Premium live music video streaming network LiveXLive Media has entered into a merger agreement to acquire SNAP Interactive, a provider of live video social networking and interactive dating applications.
Today's acquisition of SNAP interactive by LiveXLive will allow the live music video streaming platform to add group video chat and other social features.
LiveXLive paid an aggressive $34.0 million for SNAP Interactive including $20.4 million in cash and $13.6 million in shares of LiveXLive common stock. Both SNAP (OTCMKTS:STVI) and LiveXLive (OTC: LIVX) are traded in the over the counter market.
SNAP has an array of mobile apps with users in 180 countries. As of June 30th, SNAP had 179,000 premium subscribers and 45,000 new users joining per day. LiveXLive will continue to operate the apps and leverage its own influencer network, LiveXLive Influencers – with more than 85 million combined followers – to drive awareness and new subscribers to SNAP's of digital services.
"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 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.