Short-form video service Triller has again filed for an initial public offering in New York after a couple of failed attempts to go public last year.
The TikTok rival filed an S-1 last week (August 2) for its planned listing on the New York Stock Exchange.
Triller had previously planned to launch its IPO via a $5 billion SPAC merger with SeaChange International, a Nasdaq-listed company focused on advanced digital advertising. That move was initially expected to “close in Q1 2022” – but failed to come to fruition.
Triller then announced in June last year that it had filed an S-1 form with the SEC for an IPO on the Nasdaq, for which the company was targeting an approval by the third quarter of 2022.
That plan also fell through.
In August 2022, Triller was sued by Sony Music over its “failure and refusal to pay millions of dollars in contractual licensing fees.”
In January, Triller was hit with another lawsuit from Universal Music Group, also over unpaid licensing fees. Universal Music claimed that Triller had not paid licensing fees for three quarters.
Triller in April lost its case against Sony Music, agreeing to pay $4.57 million.
“We are involved in lawsuits and other litigation matters that are expensive and time consuming, and, if resolved adversely, could harm our business, financial condition, or results of operations.”
Triller
In its new S-1 filing, Triller acknowledged that the company is “involved in lawsuits and other litigation matters that are expensive and time consuming, and, if resolved adversely, could harm our business, financial condition, or results of operations.”
“For example, we are in litigation with Universal Music Publishing Group in connection with a payment dispute, and such litigation will likely result in the payment of settlement amounts, which may have a material impact on our financial condition and results of operations,” the company said.
Over the past year, Triller has also faced litigation from superstar producers Timbaland and Swizz Beatz over the company’s acquisition of their song battle series Verzuz in early 2021. It was also sued by Germany’s Phiture, a consultancy company that helps apps grow by improving user experience, in September.
Triller noted that it booked $28.8 million in losses in the first quarter of the year after incurring $195.6 million in losses in the fiscal year 2022.
The company also warned investors that “unfavorable media coverage has in the past and could in the future materially adversely affect our business, brand image or reputation.”
Triller’s filing also revealed that the company’s revenue surged 51.7% year over year in the first quarter to $9.2 million from $6 million.
“Our success and revenue growth are dependent on adding new creators, consumers and brands, effectively educating and training our existing creators and brands on how to make full use of our technology platform and increasing usage of our technology platform by our consumers,” said Triller.
Triller said it has raised more than $380 million in capital to date. It has also attracted 550 million users across its offerings including its fan engagement platforms Fangage, Julius and Amplify.ai, content creation and distribution platforms including its namesake Triller app, FITE, Metaverz and, Thuzio.
Music Business Worldwide