The Meet Group (NASDAQ: MEET) has released its financial results from Q1 2019.
Total revenue increased by 32% year-on-year to $49.5 million. The continued focus on live video streaming over the past 12 months has been a significant contributor to growth, with $20 million of the revenue coming from video.
Jim Bugden, CFO of The Meet Group will be talking at the first GDI Singapore Dating Conference next week about the crossover between livestreaming and dating outside of Asia.
Adjusted EBITDA has also grown by 55% compared to a year ago and now sits at $8.1 million.
The company’s number of daily active users continues to steadily improve, rising from 4.86 million to 4.93 million since the previous quarter.
Since the results were released, The Meet Group’s stock price has dropped by just under 10% to $5.14 with a market cap of $384 million.
CEO Geoff Cook said in an accompanying statement: “Operationally, we completed the rollout of Battles in the quarter, with the launch on Tagged and Lovoo, and we made good progress integrating our newly acquired Growlr app.
“We are excited at the many opportunities to drive video growth. Over the coming quarters we expect to bring new features and interactive video formats including 1×1 live video, a levels system to further gamify our livestreams, interactive games, and new shows, all of which we expect will contribute to engagement and monetization.
“In 2019, we expect to drive growth by executing on our product roadmap and enabling community and connection for our users. With 80% of our users still to reach with our video features and with new and interesting monetization projects on the horizon, we look forward to delivering new products that drive meaningful connections for our users.”
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