The Meet Group’s stock has climbed to its highest point in the past 12 months, briefly crossing $5 per share on Tuesday 28th August.
The company’s market cap sits at just over $350 million.
MEET stock has significantly increased in value since April this year – it was valued at under $2 per share at that time.
Recent success is likely attributable to the roll out of more live video features, building on a ‘video gifting’ business model inspired by Asian social leader Momo.
The Meet Group share price in USD. Source: Google
The Meet Group announced five new features alongside their Q2 2018 earnings, including ‘one on one’ live streaming and gifting with ‘Quick’.
The accompanying press release read: “One on one video chat provides opportunity for monetization through two paths: The first is the use of paid gender filters. Users can match with a livestreamer for free or choose to be matched with users of a specific gender for a fee [which we expect will be 9 credits or 9 cents]. Given the male to female gender skew of our user base, we see a strong likelihood of users opting to pay.
“The second way to monetize Quick is with virtual gifts in live chat. Users may choose to send virtual gifts to show interest, break the ice or start the conversation. We’ve seen this product be successful on other apps including Azar and we believe the feature is particularly well suited to our audience.”
The Q2 results saw revenue up 37% year-on-year to $42.8 million, while adjusted EBITDA rose 3% to $7.6 million from the prior year quarter.
Visit The Meet Group website here.