TikTok competitor Triller is in advanced talks with at least three blank-check companies to go public at a valuation between $3 billion and $6 billion, according to sources familiar with the matter.
That range is broad because the L.A.-based viral video app is seeking to acquire one of its strategic partners, a U.S. subsidiary of a foreign-listed company, before merging with a special purpose acquisition company or SPAC, those sources said. The target company is a tech business that Triller already works with to help monetize its app. If that acquisition goes through, one source said, Triller's revenues would increase from around $100 million to $300 million, and its valuation could be on the higher end of the reported range.
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Snapchat is paying out $1 million a day to top creators as competition for influencers intensifies.
It is the latest move in an arms race among a growing list of social media companies that depend on short-form, user-generated videos.
The new feature, called Spotlight, rolled out on Monday. Snap, which once distinguished itself as a friend-to-friend messaging app, is now letting users submit video clips of up to 60 seconds that can be viewed by anyone on the platform. It comes weeks after the platform opened up public profiles to everyone.
Wixen Music Publishing has accused the social media video sharing platform Triller of illegally using its songs by Weezer, The Ramones, Styx and hundreds of other artists in the music publisher's 50,000-deep song catalog.
The case filed in U.S. District Court for the Central District of California claims Triller has infringed on Wixen's songs by making them available on the app without properly clearing them for use. Wixen is seeking over $50 million in damages for what the music publishing house calls willful copyright infringement by Triller.
Triller CEO Mike Lu dismissed the suit.
"This is nothing but a baseless shakedown and it won't work," he said.
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