Triller has filed for a direct listing on the New York Stock Exchange.
in 2022 and is becoming an important source of royalties for record labels and music publishers, Triller is a far smaller affair. In the first quarter of 2023, the self-described “artificial intelligence powered technology platform” had revenue of $9.1 million and a net loss of $28.8 million. In calendar 2022, Triller had a net loss of $195.6 million on revenue of $47.7 million.
The S-1 paints a picture of a financially troubled company with numerous outstanding issues. Triller had just $2.2 million of cash and cash equivalents as of March 31. The company’s S-1 warns that Triller has incurred losses each year since its inception — not unusual for a high-growth tech startup — and has an accumulated deficit of $1.29 billion.
The S-1 also reveals that Triller entered into a confidential settlement agreement with Sony Music Entertainment on July 21, 2023, that requires it to make payments to SME for a breach of contract lawsuit brought by SME in 2022. On May 16, Triller was ordered to pay SME nearly $4.6 million. The settlement provided Triller with a payment plan. With 15 days of the direct listing, Triller will be obligated to pay SME under the settlement agreement.
Triller will have two classes of common stock: a Class A common stock with one vote per share and Class B common stock with ten votes per share. Upon completion of the reorganization, Proxima Media and, Triller’s founding partners, will own about 15.4% of Triller’s common stock and have 60.6% of the company’s total voting power.
Triller claims to have over 550 million user accounts and had over 2.4 million creators as of March 31 — almost 100,000 more than it had two years earlier. It built its user base with acquisitions such as itsthat shot to fame during the pandemic. Swizz Beatz and Timbaland filed a $28 million lawsuit against Triller in August 2022 over unpaid monies promised in the deal. That lawsuit was
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Now hiring: A new head of housing for New York CityWanted: Someone to fix NYC's housing crisis. Pay: Up to $210,000, depending on candidate experience. Requirements: 'Self-starter who positively contributes to Get Stuff Done.'
続きを読む »
CBS New York investigates troubled final days of Jarrel Garris, killed by New Rochelle policeThe man killed by New Rochelle police in early July had been hospitalized just two days before the fatal shooting. CBS New York has been investigating the troubled final days of Jarrel Garris. AielloTV reports.
続きを読む »
QuantumScape stock drops 14% after solid-state battery maker plans stock offeringShares of QuantumScape Corp. tanked 14% in the after-hours session Wednesday after the battery maker pursuing a solid-state lithium battery said it plans to...
続きを読む »
‘Teenage Mutant Ninja Turtles: Mutant Mayhem’ End-Credits Scene Explained: A New Villain Awaits‘Teenage Mutant Ninja Turtles: Mutant Mayhem’ End-Credits Scene Explained
続きを読む »
Resurfacing project to begin on Old York Road in York County: PennDOTThe work limits extend 2.2 miles from Park Road to Front Street in New Cumberland Borough.
続きを読む »