LivingSocial's Amazon Deal Reaps Millions

NEW YORK ( TheStreet) -- On Wednesday, LivingSocial, the Groupon rival that received a $175 million investment from Amazon ( AMZN) late last year, rolled out its first collaboration with the e-commerce giant: a $20 Amazon gift card for $10.

About 544,000 people have signed up for the deal as of Wednesday afternoon, generating more than $5.4 million for LivingSocial. (The screen shot below was taken this morning.)

>>LivingSocial CEO: Doubling Our Market This Year

And with more than 18 hours left before the deal expires, it's likely that LivingSocial could generate more revenue than Groupon did last year when it launched a similar deal with Gap ( GPS). The Groupon/Gap deal brought in $11 million.

LivingSocial, based in Washington D.C., offers its 12 million subscribers discounts on restaurants, spas and other services in more than 120 markets through a daily e-mail.

The company said it generates over $1 million a day, on average.

--Written by Olivia Oran in New York.

>To follow the writer on Twitter, go to http://twitter.com/Ozoran.

>To submit a news tip, send an email to: tips@thestreet.com.

More from Technology

Throwback Thursday: Intel Edition

Throwback Thursday: Intel Edition

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Intel CEO's Surprise Exit Leaves 'Large Void' That Won't Be Easy to Fill

Intel CEO's Surprise Exit Leaves 'Large Void' That Won't Be Easy to Fill

The Winners and Losers in Thursday's Market

The Winners and Losers in Thursday's Market

Will Porsche's Electric Car Push Take Down Tesla?

Will Porsche's Electric Car Push Take Down Tesla?