SpaceX Raises Its Biggest Round Yet, $1.9 Billion
Leslie Ignacio
Leslie Ignacio is dot.LA's editorial intern. She is a recent California State University, Northridge graduate and previously worked for El Nuevo Sol, Telemundo and NBC and was named a Chips Quinn Scholar in 2019. As a bilingual journalist, she focuses on covering diversity in news. She's a Los Angeles native who enjoys trips to Disneyland in her free time.
Elon Musk's Space Exploration Technologies Corp. has raised $1.9 billion in funding, according to regulatory filings posted Tuesday.
Citing sources familiar with the deal, Bloomberg reported on plans for the round last week, saying the funds would bring the Hawthorne-based company to a $46 billion equity value.
It comes after SpaceX became the first private company to take astronauts to orbit docking at the International Space Station and returning back safely, earlier this month. This round marks the largest to date for the rocket-ship maker, according to PItchBook, and hints at Musk's ambitions.
SpaceX could not immediately be reached for comment.
When Elon Musk launched SpaceX in El Segundo in 2002, detractors didn't think a company that sought to make space travel affordable could survive.
Musk's aim was to make space travel cheaper. He hopes eventually to colonize Mars. A successful mission to bring astronauts to the International Space Station this summer brought him one step closer to that goal.
On Tuesday the company also notched its 100th mission with the launch of its Falcon 9 rocket from Cape Canaveral ferrying Starlink broadband satellites into space.
Liftoff! https://t.co/q6t6QXO5Cl— SpaceX (@SpaceX)1597761128.0
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The Case for Triller: The TikTok Competitor Approaching Unicorn Status, And Getting Big Breaks
Jul 31 2020
Fresh off of closing a $50 million round that valued the company at $300 million, Triller – headquartered in L.A. and with offices in New York, London and Paris – is now seeking $250 million at a valuation of $1.25 billion, according to executive chairman Bobby Sarnevesht. The short-form, user-generated video sharing app's momentum has picked up lately thanks to increased usage during the pandemic and the troubles of TikTok.
<p>"The numbers look crazy recently," said Anis Uzzaman, chief executive of Pegasus Tech Ventures, which invested several million dollars in the $50 million round. Those numbers include 120 million total downloads and 60 million monthly active users, Sarnevesht told dot.LA. </p><p>Triller's user count is now close to what Musical.ly's (now TikTok) was back <a href="https://techcrunch.com/2017/11/09/chinas-toutiao-is-buying-musical-ly-in-a-deal-worth-800m-1b/" target="_blank">when it was acquired by Chinese conglomerate ByteDance in 2017</a>, and as TikTok comes under more regulatory scrutiny, Uzzaman predicts that Triller will become "the American TikTok." </p><h2>How Could It Get There?</h2>
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzUyNjQ0NS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0NDcxNjYxM30.NIZ9Htq-tt3_k_0nUE4MDIX7AO8H4xbXnQ-dwKpqETY/image.jpg?width=980" id="62bb4" class="rm-shortcode" data-rm-shortcode-id="fed6922503c4c419ea01ad0d33a33de2" data-rm-shortcode-name="rebelmouse-image" />
Triller executive chairman Bobby Sarnevesht.
