What is My Yearbook

MyYearBook is the third largest social networking site in the United States. It was founded in 2005 by American girl Katherine Cook. At first, it was just to make an electronic version of the graduation yearbook. Then a magical chemical reaction occurred, and the number of registered members increased dramatically within a few years. In 2011, the site was acquired by Quepasa, a Latino social networking site.

Entrepreneurship

According to reports, in 2005, Cook, then 15, and his 16-year-old brother Dave transferred to Montgomery High School in Skillman, New Jersey, as freshmen and sophomores, respectively. Coming to a strange new environment, the siblings didn't know many friends of the same grade, so they had to find the yearbook to get to know their classmates. When they saw the old-fashioned photos in the yearbook, they had an idea: why not post their own photos online, and then upload their favorite music, extracurricular interests, and personal resumes?

Although they had not even heard of Facebook, a social networking site that later became popular, they began to think about the feasibility of this idea. A few days later, they went to ask for help from their eldest brother, Geoff, who was 11 years older than Cook. Geoff affirmed the idea of ​​his younger siblings and generously injected $250,000 in venture capital as the start-up capital for the creation of MyYearbook. In fact, this money was the "first pot of gold" that Geoff earned by founding his own website when he was studying at Harvard University in his early years.

Since Geoff had successful experience working with Indian engineers, Cook hired a programming team in Mumbai to help her build the website. Under the guidance of her eldest brother, she and Dave learned basic business skills such as how to negotiate with venture capitalists in Silicon Valley and how to rent a network server, and thus embarked on a difficult and challenging entrepreneurial journey. In April 2005, the long-prepared MyYearbook website finally opened. On the first day of the opening, Cook and Dave wore T-shirts with advertising slogans and promoted it on campus. The T-shirts read: "Who is the most beautiful girl on campus? Who is the most sultry? Go to myYearbook to find out."

At the suggestion of friends, the website quickly added many popular functions from the initial single-function beta version, including game downloads, video uploads, and of course online surveys on popular topics among teenagers, such as: how to chat up with the handsome guy you secretly love, which senior is the most handsome, which is the coolest way to break up, etc.

Revenue Model

myYearbook generates revenue from three sources: advertising, virtual currency (Lunch Money,) sales, and monthly subscription fees. Advertising accounts for two-thirds of its revenue, and other sources make up the rest. It has sales offices in New York City and Los Angeles.

Development History

-In 2005, MeetMe's predecessor, MyYearbook, was co-founded by two high school students, Dave and Catherine Cook, at Montgomery High School.

-In 2008, the website introduced a series of online games, in which the winners could win a certain amount of "Lunch Money," which was welcomed by many members.

-In April 2009, the website added the instant messaging software Meebo, allowing members to chat in real time; it then launched a real-time streaming service to facilitate members to share audio and video, play games together, and help members get to know each other.

-In November 2009, MyYearbook launched Chatter, which integrates media sharing and games to help users interact better.

-In 2010, site members can chat in real time through Apple iPhone or iPod Touch and Android smartphones.

-In July 2011, MyYearbook was acquired by Quepasa, an American Latino social networking site, for $100 million.

-In December 2011, MyYearbook launched an iPad app for the tablet market.

-In June 2012, the company formed by combining MyYearbook and Quepasa was renamed MeetMe.

-In October 2013, MeetMe launched the mobile dating app Charm.

- In June 2016, MeetMe announced that it would acquire Skout, a global mobile app for meeting new friends. The Skout transaction closed in October 2016.

-In September 2017, Meet Group acquired the German dating app Lovoo.

Financing

In 2006, MyYearbook raised $4.1 million from US Venture Partners and First Round Capital; then in 2008, MyYearbook raised $13 million in Series B funding, bringing the company's total investment to $18.6 million.