TikTok’s US rival Triller has submitted its application for IPO for the third time. Can it succeed this time?

It is learned that according to foreign media reports, TikTok's competitor, the US-based short video application Triller, submitted a draft S-1 document for its initial public offering (IPO) of Class A common stock to the US Securities and Exchange Commission (SEC) on Wednesday (August 2), seeking to be listed directly on the New York Stock Exchange.

In December 2021, Triller attempted to merge with SeaChange International through SPAC and go public at a price of US$5 billion. But in June of the following year, the company said that in view of the global macroeconomic conditions, it decided to withdraw from the US$5 billion merger and listing plan with video advertising software provider SeaChange and would go public independently.

On June 30, 2022, Reuters reported that Triller had secretly submitted a draft S-1 filing for its Class A common stock initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC), with plans to list on the Nasdaq. The company's second attempt to go public ended in failure due to allegations of withholding wages for black creators.

According to reports, Triller has been in a difficult situation in recent years. It faces lawsuits from Sony Music, Universal Music Group, and rappers Timbaland and Swizz Beats, who created the Verzuz series, for unpaid payments. According to the documents, Triller was required to pay Sony Music about $4.6 million.

Triller wrote in its IPO filing that it will expand the Black Creators Conference (ABC) in 2023 and pay $2 million per month in stipends and revenue sharing to 200 creators under ABC.

According to the S-1 filing, Triller has raised more than $380 million to date, some of which was raised in the form of debt. The platform has grown to 550 million registered users, including many of the companies it has acquired, such as Fangage, Julius, Amplify.ai, FITE TV, Cliqz, etc. It also owns media properties such as Verzuz and Bare Knuckle Fighting Club.

In 2022, Triller recorded $47.7 million in revenue. The company's losses have been narrowing over the past few years. Triller lost $773.6 million in 2021 and $195.6 million in 2022.

Editor ✎ Nicole/

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