PeerStream, formerly Snap Interactive, has released its Q1 earnings for 2018.
The report shows a large revenue decline year-on-year and sequentially, “almost entirely due to a decline in revenue from [PeerStream’s] dating properties.”
Revenue was down 14.5% from Q1 2017 to $5.7 million. Subscription revenue decreased 12.8% to $5.4 million.
While PeerStream saw some growth in video subscriptions, this was offset by lost subscriptions in the dating niche.
Adjusted EBITDA increased to around $0.1 million for the quarter, however, up $100,000 sequentially.
The increased earnings are attributed to cost savings from integration efforts following the Snap Interactive 2016 ‘reverse merger’ with A.V.M. Software.
The fall in dating revenue is due to PeerStream refocusing on social video apps and blockchain technology – a move detailed in the investor presentation:
Read more here.