Snap Acquires Assets from Rec Room Ahead of June 1 Shutdown; Employees Join Specs Inc. for AR Hardware Work

Snap Inc. has acquired select assets from Rec Room Inc., a social gaming platform shutting down on June 1, with some Rec Room employees joining Snap’s Specs Inc. to support its augmented reality glasses initiatives. Despite Rec Room's 150 million players, it failed to achieve sustainable profitability, leading to its closure.