Report: Tagged Acquires Hi5

Small-but-profitable social network Tagged has acquired ailing social network Hi5, according to a Wall Street Journal report. Tagged CEO Greg Tseng tells the paper that this will double Tagged’s active users from 10 million to 20 million and bring total registered users up to 300 million.

Founded in 2003, Hi5 was touted by comScore as the third most popular social networking behind MySpace and Facebook in 2008. As the market matured over the next three years, both MySpace and Hi5 fell on hard times with developers migrating away from the platforms. Tagged, meanwhile, successfully shifted its business away from directly competing with Facebook — instead, focusing on more intimate social connections between members and “social discovery,” which is something Facebook has recently been trying to improve on its own platform. Tagged also beefed up its social games platform, turning to in-house development to support growth and revenue with virtual goods sales.

With Hi5, Tagged gains both user numbers and more access to audiences in Southeast Asia, South America, and other countries where Hi5 was more popular than Tagged. Tseng didn’t disclose the terms of the acquisition to the Journal, but he did say some Hi5 employees may join the Tagged team. He also says that Tagged is on track for 2011 revenue between $43 million to $45 million — down from the ambitious $50 million he told us earlier this year.

Social Media 201

Mediabistro Course

Social Media 201

Starting October 13, Social Media 201 will provide you with hands-on instruction for gaining followers and engagement. Social media experts will teach you how to make social media marketing work for your bottom line and achieving your business goals. Register now!

 

Leave a Reply

Get the latest news in your inbox
interested in advertising with inside social games?

Social Media Jobs
of the Day

Social Media Assistant - Telecommuniting

Elements Behavioral Health
Long Beach, CA

Social Media Manager (Calabasas)

Avanquest North America
Calabasas, CA

Sr. Marketing Artist

NEXON M (mobile gaming)
Oakland, CA

Social Media Strategist

Washington Examiner
Washington, DC

Featured Company

Join leading companies like this one and recruit from the nation's top media job seekers on the Mediabistro Job Board. Every job post comes with our satisfaction guarantee. Learn More
 

Our Sponsors

Mediabistro A division of Prometheus Global Media home | site map | advertising/sponsorships | careers | contact us | help courses | browse jobs | freelancers | content | member benefits | reprints & permissions terms of use | privacy policy Copyright © 2014 Mediabistro Inc. call (212) 389-2000 or email us