TikTok rival Triller has confidentially submitted to the U.S. Securities and Exchange Commission paperwork for an initial public offering of its Class A common stock. The announcement comes as the company ended its $5 billion merger with video-tech company SeaChange International two weeks ago.
Similar to TikTok, Triller allows users to create and share short-form videos set to music. The Los Angeles-based company initially launched in 2015 and the app has been downloaded more than 250 million times. Triller has attracted many notable users, like Justin Bieber, Marshmello, The Weeknd, Alicia Keys, Cardi B, Eminem, Post Malone and Kevin Hart. The app has also inked deals with popular TikTok users, such as Charli D’Amelio and Noah Beck. Former U.S. President Donald Trump also used the app.
Triller says the public listing is expected to take place after the SEC completes its review process, subject to market and other conditions.
Last December, the company said it was set to go public via a reverse merger with SeaChange International. The combined entity would have been valued at approximately $5 billion and the boards of both companies had approved the proposed merger. On June 14th, Triller announced that the companies mutually agreed to terminate the agreement and that the company would pursue an initial public offering instead.
Last year, Triller reported a $769.7 million net loss, according to a report from Business Insider. The report says about $496 million of that loss was tied to stock compensation expenses. Triller CEO Mahi De Silva told Insider that most of its stock compensation expenses last year came from using stock to acquire other companies. The company had also granted stock to employees and some of its celebrity partners.
Triller’s IPO announcement comes as the company has executed a number of acquisitions over the past few years. Most recently, Triller acquired Dutch DJ Sam Feldt’s Fangage platform to “deliver a new and expanded menu of services to creators and brands.” Triller also recently acquired influencer platform Julius.
Last November, the company acquired Thuzio, a company focused on business-to-business premium influencer events and experiences. In April 2021, Triller acquired AI-based customer engagement platform Amplify.AI, which works with brands in CPG, financial services, automotive, telecom, politics and digital media, among others. In the same month, Triller also acquired FITE TV, a live event and pay-per-view combat sports streaming platform. In March 2021, Triller acquired live music streaming platform Verzuz, which was founded by Swizz Beats and Timbaland.
