NEW YORK (TheStreet) -- Thanksgiving, a day in the U.S. for filling up on comfort foods and expressing appreciation for the best things in your life, is also the start of a particularly special time of year. True, the day marks the start of the holidays, but Thanksgiving also kicks off proposal season.
About 40% of couples getting married next year will have had the question popped between Thanksgiving and Valentine's Day, "It's the most wonderful time of the year," XO Group (XOXO) CEO Michael Steib said on "Bloomberg Markets: Americas" on Monday morning.
XO Group runs the personal wedding planning site The Knot, a one-stop shop where couples with no experience planning a wedding can find everything the need for their big day.
About 72% of XO Group's revenue is from Internet and media, BloombergTV's Vonnie Quinn pointed out as she questioned the CEO.
"It's primarily advertising and commissions that we collect for helping people book services and products that they need," Steib said. "See, what happens when you get engaged is that a couple who's never done it before is asked to become professional event planners for a year of their life."
During that year a couple could spend about $30,000 on the event. Weddings are a $100 billion industry.
"Most folks don't know what to do next. They come to us at The Knot, they download our app, and we take them step-by-step through the wedding planning process," Steib continued.
In that regard The Knot competes with a number of players in niche sectors, Quinn pointed out. She questioned Steib as to how the company keeps customers from going off in different directions.
"We're the only app and the only site that offers the end-to-end solution for planning this event," he responded. "So everything from finding the photos of the beautiful flowers that you want, to finding the florists in your neighborhood, to connecting with that florist can be done through our product."
Finally, Quinn asked Steib how he plans to increase operating margins. The Knot has 20 million monthly visitors and $100 million in cash.
"We're finding that we've been able to improve our gross profit over the last few years while accelerating our revenue, by evolving our product from one that relies solely on advertising to one that relies on advertising as well as transactional services," Steib said.