Again in 2016 after Snapchat rebranded the corporate identify to Snap Inc to replicate its standing as a digicam firm and extra than simply Snapchat, an current publicly-traded enterprise by the identify of Snap Interactive filed a trademark infringement lawsuit to bar the change. Snap Interactive’s concern: it was already distributing social community apps and utilizing the identify Snap in affiliation with that, and so folks had been prone to get confused.
It seems that the lawsuit received quietly dismissed in December 2016 when the 2 settled out of court docket below confidential phrases. And now, over a 12 months later, Snap Interactive is lastly rebranding, to PeerStream. The corporate declined to say whether or not its rebrand was a part of the settlement.
Regardless of the lawsuit, and the gradual transfer to rebrand, Snap Interactive has truly benefitted a bit from the mistaken id: the corporate’s inventory shot up 164 % in February final 12 months when folks mistook it for Snap Inc across the time of the latter firm’s IPO. The bump was short-lived. The corporate at the moment has a modest market cap of round $34 million.
Now PeerStream is singing a distinct tune: it had been considering a brand new identify all alongside, it says, partially to replicate the corporate’s pivot to constructing apps based mostly on blockchain structure.
“Because the October 2016 merger between Snap Interactive and AVM Software program we now have been considering a company rebranding,” PeerStream’s CEO Alexander Harrington mentioned in a press release supplied to TechCrunch. “With our latest emphasis on blockchain expertise, and our new Enterprise Options line of enterprise, now could be an opportune time to embrace a brand new company id. We’re happy to reintroduce our firm as PeerStream, Inc.”
Below its now-former identify Snap Interactive, the corporate won’t be a family identify, however it’s considerably notable within the historical past of social media. Through the years, it has quietly amassed numerous legacy video-based social media providers that collectively declare tens of millions of customers, and even immediately, on this planet of outsized affect and viewers of Facebooks and YouTubes, symbolize a number of the lengthy tail of on-line audiences.
They embody Paltalk (way back a Softbank funding that turned worthwhile), one other video chat app referred to as Camfrog, courting app FirstMet (previously referred to as Are You ) and about 26 video and gaming patents. A minimum of a kind of patents was the topic of a lawsuit towards Microsoft, which ended up placing a licensing deal settle it.
Today, PeerStream is following the trail of many a tech hopeful: it’s driving the blockchain prepare, constructing apps that it says will likely be based mostly on that structure. Backchannel (it has a knack for names which are already in use, I assume) is a video and group messaging app that “leverages crypto id and decentralization to advertise free speech and serve privacy-minded finish customers” that is because of be launched later this 12 months.
And its additionally shifting into B2B, with a options models launching to supply licensing and associated providers to companies that need to construct messaging and different communications providers based mostly on blockchain expertise it’s constructing referred to as PeerStream Protocol. The corporate says that over time it will likely be transferring all of its different apps on to the protocol as nicely.