The Meet Group Announces New Livestreaming Video Milestones
NEW HOPE, Pa.--(BUSINESS WIRE)--Oct 4, 2018--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.
Forward Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including whether will continue to make progress with our video business and if so at what rate, whether our video business will continue to generate revenue at a $48 million annualized rate, whether our video product will continue to be the fastest growing in our history, whether the number the number of daily live video users (including broadcasters) will continue to grow, whether our number of total minutes of livestreaming content will continue to grow, whether video penetration at LOVOO will continue, whether daily video users as a share of mobile daily active users will continue to grow, whether total daily time spend in video will continue to grow, whether livestreaming will revolutionize the way people connect, whether livestreaming will rival traditional television for size and diversity, whether livestreaming channels will develop for video games, dating, contests, news, and other formats, whether we will build a global livestreaming network for social entertainment, whether we will realize additional opportunities for growth in livestreaming, whether our early results for LOVOO livestreaming will be indicative of future results, whether LOVOO’s share of vDAU will continue to increase, whether we will expand the use cases of video in our apps, whether we will grow Quick’s value and engagement within the community, whether we will roll out Battles as anticipated, whether Battles will further grow video monetization and engagement, whether we will successfully reinterpret the YY, MOMO and Inke format for Western audiences, whether we are in the early innings of the livestreaming opportunity, and whether live video will enable meaningful connections for our users. All statements other than statements of historical facts contained herein are forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “project,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the risk that our applications will not function easily or otherwise as anticipated, the risk that we will not launch additional features and upgrades as anticipated, the risk that unanticipated events affect the functionality of our applications with popular mobile operating systems, any changes in such operating systems that degrade our mobile applications’ functionality and other unexpected issues which could adversely affect usage on mobile devices. Further information on our risk factors is contained in our filings with the Securities and Exchange Commission (“SEC”), including the Form 10-K for the year ended December 31, 2017 filed with the SEC on March 16, 2018 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2018 and June 30, 2018 filed with the SEC on May 7, 2018 and August 2, 2018, respectively. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181004005124/en/
CONTACT: The Meet Group, Inc.
Leslie Arena, 267-714-6418
Brandyn Bissinger, 267-446-7010
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: WOMEN ENTERTAINMENT TECHNOLOGY CONSUMER ELECTRONICS SOFTWARE AUDIO/VIDEO MOBILE/WIRELESS SOCIAL MEDIA COMMUNICATIONS MOBILE ENTERTAINMENT CONSUMER MEN
SOURCE: The Meet Group, Inc.
Copyright Business Wire 2018.
PUB: 10/04/2018 07:30 AM/DISC: 10/04/2018 07:30 AM