LiveXLive Media, Inc. has announced 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.
As of June 30, 2017, SNAP had approximately 179,000 premium subscribers and approximately 45,000 new users joining per day. SNAP's revenue streams include subscriptions, virtual gifts, micro-transactions, and advertising. SNAP's history of innovation is well documented as a holder of 26 patents in video conferencing and gaming.
"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.
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| Andy Schuon |
In addition, the premium live-streaming network has just announced a new acquisition: Slacker Radio.
LiveXLive Media also announced that they’ve appointed a new president, Andy Schuon. Alongside Sean “Diddy” Combs, he helped co-found Revolt TV. Schuon is also an experienced radio veteran. He has developed successful radio programs, including Los Angeles’ KROQ-FM's‘Kevin & Bean.’
At the premium live-streaming network, Schuon will now oversee all of the company’s divisions, including social media influencers and its live music lifestyle video service.
In his first move as President, Andy Schuon has acquired Slacker Radio.
Speaking about Schuon’s appointment and Slacker’s acquisition, Robert Ellin, CEO and Chairman of LiveXLive Media, said, “Andy joins us at a perfect time to lead this latest acquisition of Slacker Radio and direct the company overall.”
The acquisition will accelerate the company’s efforts to deliver world-class entertainment, information, and music content.
Slacker Radio has worked as a key innovator in the music streaming market. The company has provided a personalization platform for both Samsung and Tesla.
With the acquisition, both companies will combine content programming teams. The teams will work together to create a network of both audio and video channels across mobile, TV apps, and in-car entertainment systems.
Speaking about the acquisition, Andy Schuon, said, “I walked into a radio station at 16, and it became who I am, not what I do. To continue to have the opportunity to shape the future of music streaming services and streaming radio with a leading platform like Slacker Radio is incredibly exciting,”
The premium live-streaming network will acquire Slacker through a merger of wholly owned subsidiary LXL Music Acquisition. The aggregate purchase price is $50 million, consisting of both cash and stock.
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