MeetMe is following in the footsteps of Momo with the launch of a new live video streaming service.
The new Live feature, which is currently in beta, is a “one-to-many” video service that lets users broadcast themselves, watch other streams and chat in real time.
The broadcasts are moderated through a combination of “algorithmic analysis and manual review” according to MeetMe, who announced the launch in a press release.
CEO Geoff Cook said: “We believe Live will be a popular feature for connecting our millions of users.
“If you think of MeetMe as the neighborhood bar, as we do, then video is the live entertainment meant to keep people engaged and give them something more to talk about.
“We believe chat will keep users coming back to the app, and video will extend the time they spend in the app, forming a powerful product mix.”
MeetMe has made the feature available to its entire beta community, and has plans to roll the feature out to more users over the coming weeks.
After the rollout is finished, MeetMe intends to implement freemium products within the video streams to monetise the live video tool.
These monetisation strategies will likely be similar to those employed by Momo, which has seen incredible revenue growth with its live streaming service, which launched in 2015.
Momo lets its members buy and send virtual gifts to people broadcasting live videos, taking a 50% cut of the profits.
By Q1 of 2016, the Chinese company had made $15.6m from these virtual gifts, already making it Momo’s best performing monetisation strategy compared to its other channels – VIP premium subscriptions, mobile marketing and gaming.
By the second quarter, this figure soared to $57.9m, less than a year after the feature was first launched.
At year’s end, it had reached $194.8m.
In his statement, Cook spoke about the inspiration apps like Momo provided for MeetMe’s new feature, saying: “We believe video will also open the door to increased revenue with new advertising placements and in-app purchases through a gifting mechanism popularized by Momo, Live.me, and others.”
MeetMe also said it plans to bring live video to Skout, the app it acquired for $55m last June.
The integration between the two services happened earlier this year, the move giving users of MeetMe access to 60% more people, Skout members having 162% more potential connections.