The Meet Group, Inc. (NASDAQ: MEET), umbrella for MeetMe, Lovoo, Skout, Tagged and Hi5, has released its Q1 earnings.
Total revenue is up to $37.6 million, increasing 88% year-on-year.
Of this, mobile revenue is up to $30.7 million – up 63% year-on-year.
The adjusted EBITDA hit $5.2 million, up 9% year-on-year.
“We are off to a strong start to the year, with growth from live video monetization accelerating at an even faster pace than we had anticipated,” said Geoff Cook, CEO of The Meet Group.
“Video revenue grew approximately 120% from December 2017 to March 2018, which we attribute to momentum on our MeetMe app, the launch of livestreaming monetization on Skout, and our focus on strengthening our livestreaming community and the quality of our livestreams.
“Our annualized video revenue run rate now exceeds $29 million based on April’s results, up 53% from February’s run rate.”
He continues: “We have been particularly pleased to see average revenue per paying video user grow to $76 for the month of March on MeetMe Live. Average revenue per daily active user for MeetMe Live, or vARPDAU, in the United States increased to 44 cents in March and is now nearing levels achieved by leading livestreaming companies in Asia.
“Total vARPDAU, which includes Skout and MeetMe, was 18 cents in March. Importantly, the percentage of MeetMe users engaged in video exceeded 25% for the first time in April.”
For the second quarter of 2018, the firm predicts revenue in the range of $38.0 million to $39.0 million and adjusted EBITDA in the range of $5.3 million to $5.6 million.
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