GLOBE NEWSWIRE - Feb 4 - PeerStream has completed a sale of its non-core dating assets to The Dating Company LLC, a private U.S.-based company. The dating assets consist principally of the FirstMet dating service, which was founded in 2007. Alex Harrington, CEO of PeerStream, commented: "as we shifted our corporate strategy it became clear that the dating assets were non-core and suffered from lack of management attention, resulting in underperformance in 2018, including a significant revenue decline and negative cash flow."
GLOBE NEWSWIRE - Nov 8 - Total revenue of $6.7M increased 12.8% YOY. Net loss was ~$570K, a $1.4M improvement YOY. Net loss was driven by a $576 thousand impairment loss on digital tokens received by the company in connection with the ProximaX technology services agreement. Judy Krandel, CFO, commented, "Subscription revenue from our video properties was stable YOY, offset by a decline in subscription revenue primarily from dating assets.
ACCESSWIRE - Aug 6 - Total revenue of $7.4M increased 18.5% YOY due to the company's new business solutions offerings and recognition of revenue from the technology services agreement with ProximaX Limited. Revenue generated from technology services totaled $2.1M. Net loss was ~$1.9M, driven by non-operating losses of ~ $2M from a decrease in the fair value of digital tokens received by the company in connection with the ProximaX technology services agreement. PeerStream Business Solutions provide consulting, services and support related to blockchain technology adoption for corporate clients.
SEEKING ALPHA - July 27 - PeerStream has filed to uplist its stock from the OTCQB to Nasdaq in a $5M transaction for selling stockholders. The firm appears to be transitioning to providing blockchain-for-business service offerings. The firm helps business clients understand how to best use blockchain technologies to their benefit. The company was founded in 2005 as Snap Interactive, until a name change on March 8, 2018, and provides digital media streaming solutions.
OPW - July 10 - Many of you have been around in the industry long enough to follow the 'Are You Interested' and Snap Interactive story. But do you know the inside story? Cliff Lerner is the CEO/Founder, and I think his story is both amazing and insightful. His new book is Explosive Growth and covers his story and guiding principles for growth. Essential reading for anyone in the dating industry. I met up with him in New York at Lexington Brass for brunch a few days ago. He's fascinated with blockchain now, and out of dating. He's going to be traveling the world and making up for lost time. Anyway, pick up his book already, and please leave a stunning review, if you like it. :-)
GLOBE NEWSWIRE - May 9 - PeerStream's (f/k/a Snap Interactive) total revenue was $5.7M, down 14.5% YOY and 3.5% down from Q4 2017. The sequential quarterly decline was due to a decline in revenue from dating properties. Subscription revenue was $5.4M, down 12.8%. Net loss from operations was ~$0.8M as compared to a net loss of ~$1M in Q1 2017.
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.
TECH CRUNCH - Mar 9 - Back in 2016 after Snapchat rebranded the company name to Snap to reflect its status as a camera company and more than just Snapchat, Snap Interactive filed a trademark infringement lawsuit to bar the change. It turns out that the lawsuit got quietly dismissed in Dec 2016 when the two settled out of court under confidential terms. And now, Snap Interactive is rebranding, to PeerStream. The company declined to say whether its rebrand was part of the settlement. Despite the lawsuit, Snap Interactive has actually benefited a bit from the mistaken identity: the company's stock shot up 164% in February last year when people mistook it for Snap around the time of the latter company's IPO.
by Ingrid Lunden The full article was originally published at Tech Crunch, but is no longer available.
SNAP INTERACTIVE - Jan 30 - Snap Interactive, a provider of live video social networking apps building on blockchain, has hosted "Blockchain Investor Evening" in New York. The event brought together investors interested in blockchain and the related investment opportunities. Hosted in partnership with Zacks SCR, the keynote speaker was STVI Blockchain Advisory Board member, Lou Kerner.
GLOBE NEWSWIRE - Jan 11 - Snap Interactive, a provider of live video social networking apps building on blockchain, is developing an open source, multi-media delivery platform that combines STVI's live streaming video, voice and data routing capabilities with the enhanced security, scalability and cost effectiveness of blockchain technology. "We are excited to announce this platform initiative as the core of our blockchain strategy," said Alex Harrington, STVI's Chief Executive Officer. "We can now partner with a large network of developers to create a live video and messaging ecosystem on blockchain. By creating an open source environment by which third parties can build upon, we not only position ourselves at the leading edge of this emergent technology but also enable partnerships and additional value creation opportunities."
The full article was originally published at Snap Interactive website, but is no longer available.
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.