SaaS app download service has lost $1 billion in two years
The file-sharing app SaaSa, which is used by over one billion people, has lost nearly $1.5 billion in a two-year period, according to data from data analytics firm NPD Group.
In November, the app had more than a billion monthly active users.
The company has since launched a new version of its app called SaaSeek that offers free streaming video to people who have signed up for its free trial.
“The SaaSu app was an amazing success story, and we believe this is the perfect time for us to take the next step and focus on bringing the app to as many people as possible,” said co-founder and CEO Jitendra Gupta.
“While we are always looking for new ways to help users, SaaSSe will now be focused on bringing its best content to as much people as we can.
We will continue to innovate and push our business to the limit to keep delivering the best value.”
In a separate statement, S3, which makes its own cloud storage for storing and retrieving files, said the losses in revenue were due to its acquisition of storage provider Dropbox by Amazon in 2014.
“We were able to use our experience in the data space to successfully acquire Dropbox, which allowed us to grow our business while making sure our customers were happy,” said S3 CEO Adam Lashinsky.
“These investments in storage have allowed us, as we continue to evolve our business, to take on new, exciting opportunities.”