The Meet Group Reports 74% Revenue Increase in Q2 Results
The Meet Group has published its financial results for the second quarter of 2020, which shows how the company performed during the peak of the COVID-19 pandemic.
Total revenue was reported as $90.3 million, a jump of 74% compared to the previous year quarter.
Adjusted EBITDA has more than doubled (112%) over the past 12 months, increasing from $9.8 million to $20.8 million.
The pandemic and resulting lockdown restrictions appears to have assisted The Meet Group as people were driven to its portfolio of dating and live streaming products. The video features were particularly popular as they were used to facilitate real human connections.
Monthly Average Users continued to grow to 18.93 million across all the apps.
Singles are also spending considerably more money on virtual gifts for their favourite streamers. The Average Revenue Per User was $4.78 for the quarter, a 57% increase compared to Q1.
The release also indicated that NuCom Group’s acquisition of The Meet Group is expected to be finalised by the end of the year, following approval from shareholders and the relevant government authorities.
Geoff Cook, CEO of The Meet Group, explained: “We continue to expect to close our acquisition by ProSiebenSat.1 and General Atlantic by the end of this year. We have received antitrust clearance in the United States, Germany and Austria, and our stockholders have approved the transaction.”
The Meet Group’s share price was largely unaffected by the new results and currently has a market cap of just over $450 million.
Visit The Meet Group website here.