LiveXLive Media To Acquire Snap Interactive

LiveXLive Media, Inc., one of the only premium streaming networks devoted to live music and music-related video content, announced today that it has entered into a merger agreement to acquire SNAP Interactive, Inc., a leading provider of live video social networking and interactive dating applications.

SNAP has a wide array of mobile applications and users in 180 countries. As of June 30, 2017, SNAP had approximately 179,000 premium subscribers, with roughly 45,000 new users joining per day. SNAP’s revenue streams include subscriptions, virtual gifts, micro-transactions, and advertising. Its history of innovation is well documented; the company holds 26 patents in video conferencing and gaming. The acquisition of SNAP will help LiveXLive bring consumers a greatly enhanced viewing experience through group video chat and provide other social and relationship building features.

“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 Robert Ellin, LiveXLive’s chief executive officer and chairman of the board. “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.”

The aggregate purchase price for the acquisition is $34 million, consisting of approximately $20.4 million in cash and $13.6 million in shares of LiveXLive common stock, subject to adjustments as provided in the merger agreement.