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."