<p>One clue lies in India. When <a href="https://www.nytimes.com/2020/06/30/technology/india-china-tiktok.html" target="_blank">Narendra Modi banned TikTok and 58 other Chinese apps in June</a> amid escalating military tensions between the two countries, Triller's usage "went through the roof," Sarnevesht said. In early July, Triller <a href="https://www.linkedin.com/feed/update/urn:li:activity:6684933651794411520/" target="_blank">CEO Mike Lu wrote that his company had become the top iOS app in India "without spending a dime."</a></p><p>"We're seeing (Indian) users say they prefer Triller to TikTok, but just didn't know about it," Sarnevesht said.</p><p>To Uzzaman, Triller's ability to handle the surge of Indian users proved the strength of the platform's underlying technology. "I'm sure many other platforms would have choked with the new volume of clients," he said. With the "possibility of the same thing happening in the U.S.," Uzzaman feels confident that Triller would be ready for another upswing.</p>
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzIxNjE0My9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYyODU1OTYyNH0.idWD75Hkmhk2hzcEyw8c94cL7UkErfPDAfv6xXRrKUo/image.png?width=1500&coordinates=965%2C347%2C825%2C7&height=2000" id="a1935" class="rm-shortcode" data-rm-shortcode-id="65db52fdfc0610b27e569a3c4bac0ba1" data-rm-shortcode-name="rebelmouse-image" />
Pegasus Tech Ventures chief executive Anis Uzzaman
Anis Uzzaman<p>TikTok, which <a href="https://www.theinformation.com/articles/bytedance-investors-discuss-tiktok-purchase?utm_source=twitter&utm_medium=page" target="_blank">is reportedly the subject of preliminary discussions for a sell-off</a>, has a big head start. According to analytics firm SensorTower, it has been <a href="https://sensortower.com/blog/tiktok-downloads-2-billion" target="_blank">downloaded over 2 billion times</a>. TikTok's global user count is <a href="https://datareportal.com/social-media-users?rq=tiktok" target="_blank">estimated at over 800 million</a>. And <a href="https://www.reuters.com/article/us-bytedance-tiktok-exclusive/exclusive-bytedance-investors-value-tiktok-at-50-billion-in-takeover-bid-sources-idUSKCN24U1M9" target="_blank">a recent Reuters piece pegged its valuation around $50 billion</a>.</p><p>If TikTok is banned in the U.S. that would obviously put Triller in a place to pick up some ground. Four factors stand out that could shift the balance in Triller's favor.</p><h2>Privacy & Security</h2><p>The government isn't the only one concerned about privacy and security concerns, Uzzaman said.</p><p>"The market is getting more concerned about security and privacy," he said. "People are getting more vocal." Having Triller's teams based in "the top democracies in the world...definitely makes a huge difference."</p><p>Sarnevesht emphasized that Triller "treat(s) the face as an object – we don't map the face. Data is secure. We don't track geo-locations on where users are."</p><p>Concerns around whether TikTok shares data with the Chinese government, meanwhile, <a href="https://stratechery.com/2020/the-tiktok-war/" target="_blank">have been well documented</a>.</p>
<p><br/></p><h2><br/></h2><h2>Music First, Social Second
</h2><p>"Our business is music. It's in our DNA," said Sarnevesht. Uzzaman said this confers two key advantages. </p><p>One is Triller's product mix. Uzzaman pointed to Triller's "Step Up Challenge," a music battle where competitors can win prizes, and the TrillerFest virtual music festival, which attracted over 5 million viewers and participants this April. </p><p>"We have a music-centric, music-first app that has amazing creator tools," Sarnevesht said. "Amazing events. Concert series coming out in different locations and different genres. It's a very different destination for content users and producers and watchers." </p><p>That musical foundation has lately sprouted other kinds of content. "We're starting to see a tremendous influx of content…(like) cooking, practical jokes, and gaming," Sarnevesht added. </p><p>Another advantage to being music-first, Uzzaman said, is that musical stars like posting on the app. "Alicia Keys, Cardi B, Marshmello: they're regularly posting music videos in the app – we've never seen that in TikTok," he said. "Regular people can create music videos and have people watch them right next to Eminem…(It makes) people feel like they're celebrities." </p><p>"I think artists appreciate the organicness of Triller," Sarnevesht added. </p><h2>Partnerships
