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MediaLab acquires messaging app Kik, rising its app portfolio

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MediaLab acquires messaging app Kik, rising its app portfolio

Popular messaging app Kik is, indeed, “here to stay” following an acquisition by the Los Angeles-based multimedia holding company, MediaLab. It echoes the same message from Kik’s chief executive Tim Livingston last week when he rebuffed earlier reports that the company would shut down amid an ongoing battle with the U.S. Securities and Exchange Commission. Livingston…

MediaLab acquires messaging app Kik, rising its app portfolio

Popular messaging app Kik is, indeed, “here to discontinuance” following an acquisition by the Los Angeles-basically based multimedia preserving firm, MediaLab.

It echoes the associated message from Kik’s chief executive Tim Livingston final week when he rebuffed earlier reports that the firm would shut down amid an ongoing warfare with the U.S. Securities and Commerce Price. Livingston had tweeted that Kik had signed a letter-of-intent with a “mammoth firm,” nevertheless that it turned into “not a performed deal.”

Now everybody knows the the firm: MediaLab. In a submit on Kik’s weblog on Friday the MediaLab acknowledged that it has “finalized an agreement” to create Kik Messenger.

Kik is a form of very just appropriate locations that brings us support to those early aspirations,” the weblog submit read. “Whether it be a ardour for an obscure manga or your authorized soccer group, Kik has shown an very just appropriate capability to present a platform for sign spanking contemporary friendships to be forged via your mobile phone.”

MediaLab is a preserving firm that owns loads of hundreds of mobile properties, alongside side nameless social community Reveal and mixtape app DatPiff. In acquiring Kik, the preserving firm is rising its mobile app portfolio.

MediaLab acknowledged it has “some solutions” for growing Kik going forwards, alongside side making the app faster and cutting again the quantity of unwanted messages and unsolicited mail bots. The firm acknowledged this can introduce adverts “over the coming weeks” in describe to “quilt our expenses” of working the platform.

Shopping the Kik messaging platform provides one other social media weapon to the arsenal for MediaLab and its chief executive, Michael Heyward .

Heyward turned into an early superstar of the budding Los Angeles startup community with the open of the nameless messaging carrier, Reveal nearly 8 years previously. On the time, the firm turned into in point of fact one of a grab of nameless apps — alongside side Secret and YikYak — that raised tens of thousands and thousands of greenbacks to present on-line iterations of the confessional journal, the burn e book, and the bathroom wall (respectively).

In 2017, TechCrunch reported that Reveal underwent necessary layoffs to stave off crumple and assign the firm on a course to profitability.

On the time Reveal had roughly 20 million monthly attractive users across its app and net location, which the firm turned into taking a look for to monetize via programmatic marketing, as an alternative of title-sponsored campaigns that had offered a number of the most firm’s income previously. Thru widgets, the firm had an additional 10 million viewers of its affirm per-month utilizing various widgets and a reach of round 250 million via Fb and hundreds of social networks on which it published posts.

Americans conscious of the firm acknowledged on the time that it turned into seeing corrupt revenues of roughly $1 million and turned into going to hit $12.5 million in income for that calendar year. By 2018 that income turned into anticipated to prime $30 million, in accordance with sources on the time.

The flagship Reveal app let of us submit quick bits of nameless text and images that hundreds of of us may per chance take care of or comment about. Heyward intended it to be a potential for folk to part more non-public and intimate necessary aspects —  to be a social community for confessions and make stronger as an alternative of harassment.

The premise caught on with investors and Reveal managed to raise $61 million from investors alongside side Sequoia, Lightspeed Mission Partners, and Shasta Ventures . Reveal’s final round turned into a $36 million Sequence C support in 2014.

Rapid ahead to 2018 when Secret had been shut down for 3 years whereas YikYak furthermore went bust — promoting off its engineering group to Sq. for round $1 million. Reveal, meanwhile, seemingly set up MediaLab as a preserving firm for its app and additional property that Heyward would be taught to roll up. The firm filed registration paperwork in California in June 2018.

In step with the filings, Susan Stone, a partner with the investment firm Sierra Wasatch Capital, is listed as a director for the firm.

Heyward did not reply to a assign a matter to for comment.

Zack Whittaker contributed reporting for this text. 

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