VERZUZ To Diversify Revenue Streams By Entering Public market
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.”
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