Triller Announces Record-Breaking Growth, New Funding by Proxima Media and Acquisition of AI Music Platform
Proxima's funding supports Triller's aggressive growth strategy, which has grown 500 percent in the last year alone, including the acquisition of UK-based MashTraxx, to unlock video editing and tracking capabilities for Triller's 60m users
LOS ANGELES, Oct. 23, 2019 /CNW/ -- Triller, the AI-powered music video platform, today announced a new round of funding, led by Proxima Media, and the acquisition of AI technology. Proxima Media brought in a consortium of well-known industry veterans to support the funding round, which brings a new level of support to Triller. The new funds will fuel continued growth and product enhancements as Triller quickly becomes the premier destination for music sharing, content creation, and artist discovery in the music industry, with its sights set on overtaking competitor TikTok.
Triller has grown 500 percent organically year-over-year, with 13 million active monthly users and 60 million total downloads. The company's recent acquisition and integration of MashTraxx, a machine learning platform for music and video editing, with nine industry-defining patents, will provide Triller users with next-generation editing tools to create and track powerful, attention-grabbing, and shareable content. Triller has the highest engagement of any music social platform in terms of daily time spent on the application, with its users spending an average of 20 minutes per day and creators spending over one hour.
"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. "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," said Bobby Sarnevesht, partner at Proxima Media and now executive chairman of Triller. Mr. Sarnevesht, who has a deep background in technology and music, has taken operational control of Triller as part of this transaction. "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," he continued.
Triller's music licensing partnerships with top studios, including Warner Music Group, Sony Music Entertainment, and Universal, allow users to create content with an extensive catalog of music and share it across multiple social platforms, without the need to navigate licensing fees. Triller has been integral in 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 is credited by Lil Nas X as the platform that helped launch "Old Town Road." The app continues to gain popularity within the music industry with top artists such as Chance the Rapper, DaBaby, Halsey, and BTS, who utilize it for music promotion.
Proxima 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.
"Triller has 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," said Mahi de Silva.
"As a U.S 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."
"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," continued Lu. "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."
About Triller
Triller is an AI-powered music video app that allows users to create professional-looking videos in a matter of seconds. Pick a song, select the portion of the song you want to use, snap a few takes and with the tap of a button you have a celebrity-quality music video starring you and your friends. Triller relies solely on organic growth and has more than 60 million downloads, with celebrities from Kevin Hart to Vanessa Hudgens regularly using the app to create their own music videos.
For more information, visit www.triller.co and follow @trillervids on Instagram.
About Proxima Media
Proxima Media was founded by legendary Hollywood producer Ryan Kavanaugh, who together with his executive team, are been 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, which received eight Oscar nominations. Other films include Mamma Mia!, 3:10 to Yuma, Grown Ups, and Dear John. Proxima is owned and operated by Proxima Media founder, Ryan Kavanaugh.
They are credited with originating a number of first-of-their-kind deals that changed the film industry, including a deal for Marvel Studios, which led to the creation of the Marvel Cinematic Universe, that has amassed more than $17.5 billion at the box office worldwide. Mr. Kavanaugh followed-up that success with a first-of-its-kind television pay deal with Netflix and created what is today known as the SVOD window for Netflix, which boosted Netflix's market capitalization to $10 billion USD. He was also honored with a 'Hollywood Producer of the Year' award and was named by Variety as, "Showman of the Year."
Mr. Kavanaugh's other notable credits include what is now called Independent Sports & Entertainment, an integrated sports, media, entertainment, and management company that represents 300 of the best athletes in the NBA, NFL, and MLB, and is the second-largest integrated management company in the U.S. with approximately $2.5 billion in player contracts. He also created the powerhouse television company, now called Critical Content, which produced hit shows such as MTV'sCatfish, Limitless, and over 40 other television series.
Kavanaugh also was a co-founder of PreCash, later renamed Noventis Payments, a first-of-its-kind technology Fintech platform, which sold earlier this year for over $300 Million. and He was also an investor in numerous successful unicorns, including Juno (originally Zeta-Rx,founded by Jack Kavanaugh), the largest biotech IPO in 2014, which later sold for north of $10 Billion.
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