Live Current Media Acquires IP Assets of Neverthink Video Meme Platform
Live Current Media (OTCQB:LIVC) has acquired the code and social media assets of the video meme platform Neverthink.TV in an all-cash deal. The platform, which attracted 15 million users and had seen investments of 6.6 million Euros, was shut down by its management last year. CEO Mark Ollila highlighted the Company's intention to revitalize Neverthink's popular aspects and integrate them with the Kast social video streaming platform, aiming to enhance user experience and value.
- Strategic acquisition of Neverthink.TV's assets may enhance Kast's user engagement.
- Potential to leverage a user base of 15 million and 85,000 creators.
- Neverthink.TV was shut down by its management, indicating potential challenges.
- Acquisition in an all-cash transaction could strain liquidity.
SAN DIEGO, CA / ACCESSWIRE / June 7, 2022 / Live Current Media, Inc. (OTCQB:LIVC), "Live Current" or the "Company") announces that it has acquired the code and social media assets for the video meme platform Neverthink.TV in an all cash transaction.
Neverthink was a social platform for creating and sharing meme videos considered to be part of the creator economy. According to Crunchbase, 6.6M Euros were invested into the Neverthink platform through 2019 and the platform attracted fifteen million users, 85,000 creators, and 700 million total video views. However, during the last year, management and shareholders of Neverthink made the decision to shut the platform down.
"Neverthink managed to create an extraordinary and popular platform for its video meme creators," said Live Current CEO Mark Ollila. "We at Live Current would like to see their vision continue and give the creators a new platform with the tools they already know and understand to showcase their skills."
Live Current will revitalize key aspects of the Neverthink platform to offer to current users of the Kast social, video streaming platform in order to add user value to its current product range.
About Live Current Media Inc.
Live Current Media Inc. is a media technology company operating the Kast watch party platform. Kast is a virtual living room where friends gather to watch movies, play games and be together. Kast is at the intersection of the fast-growing markets of live events, social media, videos streaming and gaming with its multi-channel watch party solution. The platform is available on the web, iOS and Android and offers a limited free subscription service and an enhanced premium subscription with higher bandwidth and greater functionality.
On behalf of the board of directors of Live Current Media Inc.
Mark Ollila, CEO & Director
For more information please contact:
David Jeffs
david@livecurrent.com
www.livecurrent.com
www.sprtmtrx.com
All statements in this press release that are not statements of historical fact are forward-looking statements, including any projections of growth, earnings, revenue, cash or other financial items, any statements of the plans, strategies, objectives and goals of management for future operations, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, general economic conditions particularly as they relate to demand for our products and services; competitive factors; changes in operating expenses; our ability to raise capital as and when we need it and other factors. Live Current Media, Inc. assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.
SOURCE: Live Current Media Inc.
View source version on accesswire.com:
https://www.accesswire.com/704125/Live-Current-Media-Acquires-IP-Assets-of-Neverthink-Video-Meme-Platform
FAQ
What did Live Current Media acquire from Neverthink?
Why did Live Current Media acquire Neverthink.TV?
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