Snap Interactive have released their 3rd quarterly of the year, reporting a revenue of $5.9million – an increase of 27.5% on last years Q3.
Subscription revenues increased by over 30% with the completion of the AVM Merger, though some one-time associated costs created a net loss from operations.
Investments in product development via the Innovation Lab feature prominently in the report, with moves into live video and live streaming highlighted as a priority for SI.
The release of CamFrog Live is described as “the most significant product launch in recent company history”, with new monetization opportunities highlighted.
Further, Bitcoin will now become available as a payment method on CamFrog as SI look to expand their relationship with their leading payments processor.
The launch of dating application 50more, a service for users over 50, has also been completed.
The report comes after a last-minute cancellation of the merger with LiveXLive Media, Inc.
On the topic of the terminated agreement, Chairman Jason Katz commented: “We believe that SNAP’s prospects as a stand-alone company remain strong, and we continue to innovate in its core business”.