The OPW/iDate Weekly News Summary.
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Match Group Q3 Results: Revenue Up 29%
MATCH GROUP - Nov 7 - Total Revenue grew 29% YOY to $444M, driven by 23% subscriber growth and 6% ARPU growth. Average subscribers increased to 8.1M, a 23% YOY increase. Operating income was $140M, up 54% YOY, while Adjusted EBITDA increased 38% to $165M.
The Meet Group Q3 Financial Results
PRESS RELEASE - Nov 7 - Total revenue was $45.7M, up 42% YOY. Net income was ~$1.3M, compared to $2.2M last year. "We continue to grow video revenue across all of our apps," said CEO Geoff Cook. "In one year, we have increased the annualized video revenue run rate from virtually zero to $55M for the month of October. Traffic in the quarter was also strong. We grew mobile daily active users 3% sequentially to 4.3M and mobile monthly active users 7% sequentially to 14.6M."
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Badoo Is Facing An Investigation By HMRC Over Its Corporate Tax Bill
TELEGRAPH.CO.UK - Nov 7 - Badoo, part of the matchmaking empire controlled by Russian tycoon Andrey Andreev, is under investigation for its tax payments for the years 2013 to 2016. The news comes as Mr Andreev, 44, whose fortune has been estimated at over Ł1B, talks up plans to take the company public in a New York listing which could value it at several billion dollars. Badoo is structured with more than a dozen subsidiaries as well as other investments. Its parent company is listed as World Vision, a company incorporated in Bermuda, which in turn is controlled by Rimburg International, a company domiciled in the British Virgin Islands. A separate entity, Badoo Limited, also said it was under investigation. The company reported turnover of Ł144M for the year ending December 2017, up from Ł107M in the previous 12 months, for a reported loss of Ł5.6M. Badoo said the loss was "primarily due to the marketing focus of the business".
Facebook Dating Launching in Canada
THE CANADIAN PRESS - Nov 9 - Facebook Dating, which was previously piloted in Colombia, operates with users creating profiles that are separate from their Facebook ones and kept out of sight of friends. The company will recommend matches that users aren't already friends with, but who share dating preferences, interests and if they'd like, mutual friends or groups and events. Facebook Dating's Canadian roll-out comes as Facebook is embroiled in privacy concerns following a series of data breaches. Some experts said the dating offering will raise privacy concerns of its own and is unlikely to assuage worries about the platform. Users will have to opt-in for the dating feature instead of being automatically enrolled. There will also be a feature that allows people to be blocked and prevents users from messaging potential interests more than once, if the other person hasn't &^%$#$^ with a response. If a user is overwhelmed with matches or wants to take a break from dating, they can pause Dating and if they decide the app isn't for them, they can opt-out and all their Dating data will be destroyed.
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Parship Is Not "Germany's Largest Dating Agency", the Court Ruled
RNZ - Nov 8 - Parship described itself as Germany's largest online dating service which was disliked by LoveScout24, Parship's biggest competitor in Germany. LoveScout24 ended up suing Parship for false advertising statements. This week, The Higher Regional Court Munich ruled in favor or LoveScout24. So who is at the top? According to the study "Der Deutsche Online-Dating-Markt 2017/2018", both sites have ~10M users each. Parship was founded in 2001 and has been part of the TV group ProSiebenSat.1 together with its smaller sister site Elite-Partner for two years. Parship employs 230 people and generated ~120M Eur in revenue in 2017. LoveScout24 does not want to disclose its revenues.
Tinder Now Has 4.1M Paying Users, Expects $800M In Revenue This Year
TECH CRUNCH - Nov 7 - Match Group surpassed analyst's forecasted revenue of $437M, reporting Q3 revenue of $444M, a 29% increase YOY. Match says it expects to bring in a total of $1.72B in annual revenue. Despite positive earnings, the company's 4Q outlook failed to satisfy Wall Street. Match said it expects $440 - $450M in revenue in Q4, falling short of the $454.5M analyst estimate. Shares of Match sank 10% in after-hours trading as a result. Year-to-date, Match's stock is up ~60%. Tinder continues to be Match's growth engine, responsible for half its paid users and half its projected annual revenue. Tinder is expected to bring in $800M in revenue in 2018. Hinge, another app-based dating service acquired by Match in June, is on its way up. Match says it's seen a 5x increase in downloads since it first invested. Match also announced that it would, for the first time, issue a special cash dividend of $2 per share on Match Group common stock and Class B common stock, to be paid out on Dec. 19.
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PeerStream Reports Q3 2018 Results
GLOBE NEWSWIRE - Nov 8 - Total revenue of $6.7M increased 12.8% YOY. Net loss was ~$570K, a $1.4M improvement YOY. Net loss was driven by a $576 thousand impairment loss on digital tokens received by the company in connection with the ProximaX technology services agreement. Judy Krandel, CFO, commented, "Subscription revenue from our video properties was stable YOY, offset by a decline in subscription revenue primarily from dating assets.
eHarmony Has a Plan to Stop Online Daters from 'Ghosting' Each Other
YAHOO FINANCE - Nov 9 - eHarmony is hoping to launch a chatbot to stop people from ghosting, or cutting off communication with potential matches. The would-be feature, which eharmony has yet to start development on, would pop up in the user interface after an online conversation with another user drops off after several days or weeks. The dating bot feature could be introduced within the next 18 months.
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