- Momo Inc. a major player in social and entertainment in China – growing globally
- Nearly $550 Billion in Q3 2020 total revenues
- Social & Dating app Tantan $107 Billion in Q3 2020
- Company announced $300 Million share buy back
Momo Inc. (NASDAQ: MOMO) is a leading diversified player in China’s burgeoning online social and entertainment space. Formed in 2011, MOMO was listed on the Nasdaq Stock Exchange in 2014 with a vision to leverage the mobile internet to connect people in unique ways. The company generates multi-billions of revenues through various channels such as live video services, value-added services, virtual gifts, and membership subscriptions, mobile marketing, mobile games, as well as Tantan, a unique mobile social dating platform.
The company announced approximately RMB3,766.7 million (US $554.8 million) total revenues for the third quarter of 2020 with Monthly Active Users on Momo applications at 113.6 million in September 2020 (https://nnw.fm/U2xtY).
Momo’s mobile applications connect people and promote interactions based on location, interests and a variety of recreational activities including live talent shows, short videos, social games as well as other video- and audio-based interactive experiences, such as live chats and mobile karaoke experience. Through Tantan and other properties within Momo’s product portfolio, the company enable users to discover new relationships, expand social connections and build meaningful interactions.
Tantan, which Momo acquired 100% in 2018, is a leading social and dating application for the younger generation. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. The application is based on geolocation that offers matched up profiles with live group chats using text, voice and video, enabling users to find their perfect match and meet them in real life.
The Tantan app originated in mainland China and has since been used by millions of singles worldwide. Tantan incorporates popular liking through swiping function and a lot of other features such as quizzes, games, and video sharing. It is like having different dating apps’ features compacted into a single app. Tantan lets users browse through swiping – plus play games, add albums, and upload updates on the app. It has more free “swipes” than other dating apps and chatting is more fun with the getting-to-know-you games. Well over 100 million men and women are logged in to Tantan, chatting, making new friends, and finding their perfect match. Not surprising that in the third quarter of 2020, net revenues from Tantan segment increased from RMB310.0 million in the third quarter of 2019 to RMB728.9 million (US$107.4 million).
It’s always a good sign when a company believes enough in itself that it buys back its own shares in the open market. Of import, Momo’s board of directors authorized a share repurchase program under which the company may repurchase up to US$300 million of its shares over the next 12 months (https://nnw.fm/fedFU). As of November 30, 2020, the company had repurchased approximately 1.66 million ADSs for approximately US$23.3 million.
With the rapid growth at Tantan and a share repurchase in place, Momo Inc. is certainly one to put on the radar.
For more information, visit the company’s website at www.immomo.com.
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