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Financial details of daily deals service LivingSocial were recently leaked — revealing the company’s valuation at $2.9 billion and total revenue of $50 million per month.
The information was revealed during LivingSocial’s negotiations to purchase advertising network Social Media for 545,000 shares of LivingSocial common stock valued at $3 million, according to a report from TechCrunch.
While Social Media’s success has slowed in the past few years, it still had potential as well as $10 million in funding, part of which came from mutual-fund company T. Rowe Price, which recently confirmed investment in LivingSocial competitor Groupon. If the leaked LivingSocial financials are sound, then approval of the acquisition would be a lucrative move.
LivingSocial is still far behind generating the kind of revenue its lead competitor Groupon is doing, but if it continues on its current pace, it could clear upward of $1 billion in 2011.