</h2><p>In line with Triller's music origins, it has long-term deals with the big three music labels and numerous music publishers. This enables Triller users to include songs from those rights holders' extensive catalogs without having to worry about copyright issues. </p><p>"What differentiates Triller is we've always had music licenses in place," said Sarnevesht. "It gives artists a platform to have their content in a place where it's not being stolen." </p><p>Conversely, <a href="https://www.msn.com/en-us/music/news/tiktok-and-nmpa-reach-a-global-partnership-agreement-exclusive/ar-BB176fnk" target="_blank">TikTok has mostly operated via short-term deals</a> with labels and publishers. It does, however, have <a href="https://www.musicbusinessworldwide.com/tiktok-inks-new-global-deal-with-believe-one-of-the-worlds-biggest-independent-music-companies/" target="_blank">a long-term deal with Believe, a big independent music company</a>, and it recently forged an agreement with the <a href="https://www.musicbusinessworldwide.com/tiktok-inks-global-multi-year-deal-with-music-publishers/" target="_blank">National Music Publishers' Association</a>. NMPA's President and CEO David Israelite isn't done negotiating; he <a href="https://www.instagram.com/p/CDOTK5Vh-DH/" target="_blank">posted a warning earlier this week on his Instagram that Triller should 'watch out,</a>' later elaborating that the company "<a href="https://www.musicbusinessworldwide.com/triller-warned-that-it-must-legitimize-its-business-by-properly-licensing-all-music-on-its-platform/" target="_blank">must legitimize its business by properly licensing all music on its platform.</a>"</p><p>Triller also has partnerships with Spotify and Apple Music. Jack Warning of Pegasus Ventures said these help boost user engagement. If a Triller user likes a song on the app, for instance, they can add it to a Spotify or Apple Music playlist. And users can pull songs from Spotify and Apple Music into Triller to make videos. </p><p>But "the biggest partnership that really got our attention," Uzzaman said, "was with Billboard." Alongside charts like the Billboard Hot 100, <a href="https://www.billboard.com/articles/business/chart-beat/9417698/billboard-triller-partner-weekly-top-triller-u-s-global-charts" target="_blank">it has begun publishing weekly charts of top songs from the Triller app</a>.</p><h2>Technology
</h2><p>There is "more technology behind (Triller) than people understand," said Uzzaman, who likened Triller to the earlier days of Google, when it was chasing the heels of Yahoo. He pointed to Triller's AI tools for editing videos, and protocols for helping brands advertise on the platform. </p><p>Among other features, Sarnevesht pointed to new, "game-changing" recommendation algorithms, and highlighted how <a href="https://techstartups.com/2019/10/24/ai-music-platform-triller-raises-new-funding-acquires-uk-based-mashtraxx/" target="_blank">Triller's 2019 acquisition of UK-based MashTraxx</a> came with "13 employees, 11 Ph.D's, all specializing in AI. One of them wrote a thesis on recommendation engines and AI in the short-form video space." </p><p>TikTok has no shortage of technology, which <a href="https://www.theverge.com/2020/7/29/21346390/tiktok-algorithm-moderation-policy-transparency-china" target="_blank">it has recently begun to share more openly</a>. But it is currently <a href="https://www.thewrap.com/triller-sues-rival-tiktok-patent-infringement/" target="_blank">being sued by Triller for patent infringement</a>, and <a href="https://www.musicbusinessworldwide.com/triller-sues-tiktok-for-patent-infringement/" target="_blank">potentially for antitrust as well</a>.</p><p>TikTok has <a href="https://www.musicbusinessworldwide.com/were-starting-to-see-a-generation-of-artists-born-and-raised-on-tiktok/" target="_blank">highlighted its relationships with creators as a competitive advantage</a>, which it is hoping to entrench with its <a href="https://newsroom.tiktok.com/en-us/introducing-the-200-million-tiktok-creator-fund" target="_blank">recently announced creator fund</a>. But reports have indicated that <a href="https://www.latimes.com/entertainment-arts/business/story/2020-07-28/creators-leave-tiktok" target="_blank">TikTok creators are beginning to look elsewhere</a>, including to Triller.</p><p>Meanwhile, as Facebook builds its own TikTok competitor on Instagram called Reels, it has <a href="https://www.wsj.com/articles/facebook-seeks-to-reel-in-tiktok-creators-raising-stakes-in-social-media-rivalry-11595928600" target="_blank">reportedly offered big deals to entice TikTokkers to defect</a>. TikTok CEO <a href="https://newsroom.tiktok.com/en-us/fair-competition-and-transparency-benefits-us-all" target="_blank">Kevin Mayer has called Reels a copycat product</a>, and pointed out that Facebook's previous "copycat Lasso failed quickly." </p><p>"The same thing can happen for Reels," noted Uzzaman. "Until they are playing in the market, there is no guarantee...Triller is already far ahead of anyone else in the U.S. market."</p><p>---</p><p><em>Sam Blake primarily covers entertainment and media for dot.LA. Find him on Twitter @hisamblake and email him at samblake@dot.LA</em><br/></p>From Your Site Articles
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Musicians are facing a tough road and the pandemic hasn't made life any easier. But changes are afoot that could help.
