HERMOSA BEACH, Calif.--(BUSINESS WIRE)--Family-friendly e-commerce solution, Virtual Piggy, Inc. (OTCBB: VPIG), today announced the expansion of their financial payment system to support monthly subscriptions. Teens and tweens can purchase subscriptions within games and other online digital media services by using their Virtual Piggy accounts.
Fanlala, the social entertainment and lifestyle destination for tweens and teens, focusing on entertainment and lifestyle news, will be one of the first companies to integrate the Virtual Piggy subscription payment model. Fanlala’s channel reaches more than 34 million digital cable subscribers, and provides a vast array of teen/tween focused digital content including music streaming, and broadcasting new and original series, and specials. Fanlala users will be able to sign up for music, game and other digital media subscription purchases using their Virtual Piggy accounts.
“Virtual Piggy now supports both the micropayment revenue model and the subscriptions revenue model,” said Dr. Jo Webber, CEO and Founder of Virtual Piggy. “These payment systems are prevalent in gaming, music and other digital media, with the subscription model accounting for approximately $1.6 billion in online gaming revenue and $6.5 billion in online music revenue in 2011.”
As with all Virtual Piggy payments, parents set limits and time periods for subscription fees, and are notified every time a monthly payment is made towards a subscription.
For information about Virtual Piggy visit www.VirtualPiggy.com
About Virtual Piggy, Inc.
Virtual Piggy, Inc. is the first e-commerce solution that enables kids to manage and spend money within a parent-controlled environment. The technology company delivers online security platforms designed for the Under 18 age group in the global online market, and also enables online businesses the ability to function in a manner consistent with the Children’s Online Privacy Protection Act (“COPPA”) and similar international children’s privacy laws. Virtual Piggy enables the Under 18 audience to play, transact and socialize in a secure online environment guided by parental permission, oversight and control. The company is based in Hermosa Beach, CA and on the Web at: www.virtualpiggy.com
Safe Harbor Statement
All statements in this news release other than statements of historical facts are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial position to differ materially and adversely from those expressed in such forward-looking statements. Such factors include, but are not limited to, our ability to raise additional capital, the absence of any operating history or revenue, our ability to attract and retain qualified personnel, our dependence on third party developers who we can not control, our ability to develop and introduce a new service to the market, market acceptance of our services, legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property, general economic conditions, as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission, and other filings with the Securities and Exchange commission and other public documents and press releases.