The Meet Group, Inc. (NASDAQ:MEET) has released selected information from its Q4 and end of year financial reports.
Q4 Revenue, the report suggests, should be at or above the initial estimate of $36.5 million to $38 million.
Similarly, full year revenue should be at or above the upper end of its prior outlook of $120.1 million to $121.6 million.
CEO Geoff Cook said of the report: “Our recent close of the Lovoo acquisition and the continued rollout of our video platform demonstrate our commitment to diversifying our revenue mix and delivering on the promise of livestreaming video.
“While still a small component of total revenue, monetization of our video product has been accelerating. In the past five weeks, average revenue per daily active user for MeetMe Live users, or vARPDAU, in the United States doubled to approximately 20 cents, up from approximately 10 cents just five weeks ago.
“We believe this has been largely driven by the initial success of our new video gifting product on our MeetMe app.”
In addition to benefiting the business directly via in-app purchases, Cook feels that MeetMe video gifting encourages more high quality engagement on the platform.
The group recently introduced video to Skout, and the initial signs from this move have been positive.
One quarter of Skout’s daily users have started using the new streaming features, and 10% of the content creators are receiving virtual gifts.
Users will soon be able to ‘Cash Out’ their gifts for real money in the app, allowing popular streamers to monetise and reap tangible benefits from the platform.
The press release notes that the preliminary information “is forward-looking information and subject to risks and uncertainties, including possible adjustments to such information. The Company expects to report its fourth quarter and full year 2017 results in March of 2018.”
Read more here.