US-based music video platform and TikTok rival Triller has raised an eight-figure funding round led by Proxima Media – and also appears to have handed a stake in its business to all three major labels.
The funding round is worth $28 million in total, according to a report in the Wall Street Journal, with the Series B raise potentially valuing Triller at $130 million.
As a result of recently-renewed licensing agreements with all three companies, say sources, Sony Music Entertainment, Warner Music Group and Universal Music Group each own a minority piece of Triller.
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”.
The platform reports 500% year-over-year growth, currently boasting 13m active monthly users and 60m total downloads.
Triller says that it has been integral in the recent successes of various artists.
Some examples of the achievements it lists include helping Tyga go 6x Platinum with Taste, and YG go 2x Platinum with Big Bank, fueling the discovery of breakout artists 10k.Caash and Seth Vangeldren, and adds that it “is credited by Lil Nas X as the platform that helped launch Old Town Road”.
The company also cites artists such as Chance the Rapper, DaBaby, Halsey, and BTS who are using the platform for music promotion.
Triller also recently acquired UK-based MashTraxx, a machine learning platform for music and video editing with nine patents.
Proxima, owned and operated and founded by Hollywood producer Ryan Kavanaugh, says that it brought in a number of strategic investors, including Silicon Valley veteran, Mahi de Silva, who will also assume the role of Triller’s chairman.
As a founder, CEO, leader, board member, advisor, and investor, de Silva has guided companies from startup to Unicorn exits totaling over $10 billion including VeriSign, Sonicwall, AdMarvel, Opera, Slam Dunk Networks, Noventis, and Looksery.
Proxima Media is responsible for producing more than 200 films, which have grossed over $25 billion at the box office.
Proxima Media’s films include Immortals, The Fast and the Furious, Girl with the Dragon Tattoo, Salt, Wanted, Limitless, The Fighter, Mirror Mirror, Safe Haven, Beyond the Lights, and The Social Network. Other films include Mamma Mia!, 3:10 to Yuma, Grown Ups, and Dear John.
China-based TikTok parent company Bytedance, which is rumored to be creating a Spotify-rivalling audio streaming service, announced in June that it now reaches more than a billion monthly active users via TikTok and other services globally.
TikTok itself hit one billion global app downloads in February, according to global market monitor Sensor Tower, with nearly 100m in the US and 250m in India.
“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, Triller
“Triller prioritizes creators, allowing them to showcase their work and connect with their audiences through the universal language of music,” said Mike Lu, CEO of Triller.
Continued Lu: “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.
“This latest round of financing, and the partnerships we’ve formed with our strategic investors, will enhance our ability to out-perform competitors and support Triller’s continued expansion in the US and across the globe.”
“This funding round reflects broad support from savvy, successful investors that appreciate our relentless focus on artist discovery and continuous expansion of Triller’s groundbreaking AI technology. Proxima Media’s team and expertise give us access to unparalleled content and IP.”
“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, Proxima Media
Bobby Sarnevesht, partner at Proxima Media and now executive chairman of Triller, added: “Triller has grown at an incredible rate in a competitive market, and has fundamentally expanded opportunities for content creators to reach new audiences.
“Now, 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 has a created a vibrant community bringing together creators, artists, license holders, labels, and consumers, to foster and encourage large-scale consumption and monetization, for all involved parties, of music around the world, unlike competitors like TikTok.”
Mahi de Silva
Mahi de Silva said: “Triller has a created a vibrant community bringing together creators, artists, license holders, labels, and consumers, to foster and encourage large-scale consumption and monetization, for all involved parties, of music around the world, unlike competitors like TikTok.”
“As a US company, Triller is laser-focused on the protection of our community from the prying eyes of nefarious parties or political agendas which has been a clear issue among our competitors.”Music Business Worldwide