A flurry of deals between music copyright owners and a grab bag of online video purveyors may be just the first step in a process that could see "the most important copyright reform since the U.S. passed the Digital Millennium Copyright Act (DMCA) 22 years ago," according to one industry observer.
With it, artists and rights holders should be better positioned to benefit from the growing relevance of music across social media platforms, gaming consoles, virtual gyms and much more.
<p>"There clearly has been a frenzy of activity," David Israelite, president and chief executive of the National Music Publishers' Association (NMPA), a trade association representing American music publishers and songwriters, told dot.LA. </p><p>The changes afoot stem from a battle that has been playing out in Europe that has pitted the creative community against some of tech's giants such as YouTube and Facebook. Those companies depend on content created by artists. </p><p>Last year, the EU adopted tough new copyright laws set to take effect next June. Though the regulations are facing a slew of challenges, global digital companies are looking to come into compliance to get ahead of the curve, and possibly an edge on competitors. </p><p>In August, Santa Monica-based Snap <a href="https://www.bloomberg.com/news/articles/2020-08-03/snap-lands-deals-with-top-music-companies-to-add-songs-to-videos?sref=QjdS4d5U" rel="noopener noreferrer" target="_blank">struck a deal</a> with several big music companies for rights to their music. L.A.-based Triller <a href="https://musically.com/2020/08/13/triller-signs-new-18-month-contract-with-b2b-firm-7digital/" rel="noopener noreferrer" target="_blank">signed a deal</a> with digital music firm 7digital for back-end support on its licensing management. </p><p>In July, <a href="https://musically.com/2020/07/23/tiktok-licensing-us-publishing-nmpa/" rel="noopener noreferrer" target="_blank">TikTok agreed to terms with NMPA</a>, which included a settlement for past violations and an agreement for the future. The Culver City-based company also recently signed deals with indie digital rights managers <a href="https://www.musicbusinessworldwide.com/tiktok-signs-global-licensing-deal-with-indie-label-agency-merlin/" rel="noopener noreferrer" target="_blank">Merlin</a> and <a href="https://www.musicbusinessworldwide.com/tiktok-inks-new-global-deal-with-believe-one-of-the-worlds-biggest-independent-music-companies/" rel="noopener noreferrer" target="_blank">Believe</a>. </p><p>The Believe agreement could be particularly beneficial. It allows the independent artists affiliated with Believe-owned TuneCore to upload tracks onto TikTok, <a href="https://www.musicbusinessworldwide.com/tunecore-offers-free-distribution-to-tiktok/" rel="noopener noreferrer" target="_blank">the company announced last week</a>, potentially bringing them a massive new global audience. </p><p>And as in-home fitness grows more popular and more reliant on music. Apple, for instance, <a href="https://www.apple.com/newsroom/2020/09/apple-fitness-plus-a-personalized-fitness-experience-comes-to-life-with-apple-watch/" rel="noopener noreferrer" target="_blank">recently announced a new subscription fitness program</a> that will involve music. </p><p>The company is "doing it the right way – licensing from the very start," Israelite said. NMPA will undoubtedly be watching other competitors in the fitness space closely.</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<a href="https://images.unsplash.com/photo-1594810205183-18a8b0ce6c13?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=400&fit=max&ixid=eyJhcHBfaWQiOjEzMzIxMn0" target="_blank"><img type="lazy-image" data-runner-src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDQ0MjY2NC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYxMjA0MTMyNH0.u9Jw-CUCzI1EEbsUATH9Zlc7u-6jeSKd47QHOKyofjg/image.jpg?width=980" id="57a2e" class="rm-shortcode" data-rm-shortcode-id="bfe0b0ce54c2028f6a08f0ecccc0164f" data-rm-shortcode-name="rebelmouse-image" /></a>
