Line, the messaging app with more than 200 million users, today announced its investment in another social app. The deal gives Line a 25 percent stake in Snow, a Snapchat-esque app with lots of fun, live filters.
GIF by Tech in Asia. From video by Snow.
Snow, like Line itself, is mainly popular in Asia.
What’s odd about the investment (the financial terms are hush-hush, by the way) is that both Line and Snow have the same parent company – Korean web giant Naver. Snow is run by a Naver spin-off called Camp Mobile, while Line is run from Tokyo by subsidiary NHN. So they’re keeping the cash in the family.
Line, which IPO’d in July with a valuation of just over US$9 billion, is struggling to grow as Facebook and its pair of messaging apps crush rivals. The app added only 10 million new users last year.
This post Line invests in Snapchat clone Snow appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/line-invests-snapchat-clone-snow
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