'We are building a unique, highly differentiated destination for music fans globally and are excited to add SNAP's robust live video expertise and technology, intellectual property and user base to the LiveXLive family,' said LiveXLive's Chief Executive Officer and Chairman of the Board, Robert Ellin. LiveXLive will continue to operate the apps and leverage its own influencer network, LiveXLive Influencers – with more than 85 million combined followers – to drive awareness and new subscribers to SNAP's of digital services. As of June 30th, SNAP had 179,000 premium subscribers and 45,000 new users joining per day. SNAP has an array of mobile apps with users in 180 countries.

Both SNAP (OTCMKTS:STVI) and LiveXLive (OTC: LIVX) are traded in the over the counter market. LiveXLive paid an aggressive $34.0 million for SNAP Interactive including $20.4 million in cash and $13.6 million in shares of LiveXLive common stock. Today's acquisition of SNAP interactive by LiveXLive will allow the live music video streaming platform to add group video chat and other social features.

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