Video sharing platform Triller plans to go public through a merger with SeaChange International. The deal will value the combined company at approximately $5 billion and is expected to close in the first quarter of 2022.
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Triller is planning to go public through a merger with SeaChange International, a video delivery and advertising company. The deal is expected to close in the first quarter of 2022.
SeaChange International shares are currently available for purchase on the Nasdaq under the ticker symbol SEAC. After the merger is completed, all shares of SeaChange will be converted to shares in Triller, and the ticker symbol will change to ILLR.
Triller is a music video app that allows users to take an entire song and shoot an editable, high-quality music video to it. With music as its focus, Triller has received investments from major recording artists such as Snoop Dogg, Lil Wayne and The Weeknd. Big names like Cardi B and Alicia Keys have also used the app to shoot their own music videos. Triller even allowed fans to stream the hotly anticipated boxing match between former heavyweight champion Mike Tyson and Roy Jones Jr.
Triller is co-owned by movie producer Ryan Kavanagh. It's currently valued at about $1.5 billion, or 10 times more than it was worth in 2019. The app has been downloaded more than 250 million times worldwide as of August 2020. Kavanagh notes that Triller has about 65 million active users. However, Business Insider spoke with former employees who claim the numbers were inflated, something Kavanagh denies. Nonetheless, Triller still falls behind its rival TikTok. That video app giant has been downloaded more than 2 billion times despite being younger than Triller.
On March 9, Billboard reported that Triller Network had acquired Verzuz, the livestream music platform created by Swizz Beatz and Timbaland. The deal brought a long list of artists into the network as equity holders.
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