Tag: Triller

12
Oct
2020
Posted in technology

TikTok Rival Triller in Talks to Go Public Via SPAC

TikTok rival Triller Inc. is in talks with blank-check acquisition companies about a merger that could take the company public, a media report said.

The video-production-focused social-media company is negotiating a possible deal with special purpose acquisition companies, Reuters reported. 

Triller is working with investment bank Farvahar Partners, sources told Reuters.

SPACs, or blank-check companies, are publicly traded entities formed specifically to find and merge with operating companies.

Triller is also in talks with investors to privately raise as much as $250 million, Reuters reported. That effort, led by UBS, has so far secured $100 million at a $1.25 billion valuation, sources told Reuters.

Triller has said it seeks to capitalize on TikTok’s uncertain situation in the U.S. President Donald Trump’s administration has ordered TikTok’s Chinese parent, ByteDance, to shed the app due to concern that U.S. citizens’ personal data might be accessible to China’s communist government.

A federal judge has set a Nov. 2 hearing about whether to block the administration’s effort. 

Tiktok has 100 million U.S. users and Triller has a fraction of that figure, Reuters reported. Triller told CNBC in early August that it had 65 million monthly active users on its app. 

Triller is controlled by the media industry veteran Ryan Kavanaugh and the healthcare executive Bobby Sarnevesht, Reuters reported.

Source Article

12
Oct
2020
Posted in technology

TikTok rival Triller exploring IPO through SPAC merger: Report

  • Video app Triller is exploring the possibility of an IPO, sources told Reuters.
  • The company is reportedly in talks to set up a public listing via a merger with a special purpose acquisition company (SPAC).
  • It is simultaneously pursuing a private funding round, and sources told Reuters it had raised $100 million at a valuation of $1.25 billion so far.
  • The sources said no deal is yet firm, and that Triller is still deciding which path to take.
  • Visit Business Insider’s homepage for more stories.

Short-form video app Triller, which bills itself as a rival to the wildly successful TikTok, is reportedly exploring an IPO.

Reuters reported Sunday that Triller was in talks with investment bank Farvahar Partners about a potential merger and IPO.

Sources told Reuters the merger, if successful, would be with a special purpose acquisition company (SPAC). 

SPACs are essentially shell companies that go public to raise capital in order to acquire a company, allowing their target to easily obtain a public listing.

Triller was simultaneously in talks to raise a private fundraising round, sources told Reuters, adding that it had raised $100 million at a valuation of $1.25 billion so far.

Reuters’ sources said Triller was deciding whether to carry on with the private raise or forge a deal with the SPAC. They added that no deal was certain yet.

Triller was not immediately available to comment on the report when contacted by Business Insider.

Triller has positioned itself as an emerging competitor to TikTok, which it is suing for alleged patent infringement.

Last month it said it had 100 million monthly active users, and CEO Mike Lu told TechCrunch Disrupt on September 15 that the company’s growth was “definitely on a rocket ship.” 

TikTok remains much larger than Triller, with 689 million monthly active users

11
Oct
2020
Posted in technology

Fancy cars, fine dining, creator mansions, cash: Triller is shelling out for talent

When talk of a possible TikTok ban began in July, the leaders of a small social video app called Triller saw a growth opportunity.

To attract users, the company set its sights on TikTok’s biggest names. Some of the Sway Boys, a group of TikTok influencers, had been toying with the idea of building their own app to compete with TikTok, but after a discussion with Ryan Kavanaugh, the majority owner of Triller and a veteran entertainment executive, they decided the platform could be good for them.

Triller offered the creators a deal: Tell your audience on TikTok that you’re moving to Triller, and we’ll give you equity and roles within the company. You can still post on TikTok, they were told, but only if you post on Triller more frequently. In turn, of the Sway Boys, Josh Richards, 18, was named Triller’s chief strategy officer, and Griffin Johnson, 21, and Noah Beck, 19, joined as advisers with equity.

Soon, CNBC, Fox News and the Los Angeles Times were writing about TikTok defectors bound for Triller, an app they described as a viable replacement for TikTok should a ban be put in place. In August, Triller announced it was seeking a new funding round of $250 million, hiking its valuation to over $1 billion.

But could it live up to the hype?

Getting that ‘Triller money’

Founded in 2015, Triller bills itself as an app for making professional-looking music videos, quickly. Functionally, it’s different from TikTok: It has different editing tools; its users can’t “duet,” or react to videos; and while it offers top singles and hit songs, it lacks the extensive library of sounds and mash-ups that TikTok users employ to express themselves.

“I think there’s a lot of things on Triller that TikTok doesn’t have and vice versa;