Video “Gifting” & Lovoo Acquisition Feature in The Meet Group Q3 Report

The Meet Group Q3 report for 2017 has been released, revealing year-on-year revenue to be up 88% to $32.2 million.

CEO Geoff Cook describes the period as ‘transformational’ for The Meet Group, with the high-profile acquisition of Lovoo and the integration of live video products into Tagged spurring growth.

The move towards live video ‘gifting’ is singled out as a promising strategy for the future – according to Cook, the feature has the “potential to be the most exciting new monetization feature in [The Meet Group’s] history”.

As well as being monetized directly, the innovation will form part of the group’s wider strategy to increase ad revenue through higher user engagement.

Both Skout and Tagged continue to be integrated into the portfolio successfully, and a range of efficiency improvements have been identified to drive costs down on these platforms.

Their ongoing incorporation is said to be the cause of a 47% year-on-year mobile revenue increase – the figure currently stands at $23.7 million.

Short-term results and short-term forecasts are noted as a negative in The Meet Group Q3 report, with extraneous factors in the programmatic ad industry putting pressure on cash flows.

There are also some personnel changes underway, most notably the transition towards CFO David Clarke’s end-of-year departure. The search for a new CFO is being led by James & Co.