MeetMe’s Mobile Business Now Accounts For 81% Of Total Revenue

Meet Me

MeetMe has released its financial results for the third quarter of 2015.

The social discovery and dating app saw total revenue up a big 23% from the year before, reaching $14.3m.

A huge chunk of this increase came from a growth in mobile revenue, which hit $11.6m – a 73% increase from the year before.

Mobile revenue now accounts for 81% of total revenue, which is the highest in MeetMe’s history.

This growth came from an increase in engagement and ad pricing, MeetMe’s CEO Geoff Cook said.

Mobile daily active users grew by 19% year over year, and total mobile MAUs grew by 31% year over year.

The company’s mobile CPMs also increased by 88% year over year.

Cook said: “We believe it is significant to have achieved this level of revenue performance in the third quarter, as the fourth quarter is historically our strongest revenue quarter of the year, due to seasonal trends in CPMs. We are pleased to see the positive CPM momentum experienced in the third quarter continue to date into the fourth quarter.”

By the end of 2015, Cook also said MeetMe plans to release a major revamp of its subscription service MeetMe Plus and add more native ad partners.

The social discovery app is also going to improve its Recommendation Engine and add a “major” new interest-based community feature to the app.

Speaking about the results, the company’s CFO, David Clark, said: “With continued effective management of our mobile advertising inventory, our mobile revenue during the quarter increased 73% year over year.

Mobile revenue represented 81% of our total quarterly revenue, the highest percentage in our history and up from 58% in the year ago quarter. Much of that revenue improvement flowed through to adjusted EBITDA, which increased to $5.2 million on a year over year basis, resulting in a 37% adjusted EBITDA margin.”

Read the full results here.