ACCESSWIRE – Dec 20 – Snap Interactive, a provider of live video social networking apps building on blockchain, has completed a private placement of 200k shares of common stock to Hershey Strategic Capital, LP at a price of $5/per share. Adam Hershey, Managing Member of Hershey Strategic Capital, has agreed to advise the company on capital markets strategy. SNAP intends to use the net proceeds for the blockchain product initiatives.
SNN – Dec 14 – Snap Interactive, the publicly traded company, is bringing in some Blockchain-enabled technology. Alex Harrington, the CEO talked about Snap's Blockchain initiatives at the LD Micro "Main Event" 2017 in Bel Air, CA. "We are developing a new app called Backchannel that is a secure video-enabled app. One of the powerful things about Blockchain is that you can sign in with an app without showing your real identity. You do it with a CryptoID. It enhances the security and privacy."
All Snap's apps have freemium model. "We have free users through which we collect the advertising revenue and then we have paid users that upgrade to a subscription. Both free and paid users buy virtual gifts. So virtual gifts is a significant part of our transactional revenue. Overall transactional revenue makes up about 90-91% of our total revenue. BackChannel will also be a freemium model but there will be tokens so most of the payments will be different."
"The Blockchain initiative is a really big driver of growth because it extends the capability of what we can deliver to customers, and really improve the back end capability – content delivery, storage and payments."
ACCESSWIRE – Dec 4 – Snap Interactive, a provider of live video social networking apps building on innovative technologies such as blockchain, has initiated a strategic product development and technology relationship with blockchain security innovator Gladius Network. They will focus on accelerating the development of Gladius's security solutions and SNAP's newly announced initiative Backchannel, the Company's first blockchain-based secure video messaging app. SNAP will also make an investment in Gladius's recently announced Initial Coin Offering. Gladius is a blockchain-based cybersecurity and content delivery network.
PRESS RELEASE – Nov 28 – SNAP Interactive has appointed Wall Street crypto expert and venture capital veteran Lou Kerner to its Blockchain Advisory Board. Mr. Kerner will begin advising on the strategic development of blockchain and crypto initiatives at SNAP.
ACCESSWIRE – Nov 7 – Q3 revenue was $5.9M, a 27.5% YOY increase, driven primarily by the completion of the Paltalk Merger. Net loss from operations was ~$2M, which included $604K of one-time expenses primarily related to legal and consulting fees for the proposed LiveXLive merger, and a one-time payroll tax expense related to the Paltalk merger.
ACCESSWIRE – Nov 1 – The merger agreement was terminated by SNAP due to certain conditions of the agreement that were not fulfilled as of October 27, 2017, which relieved SNAP of its obligations under the agreement. SNAP entered into the agreement in September. The purchase price was ~$34M consisting of ~$20.4M in cash and ~$13.6M in shares of LiveXLive common stock. Snap Interactive will move forward as a stand-alone entity.
PR NEWSWIRE – Sep 11 – LiveXLive Media, one of the only premium streaming networks devoted to live music and music-related video content, has entered into a merger agreement to acquire SNAP Interactive, a provider of live video social networking and interactive dating apps. LiveXLive will continue to operate SNAP's current slate of apps and will look to leverage its influencer network to drive awareness and new subscribers to SNAP's host of digital services. The purchase price for the acquisition is ~$34M consisting of ~$20.4M in cash and ~$13.6M in shares of LiveXLive common stock.
ACCESSWIRE – Aug 8 – Total Q2 revenue was $6.2M, a 43.3% YOY increase. Subscription revenues increased 48.3% as a result of the completion of the Paltalk merger. Net loss from operations was ~$1.5M.
ACCESSWIRE – July 31 – Snap Interactive plans to begin accepting the cryptocurrency Bitcoin as a payment option on Camfrog and Tinychat apps in early August, with further expansion plans in the near future.
ACCESSWIRE – July 12 – Snap Interactive, a provider of live video social networking and interactive dating apps, is rolling out its newest platform, 50more, a dating site targeting adults 50+. SNAP has achieved significant pre-launch adoption and engagement on 50more and claims 10K registered users with 7.5K matches.
ACCESSWIRE – Dec 20 – Snap Interactive, a provider of live video social networking apps building on blockchain, has completed a private placement of 200k shares of common stock to Hershey Strategic Capital, LP at a price of $5/per share. Adam Hershey, Managing Member of Hershey Strategic Capital, has agreed to advise the company on capital markets strategy. SNAP intends to use the net proceeds for the blockchain product initiatives.
