Loopt
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What is it?

Loopt is a geo-based location service for smartphones. The purpose of the product is to provide real time location updates to the user regarding the location of friends.

History

Loopt was founded in 2005 after receiving it's initial funding from Y Combinator. The company expanded its services to Sprint in August 2007 and Verizon in June 2008. In February 2008 Loopt partnered with CBS to provide location based advertising. The service was introduced to Apple products in July 2008. Finally, the company was aquired by Green Dot Corporation in March 2012.

How does it work?

Loopt is a permission-based service meaning that the location of a user is only shared with those friends or networks which they have selected. The program uses geo-tagging technology similar to that of Foursquare. The iPhone and Android apps are the most versatile and up-to-date formats of Loopt that are currently available.

Strengths & Weaknesses

Strengths

Offers a unique service of geo-based advertising and allows users to SMS within the app itself.

Weaknesses

It is very similar to a number of products that are already on the market and may be more well known.

Future

Do to the fact that their are many similar services like Foursquare, Socialight, Facebook Places and Google Latitude it is unlikely that Loopt will be able to distinguish itself. However, having added the geo-based advertising could provide them with a unique opportunity to broaden their market. The company has also been in business for nearly 10 years making it difficult to see massive failure in their future.