
Snap pivots by acquiring Rec Room assets as shutdown proceeds
Snap Inc. has acquired select assets from Rec Room ahead of the social gaming platform’s June 1 shutdown, with some Rec Room staff joining Snap’s Specs Inc. to support AR eyewear initiatives. Terms weren’t disclosed, and there’s no indication Rec Room will be revived. Rec Room had over 150 million players, raised $294 million, and was valued at about $3.5 billion in 2021, but profitability proved elusive amid VR market headwinds.

