TikTok rival Trill has submitted confidentially to the paperwork of the U.S. Securities and Exchange Commission for an initial public offering of its Class A common stock. The announcement comes as the company ended the $5 billion merger with video technology company SeaChange International two weeks ago.
Like TikTok, Triller allows users to create and share short videos set to music. The Los Angeles-based company originally launched in 2015 and the app has been downloaded more than 250 million times. Triller has attracted many notable users such as Justin Bieber, Marshmello, The Weeknd, Alicia Keys, Cardi B, Eminem, Post Malone, and Kevin Hart. The app has also made deals with popular TikTok users, such as Charli D’Amelio and Noah Beck. Former US 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 would go public through a reverse merger with SeaChange International. The combined entity would have been valued at approximately $5 billion and the boards of directors of both companies had approved the proposed merger. On June 14, Triller announced that the companies had mutually agreed to terminate the agreement and that the company would instead pursue an IPO.
Last year, Trill reported a net loss of $769.7 million, according to a report by Business Insider† The report says about $496 million of that loss was related to the cost of stock compensation. Trill CEO Mahi De Silva told Insider that most of its stock compensation costs last year came from using stock to acquire other companies. The company had also granted shares to employees and some of its famous partners.
Triller’s IPO announcement comes as the company has made a number of acquisitions in recent years. Most recently, Trill acquired DJ Sam Feldt’s Fangage platform to “deliver a new and expanded menu of services to creators and brands.” Trill 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 martial arts live event and pay-per-view streaming platform. In March 2021, Triller acquired the live music streaming platform Verzuz, founded by Swizz Beats and Timbaland.