TikTok competitor Triller files to go public

Triller has long teased its ambitions to go public, and now, the short form video platform seems to on its way to an IPO. Triller filed an S-1 on Wednesday, seeking to directly list on the New York Stock Exchange.

The TikTok competitor previously tried to go public via SPAC in a $5 billion merger with SeaChange International, which was later scrapped; it also attempted a direct listing last year, which also didn’t seem to be successful.

Triller has had a difficult few years, facing lawsuits over missed payments from Sony Music, Universal Music Group, and rappers Timbaland and Swizz Beats, who created the Verzuz series. Per the filing, Triller was ordered to pay Sony Music about $4.6 million.

The platform has also been accused of not delivering timely payments to its Assembly for Black Creators (ABC), per a report in the Washington Post. However, Triller writes in its filing to go public that it expects to expand the ABC in 2023, and that it has paid out $2 million in monthly stipends and revenue share to this cohort of 200 creators.

According to the S-1, Triller has raised more than $380 million in capital, some of which was taken on as debt. The platform has grown to 550 million sign-ups across its offerings, which includes its many acquisitions like Fangage, Julius, Amplify.ai, FITE TV, Cliqz and more. It also owns media properties like Verzuz and the Bare Knuckle Fighting Club.

While Triller earned $47.7 million in revenue in 2022, it has lost money each year it’s operated. This is normal for a startup, but the losses are significant. The company lost $195.6 million last year, and in 2021, it lost $773.6 million.