The Meet Group has published its Q3 financial report, which features slightly better results than what was previously estimated.
Total revenue for the company, which is the parent of several dating and livestreaming platforms such as MeetMe, Skout and LOVOO, was reported as $52.6 million, a 15% year-on-year increase from 2018.
Meanwhile, adjusted EBITDA came in at $11 million. This differed from the preliminary results last month, which predicted it would be approximately $500,000 lower.
CEO Geoff Cook said in an accompanying statement: “We had a strong third quarter and we are off to a good start in the fourth quarter. Our product strategy and execution contributed to growing revenue and adjusted EBITDA, resulting in record-high free cash flow in the third quarter that we used to repurchase our stock.”
The Meet Group is continually working to develop new live video products; its significant growth driver.
NextDate is MeetMe and Skout’s brand new speed-dating game where users go on a series of 90-second ‘dates’ while livestreaming to an audience. The viewers can comment and rate how compatible they think each couple are.
Across The Meet Group’s portfolio there are now 829,000 daily active video users, a figure which has contributed $20.3 million to the company’s total revenue.
At the time of writing, MEET stock is up 3% on the market opening. It’s current market cap sits above $350 million.
Visit The Meet Group’s website here.