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Monday, May 29, 2023

Silicon Beach Report Feb. 5: Snap Releases Fourth Quarter Results

PocketWatch gets into gaming; Raised in Space launches; Snap revenue grows as users stagnate.

PocketWatch Creates Mobile and Console Game Division

Culver City-based PocketWatch Inc. launched a new mobile and console gaming division Feb. 5, Socaltech reports. Dubbed P.W Games, the studio will prioritize development of games for families and children, with assistance from PocketWatch’s existing YouTube creator partners. The first game will be free-to-play, and called “Tag With Ryan,” based on the YouTube channel “Ryan ToysReview.”

Snap User Base Plateaus, Revenue Increases

Santa Monica-based Snap Inc. reported revenue of $398.8 million during quarter four 2018, exceeding analyst estimates by roughly $21 million. While the photo messaging app didn’t add new users in its fourth quarter, it did figure out how to get more money out of them, Bloomberg Technology reports, noting Snap added more advertisers to its app and raising the price of its mobile ads. Snap stock traded at a high of $8.63 in late trading following the report.

Katz, Scooter Braun Launch New Venture

Zach Katz, former president and North American chief creative officer of music rights management firm BMG Rights Management, launched an investment firm with Scooter Braun’s Ithaca Holdings Ltd. dubbed Raised in Space Feb. 5. Based in Santa Monica, Raised in Space will invest between $500,000 and $5 million in technology and music companies that exemplify cross-industry collaboration. Variety reports the venture will be backed by funding from Ripple Labs Inc., a San Francisco cryptocurrency developer that aims to inject its blockchain technology into the music industry to secure ticketing and music licensing.

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