The Meet Group Publishes Preliminary Q3 Financial Results

Online dating and livestreaming umbrella The Meet Group has pre-released selected preliminary financial information for its third quarter 2019.

The company, which is the parent to a number of apps including MeetMe, Skout and Growlr, expects revenue to come in at approximately $52.3 million, a sizeable increase on previous estimates of $50.5 million.

In addition, adjusted EBITDA is believed to be in the range of $10.4 million to $10.6 million, more than $1 million ahead of prior calculations.

About half of The Meet Group’s monthly active users have consumed some form of video content on the app and the company wants to keep that number growing. Revenue from video is going to contribute at least $20 million in Q3.

CEO Geoff Cook said in a statement: “We are encouraged by our results for the third quarter. New features including streamer levels, VIP badges, first time buyer bonuses and one-on-one video chat are contributing to meaningful business results. 

“Further, we believe that the moderation-related headwinds related to our recent safety enhancements are largely behind us.”

Speaking at the GDI London Conference at the end of last month, The Meet Group’s CFO Jim Bugden revealed that a livestreaming dating game will be released on the MeetMe platform very soon.

Cook added that he is “particularly excited” to be introducing this new feature.

The Meet Group’s stock has risen by almost 30% since these preliminary results. The share price currently sits at $4, giving it a market cap of $305 million.

Visit The Meet Group’s website here.