Amor, Amour, Amore: New Hope-Based App Company Snags Popular European Dating App
PHILADELPHIA (CBS) -- Looking for love online? The world is looking to New Hope. A Bucks County-based company known for its social networking apps is becoming an even bigger player in the space.
Millions make connections on mobile apps like MeetMe, Skout, Tagged, and hi5.
When it comes to the language of love, The Meet Group is improving its skills.
"Lovoo is the number one dating app in terms of app store downloads in Germany, Switzerland, and Austria combined," said CEO Geoff Cook. "And in the top three across France, Spain, and Italy."
Cook says they'll acquire Lovoo for $70 million.
"We're projecting our combined company will have 15.8 million monthly active users," he said, "and 4.6 million daily active users."
The Meet Group focuses on live streaming within its apps.
"We see video as a further growth potential to drive engagement," Cook said.
And, in turn, driving revenues. He expects the profitable app to bring more money from subscriptions and in-app purchases, with less reliance on advertising.