<small class="image-media media-caption" placeholder="Add Photo Caption..."> European Union member countries will begin enforcing Article 17 in June 2021. that require platforms to make an upfront effort to avoid copyright violation. </small>
<small class="image-media media-photo-credit" placeholder="Add Photo Credit...">
Photo by <a href="https://unsplash.com/@guillaumeperigois?utm_source=RebelMouse&utm_medium=referral">Guillaume Périgois</a> on <a href="https://unsplash.com/?utm_source=RebelMouse&utm_medium=referral">Unsplash</a>
</small>
</p><h2>Why Are All These Deals Happening Now?</h2><p>In the U.S., the current legal framework – which emerged with the DMCA, before social media existed – requires platforms to respond to takedown notices, but not to proactively ensure that songs that show up in your feed are properly licensed. </p><p>When a song's rights holder issues a takedown notice, it leaves the platform with the choice of obtaining a license, removing the song from the platform (and potentially upsetting users) or possibly getting sued. </p><p>Songs have two kinds of copyright: one for the sound recording, and one for the underlying composition. If a platform is making money in part thanks to a song, both copyrights are relevant. </p><p>Since the performer is the face of the music, the songwriter can sometimes be forgotten. </p><p>"You often see (platforms) start with labels then move on to publishers. Sometimes they won't, though, or sometimes they won't get to the smaller, independent publishers," Israelite added. </p><p>Platforms can also take "Safe Harbor," meaning "what they don't know is on their platform, they're not liable for," said Wilson Hays of L.A.-based <a href="https://pex.com/" target="_blank">Pex</a>, a tech company that monitors audio and visual assets across the web. But by June of next year, <a href="https://www.termsfeed.com/blog/eu-copyright-directive-article-17/" rel="noopener noreferrer" target="_blank">the EU will begin enforcing</a> reforms that require platforms to make an upfront effort to avoid copyright violation. The new E.U. laws won't apply directly to content posted in the U.S., but companies with international operations may find it easier to roll out compliance changes across their global operations rather than taking a piecemeal approach. </p><p>Hays believes that many are already trying to get ahead of Article 17's requirements before the new legislation takes effect. It may behoove them to do so, since <a href="https://www.ipwatchdog.com/2020/06/02/senate-ip-subcommittee-hearing-dmca-reform-grand-bargain-no-longer-working/id=122124/" rel="noopener noreferrer" target="_blank">the U.S. is looking at its own copyright reforms</a>. </p><p>This is a big deal, Hays said. </p><p>"Life will get better come 2021 for independent rights holders because they will have tools at their disposal that will allow them to have more control over their content — on top of generating more revenue," he added. "This attribution will happen prior to upload, allowing any creator to participate in whatever revenue is generated from the get-go."</p><p>Indian companies, too, are becoming more aggressive about enforcing their music copyrights on social media. Several short-form video companies that have gained popularity in the wake of TikTok's ban in the country, including Triller, are <a href="https://musically.com/2020/09/08/t-series-takes-on-indian-short-video-apps-over-music-usage/" rel="noopener noreferrer" target="_blank">facing lawsuits</a>.</p><p class="shortcode-media shortcode-media-rebelmouse-image image-crop-16x9">
<a href="https://images.unsplash.com/photo-1527334919515-b8dee906a34b?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=400&fit=max&ixid=eyJhcHBfaWQiOjEzMzIxMn0" target="_blank"><img type="lazy-image" data-runner-src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDQ0MjY2NS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYzNjQzMDU5NX0.vDamg-65AmkrOVrmYwlAZ8S7Bs8xOEo-6WK7OEk3O2k/image.jpg?width=1245&coordinates=200%2C726%2C274%2C80&height=700" id="fc235" class="rm-shortcode" data-rm-shortcode-id="9c457d1c550e785bd9f69581160fa173" data-rm-shortcode-name="rebelmouse-image" /></a>
