A US-based music video platform and TikTok rival ‘Triller’ got a $28 million investment from Proxima Media and seems to have handed a stake in its business to all three major labels.
According to a report in the Wall Street Journal, Triller is potentially valued at $130 million. Warner Music Group, Universal Music Group, and Sony Music Entertainment each own a minority piece of the platform. In a press release announcing the $28m raise, Triller said that the new funds will fuel growth and product enhancements and that it has its sights set on overtaking competitor TikTok.
“Though we recognize that we compete with TikTok for social video distribution, our biggest differentiator is that we’re committed to working hand-in-hand with the labels, artists, and creators to promote their work, music, and content and making it shareable across virtually all social media platforms, “Mike Lu, CEO of Triller said. “Triller prioritizes creators, allowing them to showcase their work and connect with their audiences through the universal language of music.”
What is Triller?
Triller is an entertainment platform built for creators. Much like TikTok and YouTube, Triller is a social video community where users can show the world their personality, music, dances, etc. through video and share it with their followers. Triller says that it has been integral in the recent successes of various artists. Most notable achievements include helping Tyga go 6x Platinum with Taste, and YG go 2x Platinum with Big Bank. Breakout artists like 10k.Caash and Seth Vangeldren have had rapid success on the platform. The company also cites artists such as Chance the Rapper, DaBaby, Halsey, and BTS who are using the platform for music promotion.
Who Is Behind Triller?
Hollywood producer and owner of Proxima Ryan Kavanaugh says that the platform has brought in numerous strategic investors, including Silicon Valley veteran, Mahi de Silva, who will also assume the role of Triller’s chairman. Under de Silva’s leadership, he has guided companies from startup to “Unicorn” exits totaling over $10 billion including VeriSign, Sonicwall, AdMarvel, Opera, Slam Dunk Networks, Noventis, and Looksery. “Triller has grown at an incredible rate in a competitive market, and has fundamentally expanded opportunities for content creators to reach new audiences,” Bobby Sarnevesht, partner Proxima Media and now executive chairman of Triller said. “With the added support of Proxima Media’s access to well known professionally generated content and IP, we are confident Triller will become the go-to platform for music social sharing.”
Triller recently acquired UK-based company MashTraxx, a machine learning platform for music and video editing with nine patents. Triller currently has 13 million active monthly users and 60 million total downloads. Proxima Media is responsible for producing more than 200 films including The Fast and the Furious, Mamma Mia!, 3:10 to Yuma, Grown Ups and have grossed over $25 billion at the box office.
With Proxima Media fueling funding efforts for Triller, consumers can expect to the platform to give TikTok some competition.