I’m Mark Brooks and this is the 2 minute Tuesday top news summary.
The earning season is here. Public dating companies are now releasing their financial results for the second quarter of 2019. The Meet Group, which you know as the livestreaming-focused company and owner of dating apps such as Lovoo, Skout, and Growlr, released their performance figures last week. They reported $52 Million in Q2 revenue, which is up 22% compared to last year’s second quarter. CEO Geoff Cook said that video continued to drive the company’s growth. The number of daily active video users grew 21% year over year across their platforms and the company is expecting $215 Million in annual revenue. The highly anticipated Match Group’s financial results will be out today so we’ll run them on OPW.
Meanwhile, Match has released findings from their annual “Singles in America” study, which is the largest, most comprehensive survey of singles living in the USA. 5000 singles participated. The key takeaway from this year’s study is that over 50% of men say the #MeToo movement has caused them to act differently. They are now more reserved towards female colleagues at work and they think twice before they speak on a date because of the movement.
You may recall from last week’s two minute Tuesday news review that Yoti just started working with The Meet Group. Well, the London based digital identity app, has now raised 8 Million pounds. Yoti allows users to prove who they say they are when accessing online services or making age-verified purchases. They’ve already raised money in the past. Yoti started in 2014 and raised 65 million pounds. The Meet Group has recently implemented Yoti’s Age Scan to verify the age of their users to keep minors off their apps.
In legal news,… dating app Bumble has stumbled a bit in a lawsuit that is challenging Bumble’s refund and renewal practices. Listen up! This is an interesting jurisdiction precedent for us to be aware of. Plaintiff Nick King accused the dating app of violating two California laws. Namely, the Dating Service law, which allows users a cooling-off period, and an Automatic Renewal law, that, among other things, requires companies to notify consumers about how to cancel the auto-renewal before they’re charged. Mr King is saying that he did not receive information about Bumble’s cancellation and refund policies when he subscribed. Bumble’s terms of services state that the customer’s relationship with Bumble “are governed and interpreted by the laws of the State of New York. Bumble argued that because King’s accusations were based on Californian laws, they could be dismissed as irrelevant. Well, not really. Last week, California judges ruled that the local California laws WILL apply to the relationship between the app and its California users. This decision shows that you can’t always direct every suit to your favored courthouse.
That’s all for now. Thanks for watching.
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