Momo has just released its Q1 financial results, showing yet another superb quarter for the Chinese tech business, its net revenues increasing by 421% year-over-year.
In its latest earnings report, Momo announced that net revenues had risen to $265.2m in Q1 2017, up from $246.1m in the previous quarter.
Once again, this increase was attributed to the growth of its live video streaming service, which was launched in Q3 of 2015.
Live video generated $212.6m in revenue for Momo in the first quarter of 2017, up from $194.8m in Q4 of 2016, and $108.6m in Q3 of 2016.
The number of paying subscribers to the video service also continued to increase, reaching 4.1m in Q1, up from 3.5m in the previous quarter.
Momo also reported an increase of its monthly active users (MAUs), which have risen from 72.3m in March 2016 to 85.2m in March 2017.
In Q4 of 2016, Momo had 81.1m MAUs.
Momo CEO and Chairman Yan Tang said: “The first quarter was a good start for the year 2017 with remarkable achievements across all of our strategic priorities.
“Looking ahead into the future, we will continue to push forward with our strategy to drive the video transition and introduce more entertaining content to build recreational activities.
“We believe that will help us to further lower the barrier and increase the efficiency of open social activities, and thus allow us to appeal to a much broader base of users.
“We have more fun to introduce ahead and will unfold them one by one as we move down the journey.”
MeetMe recently followed in the footsteps of Momo by launching a new live video streaming service that lets users broadcast themselves, watch other streams and chat in real time.
As part of The Meet Group’s Q1 financial results, it was revealed that three out of four MeetMe users have access to the Live feature, and of those users, 13-15% were already watching live video every day.
To find out more about Momo’s Q1 results please click here.