{"id":3917,"date":"2017-03-07T00:43:41","date_gmt":"2017-03-07T00:43:41","guid":{"rendered":"https:\/\/www.rsoftsolution.com\/blog\/old-school-social-networks-tagged-and-hi5-bought-by-meetme-for-60m.html"},"modified":"2017-03-07T00:43:41","modified_gmt":"2017-03-07T00:43:41","slug":"old-school-social-networks-tagged-and-hi5-bought-by-meetme-for-60m","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/old-school-social-networks-tagged-and-hi5-bought-by-meetme-for-60m.html","title":{"rendered":"Old-school social networks Tagged and Hi5 bought by MeetMe for $60M"},"content":{"rendered":"


\n<\/p>\n

Like bizzaro Facebooks, Tagged and Hi5 launched in 2004 to help you meet new people instead of connecting you with friends you already know. Through social games and paid dating features, they earned a surprising amount of revenue despite being relatively unknown. Tagged bought<\/a> Hi5 in 2011 before branching out into standalone social app development and renamed the parent company If(we)<\/a>.<\/p>\n

But after Tagged\u2019s newer apps fell flat, it\u2019s now decided to sell for $60 million in cash<\/a> to MeetMe<\/a>, a fellow social discovery network formerly known as myYearbook that went public in 2014. Tagged <\/a>and Hi5 will remain their own distinct brands.<\/p>\n

Tagged had originally planned to go public itself before the shift to mobile led to a precipitous drop-off of its desktop properties. If(we) managed to pull in $44 million in revenue in 2016, with mobile revenue up 56 percent in a year as it began to follow its users to smartphones. If(we) ended the year with 5.4 million monthly users. It says it\u2019s still adding 18,000 users per day. The startup had raised $28.7 million<\/a>, including a $15 million round<\/a> in 2012 from Lighthouse Capital Partners and Comerica Bank.<\/p>\n

\"\"<\/p>\n

Tagged\u2019s old homepage, courtesy of\u00a0AppAppeal<\/a><\/p>\n

By joining forces with MeetMe, the combined company will have 10.6 million total monthly users, and nearly 1.1 million daily users in the U.S. MeetMe expects If(we) to add $9 million in adjusted EBITDA to its earnings over the next 12 months. MeetMe will fund the buyout with cash on hand, revenue, earnings and a $30 million loan from JP Morgan.<\/p>\n

The markets responded favorably, sending its share price up 19 percent in after-hours trading to hover around $6.<\/p>\n

\u201cWe believe this combination provides a clear pathway to $150 million in annualized revenue with adjusted EBITDA of $50 million for our combined company,\u201d said\u00a0Geoff Cook, CEO of MeetMe.<\/p>\n

\"\"<\/p>\n

MeetMe\u2019s mobile social discovery app<\/p>\n

<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunch\/social\/~3\/D7vYHgHrb4Y\/<\/p>","protected":false},"excerpt":{"rendered":"

Like bizzaro Facebooks, Tagged and Hi5 launched in 2004 to help you meet new people instead of connecting you with friends you already know. Through social games and paid dating <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[10,7,14,15,6,12,11],"class_list":["post-3917","post","type-post","status-publish","format-standard","hentry","category-latest-update","tag-computer-news","tag-downloads","tag-microsoft-download-news","tag-networking-updates","tag-technology-update","tag-wordpress-plugin-download","tag-wordpress-theme-download"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t