The Meet Group Releases Preliminary Financial Results for Q4 and FY 2018
The Meet Group, the umbrella firm for video streaming platforms including Skout and MeetMe, has today released selected preliminary financial information for its fourth quarter and full year 2018.
In Q4 2018, the company expects revenues to land at approximately $52.3 million. The figure is well above previous high end estimates of $47.8 million to $48.8 million. Similarly, adjusted EBITDA is expected to come in at around $10.3 million, surpassing high end estimates of $8.7 million to $9.1 million.
For the full year, revenue is predicted to be $178.5 million and adjusted EBITDA $31.8 million. High end estimates for these figures were $174 million to $175 million and $30.2 million to $30.6 million respectively.
Geoff Cook, CEO of The Meet Group, said in a statement: “We ended 2018 with excellent results across our business. Video revenue grew in total and across each of our apps in the fourth quarter compared to the third.
“We exited the year with an annualized video revenue run-rate of $71 million based on the month of December, capping a remarkable year for a product that we launched just 15 months ago.”
Some of the brands in The Meet Group’s portfolio recently introduced a ‘Battles’ feature, wherein streamers can compete with one another for virtual gifts. The format has proved popular in Asian markets on various platforms, and early signs from the rollout have been positive.
Cook said: “Users are enthusiastically embracing our Battles product, which has infused a new level of energy, fun and excitement into Live.
“While it is still very much early days for the product, more than 30,000 battles per day took place in the past week, as livestreamers competed to earn the most diamonds and become the best singer, dancer or battler. Viewer gifting behavior over the same period was strong as total credits given in Battles comprised approximately 15% of Live credits.
“Advertising results in the fourth quarter were also seasonally strong with ad revenue growing approximately 19% from the third quarter of 2018.”
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