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 80 percent owned by Naver. So they’re keeping the cash in the family. (Updated: removed reference to the NHN subsidiary.)
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.
Editing by Nadine Freischlad and Judith Balea
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
