Triller enters the IPO ring
The Future. Social platform Triller is going public and changing its name to TrillerVerz in the process. While now known as a livestream destination for streaming influencer-driven boxing matches, TrillerVerz hopes to become an all-encompassing platform for creators to participate in the direct-to-fan economy. Although that’s the same ambition as every other social platform, it’s possible that the company’s new name is hinting at a play to build a metaverse destination.
Triller plans to go public fast.
- The social platform is IPOing via a reverse merger with ad-tech firm SeaChange at a valuation of $5 billion.
- It will do so via a reverse merger, which can typically close within weeks, as opposed to the drawn-out process of a traditional IPO.
- The new company will be called TrillerVerz.
- The company will trade on the NASDAQ under the ticker “ILLR.”
- SeaChange, which is already public, saw its stock jump 38%.
In a buzzword-filled press release, the combined company said it hopes to “create a leading voice on the Web3.0 movement and embrace the power of decentralized systems to enable greater participation in the multi-hundred billion dollar creator economy.” Very ambitious.
How does Triller (which started as a music-driven TikTok-clone) plan to pull that vision off?
- It’s acquired a range of companies, such as livestream music platform Verzuz and boxing-streaming platform Fite.
- It has found a niche in hosting marquee boxing matches (notably, with Jake Paul) after the launch of Triller Fight Club in 2020.
Triller currently has a user base of over 300 million.