<small class="image-media media-caption" placeholder="Add Photo Caption...">Amazon-owned streaming video company Twitch also relies heavily on music.</small>
<small class="image-media media-photo-credit" placeholder="Add Photo Credit...">
Photo by <a href="https://unsplash.com/@casparrubin?utm_source=RebelMouse&utm_medium=referral">Caspar Camille Rubin</a> on <a href="https://unsplash.com/?utm_source=RebelMouse&utm_medium=referral">Unsplash</a>
</small>
</p><h2>Music Has Become a Core Component of Social Media
</h2><p>On YouTube, for example, there are at least 10 seconds of music on 84% of the platform's videos. Over half of all videos on Instagram contain music, according to Hays. Getting their licenses in order allows platforms to let their users include music in their videos without needing to worry they will be taken down.</p><p>Amazon-owned streaming video company Twitch also relies heavily on music. <a href="https://www.billboard.com/articles/business/9431760/jeff-bezos-twitch-music-royalties-artist-rights-alliance-letter" rel="noopener noreferrer" target="_blank">The company has taken heat</a> for Jeff Bezos' <a href="https://www.billboard.com/articles/business/9429423/jeff-bezos-stumped-twitch-royalties-congressional-hearing" rel="noopener noreferrer" target="_blank">poor performance before Congress in July. when representatives asked him</a> if the company pays out royalties. He couldn't say, but the answer is… rarely. </p><p>Platforms that delay getting their licensing deals in order can save themselves cash and embarrassment. They can also avoid navigating the complex copyright landscape, but as they grow that strategy can come back to bite them. </p><p>"Once they begin generating substantial revenue, then they'll draw the attention of rights holders," said Hays </p><p>At least part of the change has to do with a growing intolerance by the creative community of extremely wealthy companies using music without proper licensing. Another portion is driven by successful, high-profile legal disputes that Israelite said have "sent a message to other companies." </p><p>Peloton, for example, faced a protracted legal battle before <a href="https://www.prnewswire.com/news-releases/nmpa-and-peloton-announce-settlement-of-litigation-joint-collaboration-agreement-301012233.html" rel="noopener noreferrer" target="_blank">agreeing to terms</a> that, as with TikTok, accounted for past violations and set new terms for artists featured on its platform. Such cases, Israelite noted, have "accelerated the choice these companies have to make": Either license properly, or be a copyright infringer, and bear the consequences of receiving takedown notices or getting sued. </p><p>In the wake of Jeff Bezos's embarrassing admission to Congress, Twitch is "starting to become more of a focus for the need for proper licenses," said Israelite. </p><p>As has already been seen in India, TikTok competitors in the short-form video space can't just focus on having the right algorithm and attracting a big user base. Israelite pointed to Triller as an example of a startup that has deals with record labels (for the recordings) and some publishing deals that may soon have to play catch up. </p><p>"I think they'll have to deal with a pretty large problem for a significant number of songs being used without proper permission from publishers." </p><p>Israelite also noted that Twitter has no publishing licenses yet. </p><p>More ripples are likely to emerge wherever music can be found in the digital landscape, from social media to gaming, fitness and beyond. Whether that change comes in the form of lawsuits or licensing agreements remains to be seen. </p>
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