PeerStream, Inc., formerly known as Snap Interactive, has reported its end of year results for 2017.
Year-on-year comparisons are complicated by the Snap Interactive 2016 ‘reverse merger’ with A.V.M. Software (AVM):
The 2017 results are are compared to the financial results of AVM for the period of January 1, 2016 through October 7, 2016 and the operations of the combined company for the period of October 8, 2016 through December 31, 2016.
Results are positive, nonetheless, with total revenue increasing 18.4% to $24.8 million.
Subscription revenues grew 22.8% to $22.9 million. Both this figure and the overall figure are attributed to gains made in the AVM merger.
Net Loss from operations totalled $5.7 million, $800,000+ of which was due to the cancellation of the $34 million LiveXLive merger.
PeerStream presented a range of business highlights alongside its financial results.
The firm’s move to integrate blockchain technology was a major feature, and the release notes that this strategy may influence which M&As are pursued in future.
Backchannel, a secure video messaging app, is reportedly still in development – it is set to be launched in the latter half of 2018.
The release also outlines the new initiatives PeerStream Business Solutions and PeerStream Protocol.
Read more here.