MeetMe Expands Relationship with Beanstock Media to Manage Mobile Ad Inventory

MeetMe, Inc. MEET, the public market leader for social discovery, today announced an expansion of its ad management relationship with Beanstock Media, the world's first premium Publisher Trading Desk, to begin delivering its mobile advertising inventory to Beanstock at guaranteed CPMs. Under the agreement MeetMe will begin placing ad calls with Beanstock Media on March 1, 2015 and will do so for the remainder of the year. This new agreement will take the place of the company's current ad management agreement with Pinsight Media+, which expires on December 31, 2014 and has a 60-day transition period. Bill Alena, Chief Revenue Officer of MeetMe, said, “Beanstock Media has proven to be a trusted and reliable partner since we began working with them in October 2013 to optimize revenue from our global web-based remnant ad inventory, and we are excited to expand our relationship to mobile. With this agreement, we expect to have continued strong visibility into revenue and smoothed quarterly seasonality in advertising rates. In 2015, we will continue our focus on driving high usage and engagement as we seek to build the pre-eminent mobile chat app for connecting with new people.” David Clark, Chief Financial Officer of MeetMe said, “Our mobile daily active users (DAU) in 2014 have increased 20 percent, from approximately 770,000 in the first quarter to approximately 920,000 in the fourth quarter to date. During the same period, chat grew more than 100 percent, and mobile visits per DAU increased more than 15%. MeetMe mobile has grown significantly in both users and in engagement per user in 2014. This growth in usage has contributed to the continued growth in mobile revenue we have delivered throughout this year. In 2015, we project annual revenue to grow to between $47 million and $53 million for the year. We also project annual adjusted EBITDA to grow to between $7 million and $10 million in 2015.”