MOMO – May 28 – Q1 revenue decreased by 3.5% YOY to RMB3,594.1M ($507.6M). Net income attributable to Momo increased to RMB 539M ($76.1M) in Q1 2020 from RMB 289M in the same period of 2019. Monthly Active Users on Momo app were 108M in March 2020, compared to 114.4M in March 2019. Total paying users of live video service and value-added service, including 4.2M paying users of Tantan, were 12.8M for the Q1 of 2020, compared to 14M in Q2 of 2019. "Q1 2020 was a challenging and yet very fruitful quarter for Momo," commented Yan Tang, Chairman and CEO of Momo.
Category: Momo
The Sudden Rise of Virtual, Video Based Dating
QUARTZ – May 10 – Covid-19 has forced a pivot to video for many online singles. A shift (towards video) within the (dating) industry has accelerated. Bumble launched in-app video chat in 2019 and said its use increased 56% worldwide over the last two weeks of March.
Online dating consultant Mark Brooks envisions a landslide industry shift to video, similar to Tinder's expansion to smartphones in 2013. His first client, Webdate, attempted this in 2005. The same year, what eventually became YouTube initially flailed as a video dating website. "It's been a long time coming, but I think in a couple of years it will be unusual not to be able to do a first date on a dating app," he said.
Virtual first dates address problems that plague online dating. According to Pew Research (2019) 45% of those polled (in US) said dating apps left them feeling frustrated, and ~50% consider the platforms to be unsafe. In that sense, virtual dates can serve as both a quick authentication and vibe check.
by Meghan Mc Donough & Eduardo Araújo
See full article at Quartz
Mark Brooks: The video above is a 2 minute segment from a 7+minute news feature on dating. Through interviewing with Quartz I discovered the wonderful QZ.com news platform. Very impressed, and hooked. I recommend signing up so you can see this full video feature. I'm also subscribed to WSJ and The Economist, and find QZ to be a nice complement to these more formal and traditional news outlets.
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Top Dating Apps in China During Coronavirus Pandemic
SCMP.COM – May 1 – The nine largest dating apps by China iOS app store ranking are Yidui, Tantan, Momo, Soul, Yimu, Zhenai, Hezi, Blued and Rela. ~622M people used dating apps in China last year, and the market is set to hit $290M in revenues by 2024, according to Statista.com.
- Yidui
Video-based speed matchmaking app, targeting singles in lower-tier cities, it later introduced a professional matchmaker in the app and added a live-streaming feature to speed up matches - Tantan
China's Tinder clone, launched in June 2014, raised ~$120M. In 2018, the company was acquired by Momo - Momo
Launched in 2011, evolved from a simple location-based dating app to a general social platform that, in addition to its original features, also includes group chats, live-streaming, short-video, and casual games. The company went public on Nasdaq in Dec 2014. - Soul
Launched in 2015, it matches users based on a personality test, targeting young users. Soul has closed a Series C round of an undisclosed sum last year. - Jimu
Released in late 2016, the app melds features of dating apps with youth social networking functions, targeting urban residents who like art, fashion, and music. The company raised "tens of millions of yuan" in June last year from a Series B round led by Bluerun Ventures and Sequoia Capital. In July 2019, Hong Kong-listed Chinese live-streaming firm Inke bought Jimu for $85M. - Zhenai
Founded as early as 2005, is one of the oldest and well-known matchmaking websites in China, which also offers offline services. Zhenai has made several updates to its app in a bid to reach younger users as well, adding features including personal assessments, live-streaming, and a status-posting section. - Hezi
Voice-based social app Hezi was launched at the beginning of 2019, founded by two senior executives from Momo. - Blued
Launched in 2012 by the Chinese LGBTQ community website Danlan, Blued is the top gay dating app in China. The company has raised ~$130 M. - Rela
Founded in 2012, the first location-based dating app for lesbians in China.
