Paltalk Platform Helps Facilitate Real-time Multimedia Group Interaction Worldwide
NEW YORK, NY - (NewMediaWire) - April 21, 2020 - PeerStream, Inc. (“PeerStream,” the “Company,” “we,” “our” or “us”) (OTCQB: PEER), a leading communications software innovator that powers multimedia social applications and developer of secure communications software, is pleased to announce the recent growth of users in its core multimedia social applications.
● Monthly active users (“MAU”), on an average basis, for the first quarter of 2020 increased by approximately 44% as compared to the fourth quarter of 2019 and increased by approximately 26% as compared to the first quarter of 2019.
● MAU for the month of March 2020 increased by approximately 57% as compared to the month of December 2019, achieving its highest MAU month since November 2017.
“PeerStream’s core video apps are a safe and entertaining form of communication which enables social engagement in over 180 countries. As part of PeerStream’s contribution to the fight against COVID-19, we have been temporarily offering some of our group video conferencing services free of charge to those affected in the hardest hit countries, which may be reflected in the increased usage. Based on the recent usage statistics, Paltalk and Camfrog have been introduced to new users, been reacquainted with previous users and are experiencing greater usage by current users. Monetizing growth in the demand for our multimedia video services is our prime focus. The growth in MAU in the first quarter represents a great start to the new fiscal year and combined with our streamlined operations and ongoing cost reductions, should position us well for 2020,” said Jason Katz, Chairman and CEO of PeerStream.
The Company’s core video apps include Paltalk and Camfrog, two of the largest global social video communities in operation. Management recently renewed its strategic focus on its core video apps, including enhancements to the live video chat functions as well as adding other features that focus on new user acquisition, retention and monetization.
The Company’s final financial results for the first quarter ended March 31, 2020 are expected to be announced in mid-May 2020. We encourage investors to reference that release once available.
About PeerStream, Inc. (OTCQB: PEER)
PeerStream is a communications software innovator that powers multimedia social applications. We have also developed a suite of secure communications software for use worldwide. Our product portfolio includes Paltalk and Camfrog, which together host one of the world’s largest collections of video-based communities. Our other products include Tinychat and Vumber. The Company has an over 20-year history of technology innovation and holds 18 patents. For more information, please visit:http://www.peerstream.com.To be added to our news distribution list, please visit: http://www.peerstream.com/investor-alerts/.
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, our ability to effectively market and generate revenue from our applications, risks and uncertainties related to our increasing focus on the use of new and novel technologies, such as blockchain and Props tokens, to enhance our applications, and our ability to timely complete development of applications using new technologies; our ability to effectively integrate Props tokens into our existing applications; the impact of COVID-19 on our business and our results of operations; our ability to effectively secure new software development and licensing customers; legal and regulatory requirements related to the use of blockchain, including us holding and distributing cryptocurrencies and accepting cryptocurrencies as a method of payment for our services; the use of the internet and privacy and protection of user data; risks related to our holdings of digital tokens, including risks related to the volatility of the trading price of digital tokens and our ability to convert digital tokens into fiat currency; and our ability to manage our partnerships and strategic alliances. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at www.sec.gov.
All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.