SNAP Plan Portfolio of Apps To Bolster Growth

Snap Interactive

Snap Interactive’s growth has continued as 2014 comes to an end, as they plan to build a portfolio of apps.

The operator of saw third quarter revenues increase to $3.5m, a growth of 16.5% compared to last year.

Losses also diminished to $218,000, an improvement of $1.5m year over year and $42,000 from the second quarter.

The site now has 100,700 active subscribers as of September 30th, an increase of 30% from 77,700 at the end of last year.

This means Snap have gained 2,100 subscribers in the month of September.

Despite the increase in numbers, it seems Snap are looking to back up their main brand, and any potential slowing in the number of subscribers, by building a portfolio of apps.

Earlier in the year they released a standalone Tinder-style app called Mutually, which is available in London and New York.

They company has been building the internal team at Snap in order to support more planned apps and services in the future.

SNAP’s CEO Cliff Lerner said: “We are excited to hit our financial objectives and deliver on our promises to the market.  We have an exciting roadmap ahead of us for AYI, with the goal of improving retention and revenue generation.  And with the prospect of new application releases, the future is bright for Snap.”

See more financial information here.