Initiatives Designed to Optimize Customer Conversion, Monetization, and Retention, as well as Increase Lifetime Value
NEW YORK, NY / ACCESSWIRE / April 13, 2017 / Snap Interactive, Inc. ("SNAP," the "Company," "we," "our," or "us") (STVI), a leading provider of live video social networking and interactive dating applications, today announced new initiatives aimed to enhance customer monetization and conversion efforts.
SNAP recently introduced microtransactions to its video platforms that allow users to pay for limited access to premium-level benefits without a premium subscription. Microtransactions are small ticket items that can be purchased spontaneously with the potential to be repeated over time. The new offering gives users control of their experience while demonstrating the benefit of upgrading, which we believe will lead to more premium subscriptions.
"Microtransactions are the newest tool we are utilizing to further monetize users on our video platforms and increase lifetime value," commented Alex Harrington, Snap's CEO. "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."
In conjunction with these efforts, SNAP has partnered with WiderFunnel, a pioneering digital agency, to optimize customer acquisition and conversion efforts. WiderFunnel partners with the marketing teams of leading brands to bring professionalism and speed to their conversion optimization and growth marketing programs. The agency's proven process seeks out new customer insights using user experience, user testing, web analytics, graphic design, web development, A/B testing, and behavioral personalization. The agency will work closely with SNAP's current product team to enhance SNAP's customer experience via a customized optimization program.
Mr. Harrington continued, "We believe live video is disrupting the social and communications application industry. With a leading collection of live video communities, a prominent portfolio of interactive dating applications, and 183,000 active subscribers as of March 12, 2017, we are focused on maximizing the optimization of our customer acquisition and monetization efforts. 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."
About Snap Interactive, Inc.
Snap Interactive, Inc. is a leading provider of live video social networking and interactive dating applications. SNAP has a diverse product portfolio consisting of eight products including Paltalk and Camfrog, which together host one of the world's largest collections of video-based communities, and FirstMet, a prominent interactive dating brand serving users 35 and older. The Company has a long history of technology innovation and holds 25 patents related to video conferencing and online gaming.
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This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with general economic, industry and market sector conditions; the ability to effectively integrate the operations of the Company and Paltalk; user acceptance of our updated applications; the Company's ability to institute corporate governance standards or achieve compliance with national securities exchange listing requirements; the Company's future growth and the ability to obtain additional financing to implement the Company's growth strategy; the ability to increase or recognize revenue, decrease expenses and increase the number of active subscribers, new subscription transactions or monthly active users; the impact of microtransactions on our revenue and our ability to convert purchasers of microtransactions into active subscribers; the ability to enter into new advertising agreements; the ability to diversify new user acquisition channels or improve the conversion of users to paid subscribers; the ability to anticipate and respond to changing user and industry trends and preferences; the intense competition in the online dating marketplace; the ability to release new applications or derive revenue from new applications; and circumstances that could disrupt the functioning of the Company's applications. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov.
All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.
SOURCE: Snap Interactive, Inc.