Offerpal Changes Its Name to Tapjoy as Mobile Payments Grow in Importance

Offerpal Media has chosen today to take on the name of a company that it acquired in March: Tapjoy, a former game developer that eventually moved on to in-game offers.

It’s more difficult to categorize Offerpal / Tapjoy (we’ll refer to it as the latter from here on) today than it was a year ago, when the company was almost exclusively dedicated to providing advertising offers on Facebook games. Today, it has three distinct businesses, and even its Facebook offers have grown beyond what they used to be.

“Right now, the majority of our business is still in the the previous core, the social side, but we do see the mobile side quickly gaining ground,” says Matt McAllister, Tapjoy’s director of marketing. “I think it will be pretty well balanced pretty soon between the two, and that just reflects the market itself.”

In mobile, Tapjoy is building its business mainly around pay-per-install offers. Game players will agree to install a new game or app in exchange for virtual currency, earning their points only after they’ve tried out the new app. The installed game pays 35 to 50 cents per install, which McAllister says is a far cheaper and more reliable way to get users than advertising.

There are a few brand offers mixed in with Tapjoy’s mobile platform, but for now they’re still far more limited than its Facebook offerings, where the company also offers surveys, videos, Mechanical Turk tasks and other options. Like Social Gold, Offerpal is still quite active on Facebook, despite the ongoing rollout of Facebook Credits (which uses other payment options).

The third arm of Tapjoy’s business is SocialKast, which gives games the ability to cross-promote and send notifications across multiple social services. We covered SocialKast during its July launch, but McAllister says the company will be sharing more details soon as the product leaves beta.

By combining the three businesses, McAllister says that Offerpal just recorded record revenue for the third quarter of 2010 — contrary to rumors that the company is a sinking ship, started when it laid off some employees, also in July.

Of course, the name change to Tapjoy may also bring up accusations that the company is trying to scrub away bad associations with the name Offerpal. “We understand that the name Offerpal carried some baggage, but that’s not why we’re changing it,” says McAllister. “It’s to reflect that we are a new company now, and the name was a bit limiting in terms of what it described about us.”