Here lies Kik ($KIK), a messaging app that will shut down on October 19 and has begun shutting down servers over the weekend. After being mired in controversy about privacy concerns, and lawsuits like the big one by the SEC over its Kin cryptocurrency, we have here a eulogy for this once novel startup. As we lay Kik to rest, let's review the alternative data for the last time. Apologises in advance to the app's 300 million users — you'll have to find a new way to text one another without others knowing what you're up to.
Fans already know Kik's end is near, and they are rapidly dropping the app from their list of followed Twitter accounts. At its apex in 2017, the app had nearly 380,000 followers. Today that numbers is approaching 350,000. We expect these social media numbers to fall even further when the app is not available on either the Apple App Store or the Google Play Store.
Speaking of which, clearly fans are disappointed at Kik for the shutdown, as the average rating for Kik is falling. Maybe it's out of frustration that it's shutting down, or maybe it's for other reasons, but the fact that users are reviewing an app thats days are numbered is an interesting look at what happens when a popular app gets set to have its final breath.
We can also see a dip in hiring, job openings, and employee count on LinkedIn. It's slight, but these numbers are likely to get morbid as November approaches. It's already been announced that over 100 employees will be let go, in an effort to stay afloat, we guess, who knows. Honestly, to double down on the part of your business that's under investigation by the US government does not seem wise for a Canadian company.
If anything happens with Kik's future, or its cryptocurrency, its lawsuit with the SEC, or anything else, we'll update you on the situation.
About the Data:
Thinknum tracks companies using information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.