Microtransactions have been added to SNAP Interactive’s video platforms.
The new microtransactions give users limited access to premium-level benefits without the need for a premium subscription.
The dating company describes the transactions as “small ticket items” which can be purchased spontaneously, giving users a taste of the video platforms’ premium benefits.
Following the merger with Paltalk, SNAP’s portfolio now includes video platforms like Paltalk, Camfrog and Tinychat, along with dating products FirstMet and The Grade.
CEO Alex Harrington said: “Microtransactions are the newest tool we are utilizing to further monetize users on our video platforms and increase lifetime value.
“Since launching this initiative, we have begun to monetize users who have not previously subscribed to a premium membership and have been encouraged with the initial impact it has had on our rates of converting users into premium subscribers.”
The public dating company has also partnered with WiderFunnel, to help with its customer acquisition and conversion efforts.
The agency will work with SNAP’s product team to enhance its customer experience via a customised optimisation program, focusing on user experience, user testing, web analytics, graphic design, web development, A/B testing, and behavioural personalisation.
SNAP has 183,000 active subscribers as of 12th March 2017, having closed the Paltalk merger on 7th October last year.
Speaking about plans for the year, Harrington said: “The integration of live video experiences across our product portfolio and the introduction of new marketing and monetization strategies are enhancing the way users interact with each other on our platforms.
“We believe this integrated effort will meaningfully impact our revenue generation and profitability over time.”
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