Live Current Media Inc. Signs LOI to Acquire Influencer Marketing Technology Company GoFamer Oy

Rhea-AI Summary

Live Current Media has signed a non-binding letter of intent (LOI) to acquire GoFamer Oy, a Finnish technology company, in an all-stock deal valued at $250,000. Jere Virtanen, CEO of GoFamer, will continue with Live Current under a new employment agreement. This acquisition aims to enhance Live Current's digital platform offerings, particularly in the growing creator economy, which has a market value of $104 billion. The deal is subject to due diligence and intends to integrate GoFamer's analytics tools into Live Current's existing products.

Positive

• Acquisition of GoFamer valued at $250,000 enhances digital platform capabilities.
• Integration of GoFamer's analytics tools will strengthen Live Current's offerings in the creator economy.
• Potential to tap into the $104 billion creator economy market, focusing on Independent Creators.

Negative

• None.

Adding another important element in building out robust digital backend toolbox.

SAN DIEGO, CA / ACCESSWIRE / December 8, 2022 / Live Current Media, Inc. ("Live Current" or the "Company" - (OTCQB:LIVC) announces that it has signed a non-binding letter of intent ("LOI") to acquire GoFamer Oy ("GoFamer") of Finland in an all stock transaction.

The Transaction

Pursuant to the terms of the LOI, Live Current will purchase all of the outstanding share capital of GoFamer Oy in an all stock transaction valued at $250,000. As part of the transaction, Jere Virtanen, GoFamer's CEO and founder, will enter into an employment agreement with Live Current on mutually agreeable terms. The final transaction is subject to due diligence by both companies.

About GoFamer

GoFamer is a full-service technology company and expert partner in the constantly changing influencer marketing, sponsorship and digital marketing world, also known as the creator economy. GoFamer's platform solves multiple challenges facing creators and digital marketers by providing transparency and reliability to campaigns, aids in advancing online activities and generates reports with only a few clicks.

The acquisition of GoFamer will complement Live Current Media's consumer facing digital platforms, including the popular video streaming platform Kast and augmented reality application Guru, by enabling the Company to offer creators a well rounded and highly unique value proposition in the digital and content marketing space integrated with flexible and intuitive creator monetization tools.

"GoFamer's analytic toolkit nicely complements Live Current Media's wider digital product portfolio," said Live Current CEO Mark Ollila. "Integrating the GoFamer platform into our products' backend system will allow us to harness valuable data that we will be able to offer our corporate and platform partners and Independent Creators. Tapping into powerful analytics and data that GoFamer can provide clients with while leveraging Live Current's recently acquired PowerSpike tools to engage users and provide control to creators will provide a unique feedback-loop within a tightly controlled B2B2C business model that Live Current is developing."

The $104 Billion creator economy market was previously dominated by sponsorships for professional influencers, however, according to CB Insights, the market is currently undergoing a shift towards new monetization methods such as merchandise, virtual tickets, digital gifting and subscriptions. "Independent Creators" with less than one hundred thousand followers, an estimated 83% of worldwide creators and numbering more than 250 million, are looking for a platform to grow and monetize. Live Current Media is focused on providing that home and community for these creators.

About Live Current Media Inc.

Live Current Media Inc. is an entertainment publishing and media technology company acquiring and developing a diversified portfolio of Web 3.0 applications and providing engaging digital content to build a global community of Independent Creators. The Company is built on the foundation, and its commitment to its core mission, of "community first." Powered by its diverse collaboration platform, the Company's digital tools allow Independent Creators to curate, stream, and monetize original content while engaging and expanding their fanbases around the world.

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.kast.gg

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/730868/Live-Current-Media-Inc-Signs-LOI-to-Acquire-Influencer-Marketing-Technology-Company-GoFamer-Oy

FAQ

What is the significance of Live Current Media's acquisition of GoFamer Oy?

The acquisition aims to enhance Live Current's digital platform capabilities and provide advanced analytics tools for creators.

How much is the acquisition of GoFamer Oy by Live Current Media worth?

The acquisition is valued at $250,000 in an all-stock transaction.

What is GoFamer's expertise in the digital marketing space?

GoFamer specializes in influencer marketing and provides tools that enhance transparency and reliability for digital marketing campaigns.

When was the letter of intent to acquire GoFamer Oy signed?

The letter of intent was signed on December 8, 2022.

What market is Live Current Media targeting with the acquisition of GoFamer?

Live Current Media is targeting the $104 billion creator economy, focusing on Independent Creators.