 56% worldwide over the last two weeks of March.
Online dating consultant Mark Brooks envisions a landslide industry shift to video, similar to Tinder's expansion to smartphones in 2013. His first client, Webdate, attempted this in 2005. The same year, what eventually became YouTube initially flailed as a video dating website. "It's been a long time coming, but I think in a couple of years it will be unusual not to be able to do a first date on a dating app," he said.
Virtual first dates address problems that plague online dating. According to Pew Research (2019) 45% of those polled (in US) said dating apps left them feeling frustrated, and ~50% consider the platforms to be unsafe. In that sense, virtual dates can serve as both a quick authentication and vibe check.
by Meghan Mc Donough & Eduardo Araújo
See full article at Quartz
Mark Brooks: The video above is a 2 minute segment from a 7+minute news feature on dating. Through interviewing with Quartz I discovered the wonderful QZ.com news platform. Very impressed, and hooked. I recommend signing up so you can see this full video feature. I'm also subscribed to WSJ and The Economist, and find QZ to be a nice complement to these more formal and traditional news outlets.
See the top news on Bumble See the top news on The Meet Group
See the top news on Momo See the top news on Webdate
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Top Dating Apps in China During Coronavirus Pandemic
SCMP.COM - May 1 - The nine largest dating apps by China iOS app store ranking are Yidui, Tantan, Momo, Soul, Yimu, Zhenai, Hezi, Blued and Rela. ~622M people used dating apps in China last year, and the market is set to hit $290M in revenues by 2024, according to Statista.com.
- Yidui
Video-based speed matchmaking app, targeting singles in lower-tier cities, it later introduced a professional matchmaker in the app and added a live-streaming feature to speed up matches - Tantan
China's Tinder clone, launched in June 2014, raised ~$120M. In 2018, the company was acquired by Momo - Momo
Launched in 2011, evolved from a simple location-based dating app to a general social platform that, in addition to its original features, also includes group chats, live-streaming, short-video, and casual games. The company went public on Nasdaq in Dec 2014. - Soul
Launched in 2015, it matches users based on a personality test, targeting young users. Soul has closed a Series C round of an undisclosed sum last year. - Jimu
Released in late 2016, the app melds features of dating apps with youth social networking functions, targeting urban residents who like art, fashion, and music. The company raised "tens of millions of yuan" in June last year from a Series B round led by Bluerun Ventures and Sequoia Capital. In July 2019, Hong Kong-listed Chinese live-streaming firm Inke bought Jimu for $85M. - Zhenai
Founded as early as 2005, is one of the oldest and well-known matchmaking websites in China, which also offers offline services. Zhenai has made several updates to its app in a bid to reach younger users as well, adding features including personal assessments, live-streaming, and a status-posting section. - Hezi
Voice-based social app Hezi was launched at the beginning of 2019, founded by two senior executives from Momo. - Blued
Launched in 2012 by the Chinese LGBTQ community website Danlan, Blued is the top gay dating app in China. The company has raised ~$130 M. - Rela
Founded in 2012, the first location-based dating app for lesbians in China.
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Momo Announces Q4 and Fiscal Year 2019 Financial Results
PR NEWSWIRE - Mar 19 - Momo's Q4 net revenues increased by 22% YOY to RMB 4,688M ($673.4M). Q4 Net income attributable to Momo increased to RMB1,055.9M ($151.7M) from RMB660.8M in Q4 2018. Monthly Active Users on Momo app were 114.5M in December 2019, compared to 113.3M in December 2018. Total paying users of live video service and value-added service were 13.8M, compared to 13M in Q4 2018. Full Year 2019 Highlights: Net revenues increased 27% YOY to RMB17,015M ($2,444.1M) for the full year of 2019. Net income attributable to Momo was RMB2,970.9M ($426.7M) for the full year of 2019.
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OPW Podcast - The Top Dating Industry News for Jan 14th
OPW - Jan 14 - Hinge's online merch shop, UK online dating survey, Momo's video social app Duiyan.
For the top weekly dating industry news in ~2 minutes subscribe to OPW's Two Minute Tuesdays (TMT) podcast on Breaker , Google Podcasts
, Anchor
, Overcast
, Radio Public
or Apple Podcasts
.
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Momo Launches Short Video Social App 'Duiyan'
TECHNODE - Jan 9 - Dating platform Momo is launching a short video social app, "Duiyan," in an attempt to boost user growth, which slowed in 2019. Despite recording solid year-on-year revenue growth of 18% in the Q3 of 2019, Momo's user base growth increased only 3% YOY to 114M. Duiyan allows users to shoot and upload short videos and browse a feed consisting of videos created by other users. Users of the app can privately message content creators using a chat bar placed at the bottom of videos. Duiyan is currently only available on iOS devices.
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Momo Has 4 Plans for Future Growth
THE MOTLEY FOOL - Dec 31 - Momo is often called the "Tinder of China" because it owns two top dating apps: its eponymous app and Tantan, a Tinder clone it acquired in 2018. Most of Momo's revenue comes from its core app's live video streaming platform, which lets viewers buy virtual gifts for their favorite broadcasters. A smaller percentage comes from ads, mini-games, and premium dating services. Momo's stock rallied ~50% over the past 12 months, even as it faced Tantan's temporary suspension from Chinese app stores.
- Growing its users and engagement rates
Its monthly active users (MAUs) on its core app rose 3% annually to 114.1M last quarter, marking a slowdown from previous quarters. To bring in more users, Momo launched a new version of its app in August. - Supporting the "healthy" growth of its live videos
Momo is closely monitoring its live video platform to avoid a crackdown by China's cyberspace regulators. - Growing its base of paid users
Its number of paid users, including Tantan, grew 7% annually to 13.4M last quarter. That represents just a tiny slice of its total MAUs, but it's implementing fresh strategies to boost that percentage. - The monetization of Tantan
Tantan grew its paid users 41% annually to 4.5M last quarter. These users pay for premium features like unlimited swipes and more matches. Tantan's total revenue rose 89% annually to 310M yuan ($44M), or 7% of Momo's top line.
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