LiveXLive Media announced today that it has entered into a merger agreement to acquire SNAP Interactive, a leading provider of live video social networking and interactive dating applications.
“We are building a unique, highly differentiated destination for music fans globally and are excited to add SNAP’s robust live video expertise and technology, intellectual property and user base to the LiveXLive family,” said LiveXLive’s Chief Executive Officer and Chairman of the Board, Robert Ellin. “LiveXLive is committed to becoming a live social music network with experiential tools and features from SNAP to power our video content and live streams for music lovers,” continued Mr. Ellin.
SNAP has a wide array of mobile applications with users in 180 countries. As of June 30, 2017, SNAP had approximately 179,000 premium subscribers and approximately 45,000 new users joining per day. SNAP’s revenue streams include subscriptions, virtual gifts, micro-transactions, and advertising. SNAP’s history of innovation is well documented as a holder of 26 patents in video conferencing and gaming. The acquisition of SNAP will help LiveXLive rapidly bring consumers a greatly enhanced viewing experience through group video chat, and other social and relationship building features.
LiveXLive will continue to operate SNAP’s current slate of apps and will look to leverage its influencer network, LiveXLive Influencers – with more than 85 million combined followers – to drive awareness and new subscribers to SNAP’s host of digital services. Additionally, LiveXLive plans to integrate SNAP’s technology into LiveXLive’s existing platform to enhance the LiveXLive online community experience and bring fans closer together around the bands and music they love.
“SNAP is pleased to be joining one of the newest and most disruptive names in music and live video entertainment. Our 18 years of pioneering technology in live video social networking applications is a perfect fit to power LiveXLive’s vision. We look forward to being an integral part of an exciting LiveXLive ecosystem,” remarked SNAP’s Chairman of the Board, Jason Katz.