GLOBE NEWSWIRE - Mar 22 - PeerStream's (Snap Interactive) total revenues increased to $24.8M, representing 18.4% YOY growth, driven primarily by the completion of the AVM Merger. Subscription revenues also increased to $22.9M, up 22.8% YOY driven by the completion of the AVM Merger. Net loss from operations was $5.7M which included $815K of one-time expenses primarily related to a terminated merger with LiveXLive Media, and a one-time lease cancellation fee. Adjusted EBITDA was $(1.9)M. In 2017, they company launched a strategy to integrate blockchain into its technology, formed partnerships and advisory relationships to expand technology capabilities, and evaluate strategic M&A, equity and token investments supporting its blockchain strategy. PeerStream announced the development of Backchannel, a secure video messaging app; founded an Innovation Lab to support growth initiatives in the live video markets; completed the launch of Camfrog Live, a new live video streaming entertainment service; andcompleted AVM Merger.
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