VERZUZ To Diversify Revenue Streams By Entering Public market
After acquiring Swizz Beats and Timbaland’s Verzuz platform in March, Triller is set to become a publicly-traded company through a merger with the video streaming platform SeaChange International, according to a report by Variety.
SeaChange will be changing its name to TrillerVerz Corp. once the merger is complete. The company will go public in early 2022. According to the company’s self-evaluation, they expect the “new entity” to be worth about $5 billion.
“We are thrilled to announce this important milestone of TrillerVerz’s plans to enter the public market;” Triller CEO Mahi de Silva said. “In our short history; we have evolved from a disruptive social media platform & creator of content to one of the world’s most successful platforms where creators, commerce, & culture meet.”
TrillerVera has plans to “diversify” revenue streams for the company through exploiting “creator economy & emerging technologies”. Both Swizz Beats & Timbaland joined Triller’s board as shareholders and are helping oversee the company’s music department.
While exact terms weren’t disclosed; the duo is passing a portion of their equity stake to all of the artists who have previously appeared on the Verzuz platform.
“This is a momentous occasion not only for Verzuz and Triller but the music business as a whole,” Swizz and Timbaland shared in March. “By putting Verzuz in the Triller Network ecosystem & expanding the Verzuz brand; to be side by side with the powerful Triller app. We will be able to continue to grow & evolve the music business as a whole, as we have been doing.”
“To have partners in Triller who share our vision; specifically to celebrate & elevate the amazing artists; who continue to shape culture around the world & give the consumer more direct access, is game-changing.”