Momo Announces Q4 and Fiscal Year 2019 Financial Results
PR NEWSWIRE – Mar 19 – Momo's Q4 net revenues increased by 22% YOY to RMB 4,688M ($673.4M). Q4 Net income attributable to Momo increased to RMB1,055.9M ($151.7M) from RMB660.8M in Q4 2018. Monthly Active Users on Momo app were 114.5M in December 2019, compared to 113.3M in December 2018. Total paying users of live video service and value-added service were 13.8M, compared to 13M in Q4 2018. Full Year 2019 Highlights: Net revenues increased 27% YOY to RMB17,015M ($2,444.1M) for the full year of 2019. Net income attributable to Momo was RMB2,970.9M ($426.7M) for the full year of 2019.
OPW Podcast – The Top Dating Industry News for Jan 14th
OPW – Jan 14 – Hinge's online merch shop, UK online dating survey, Momo's video social app Duiyan.
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Momo Launches Short Video Social App ‘Duiyan’
Momo Has 4 Plans for Future Growth
THE MOTLEY FOOL – Dec 31 – Momo is often called the "Tinder of China" because it owns two top dating apps: its eponymous app and Tantan, a Tinder clone it acquired in 2018. Most of Momo's revenue comes from its core app's live video streaming platform, which lets viewers buy virtual gifts for their favorite broadcasters. A smaller percentage comes from ads, mini-games, and premium dating services. Momo's stock rallied ~50% over the past 12 months, even as it faced Tantan's temporary suspension from Chinese app stores.
- Growing its users and engagement rates
Its monthly active users (MAUs) on its core app rose 3% annually to 114.1M last quarter, marking a slowdown from previous quarters. To bring in more users, Momo launched a new version of its app in August. - Supporting the "healthy" growth of its live videos
Momo is closely monitoring its live video platform to avoid a crackdown by China's cyberspace regulators. - Growing its base of paid users
Its number of paid users, including Tantan, grew 7% annually to 13.4M last quarter. That represents just a tiny slice of its total MAUs, but it's implementing fresh strategies to boost that percentage. - The monetization of Tantan
Tantan grew its paid users 41% annually to 4.5M last quarter. These users pay for premium features like unlimited swipes and more matches. Tantan's total revenue rose 89% annually to 310M yuan ($44M), or 7% of Momo's top line.
Could Tencent Topple Momo as the “Tinder of China”?
THE MOTLEY FOOL – Dec 25 – Tencent, the Chinese tech giant, has unveiled three new dating apps over the past few months. Tencent rules China's mobile messaging market with WeChat, which serves 1.15B monthly active users. Meanwhile, Momo is the top online dating platform in China. Momo's smaller app, Tantan, is a Chinese clone of Tinder. Momo's core app had 114.1M MAUs last quarter, and 13.4M of them bought virtual gifts or signed up for premium dating services on Momo and Tantan. Tencent recently launched an anonymous video dating app called Maohu, a Tinder-like app called Qingliao ("Light Chat"), and a reboot of its Pengyou ("Friends") app as a social network with an opt-in dating feature. What's Tencent up to? WeChat's MAUs grew 6% annually last quarter, but it's only a matter of time before this ubiquitous "super app" runs out of room to grow in China. Meanwhile, Gen Z-oriented rivals like ByteDance's TikTok and Bilibili are attracting younger users, while WeChat seems shackled to its reputation as an app for older users. Simply put, Tencent needs new ways to reach younger users, and Momo's streak of double-digit revenue growth suggests that online dating is still a fertile market. Investors shouldn't assume that Tencent will crush Momo yet, since Momo still enjoys a first mover's advantage in the market. However, investors should keep a close eye on Tencent's three new apps – and see if they pull users away from Momo and Tantan.
by Leo Sun
See full article at The Motley Fool
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OPW Podcast – The Top Dating Industry News for Dec 3rd
OPW – Dec 3 – Momo up 22%, e-babies 40%, Happn gives 5% to AIDS, IDEA SUMMIT.
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Momo Announces Q3 2019 Financial Results
PR NEWSWIRE – Nov 26 – Momo's net revenue increased by 22% YOY to $622.8M. Net income attributable to Momo is $125.1M. Monthly Active Users on Momo app were 114M in Sep 2019, compared to 110M in Sep 2018. Total paying users were 13.4M. Live video service revenues were up 18% to $458M. Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were $148.9M, up 86% YOY. Mobile marketing revenues increased 30% $11.5M.