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Meet Group | In love with Ecommerce | ITEK

Meet Group | Designed to Meet the Universal Need for Human Connections

Founded in 2005, Meet Group Inc (MEET) offers a portfolio of mobile social entertainment apps designed to meet the universal need for human connection. It includes a powerful live-streaming video platform, empowering the global community to forge meaningful connections. The Company’s primary apps include, MeetMe, LOVOO, Skout, and Tagged, which keeps millions of daily active users entertained and engaged, and originates a number of casual chats, friendships, dates, and marriages. The Meet Group’s portfolio of apps, is particularly popular among millennial's and Generation X and the Meet Group apps are available on iPhone, iPad, and Android in multiple languages. Through these innovative apps, users can stream live video, send gifts, chat, and share photos [1].

The newest game app from MEET is ‘Battles’, which offers live competitions for the best dancer, musician or comedian, among other categories. The app brings large audiences and participants together.  Each ‘battle’ lasts just a few minutes, and the winner is the streamer earning more diamonds, by receiving gifts from viewers during the battle period.  Battles brings together two live-streamers and their audiences for a live competition, whether it be for best dancer, musician or comedian.

Revenue Streams 

Meet has transformed its business from a predominantly advertising model, enabling marketers to display their advertisements in different formats and in different locations, to now generating the majority of revenue from user pay sources.  These include subscriptions and in-app purchases for virtual gifts as part of its video live-streaming product.

In the second quarter of 2018, 60% of revenue was derived from user pay, versus 26% in the second quarter of 2017. Livestreaming video revenue has become an increasingly important component of revenue and growth and the product has been rolled out to all of the Company's main apps [2]. Livestreaming video grew from virtually $0 to more than $82mn annualised revenue run-rate for the month of February 2019 [3].

Investor confidence in Meet Group Inc. helped to lift shares by about a third since Christmas, and the company got another boost recently, as the app developer topped its forecasts for both revenue and adjusted Ebitda in the fourth quarter, according to preliminary results [4].

Live Streaming Functionality Proves Lucrative 

The Meet Group saw the growth of live streaming in China and the parallels between their platforms and MOMO, and decided to follow the MOMO model, adding live streaming functionality to their existing platforms. Since adopting a similar model, The Meet Group has experienced a similar growth trajectory, with their live video results to date almost mimicking MOMO’s.  The Meet Group has learnt from China’s mature live streaming industry, helping it develop features similar to MOMO’s Quickchat and PK (on The Meet Group platforms titled Quick and Battles) but innovating within these features to make them work for a Western audience[5].

With Meet’s mission to build the best place to meet new people, through novel approaches, Gaming apps such as Battles enable connection around talent. Meet believes the competitive dynamic helps strengthen the relationships between streamers and their fans. Battles, sometimes referred to as PK in Asian live-streaming apps such as MOMO and YY, is a mainstay of monetisation for those apps[6]. 

In addition to Battles, MEET has a pipeline of features aimed at increasing video monetisation. Its 12 Days of Gifting holiday campaign, includes exclusive holiday-themed gifts, aimed at maximising gifting in the peak of the holiday season.

Meet’s new video revenue stems from in-app purchases users make to buy and give “gifts” like a virtual race car, and when a popular live-streamer acquires the equivalent of more than $200 worth, they can redeem for cash. A very small subset make thousands a month, put on sophisticated live-streams like dating games, art shows and cooking shows. 

Acquisitions

Meet has built its portfolio of five dating apps through acquisitions, with the $11.8 million deal to buy niche gay dating app Growlr being the most recent, a new segment of users it hasn’t reached before. Further, an acquisition of Lovo also means reaching the European market[7].

Find out more about the HAN-GINS Innovative Technologies UCITS ETF (ITEK)

As of 30th July 2019, the HAN-GINS Innovative Technologies UCITS ETF (ITEK) held 0.86% of its weight in The Meet Group. 

Read our ITEK Whitepaper "The 4th Industrial Revolution" here

Article Date: 17th May 2019. 

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