America’s Answer to TikTok is a Startup That Rappers Just Invested MILLIONS in With an Asian Founder

America’s Answer to TikTok is a Startup That Rappers Just Invested MILLIONS in With an Asian FounderAmerica’s Answer to TikTok is a Startup That Rappers Just Invested MILLIONS in With an Asian Founder
Social video platform Triller is now on its way to overtake TikTok in the United States as it lands millions of dollars in investments from many famous recording artists, such as Snoop Dogg, Kendrick Lamar and more.
Triller has 26.5 million monthly active users in the U.S. while there are more than 75 million active users worldwide, according to The Wrap.
If the rapid growth continues, the app is set to surpass TikTok, a mobile app developed by Chinese company ByteDance, which has 26.5 million users domestically as of last month, Reuters reported.
The app has also landed strategic investments from recording artists, including Snoop Dogg, The Weeknd, Marshmello, Lil Wayne, YoungThug, Kendrick Lamar, Pitbull, Baron Davis, Tyga, TI, and Jake Paul, as revealed in the press release on Thursday.
Music managers like Gee Roberson, Moe Shalizi, Amir Cash Esmailian of XO, and Ash Pounouri have also invested in the app.
“We are incredibly fortunate to work with some of the largest artists on the planet, and today’s announcement about our increasing portfolio of partnerships and collaborations with top labels and artists marks perhaps the most significant shift in music since the creation of streaming,” Mike Lu, CEO of Triller, said in a statement.
“We are truly putting the music business back together, and artists recognize the importance of Triller to the future of the industry.”
Notable executives in the music industry, such as Shawn Gee (President of Live Nation Urban), Anthony “Top Dawg” Tiffith (Chief Executive Officer of TDE), Abe Burns (President of Maverick Digital), James Prince (CEO of Rap-a-Lot Records), and Believe Digital, have also invested in Triller.
It’s unclear how much these personalities invested, but a source familiar with the investment revealed to The Wrap that the total amount is in the range of $10 to $20 million.
In addition to the investments, Triller has also struck a licensing agreement with recording studio powerhouses, including Warner Music Group, Sony Music Entertainment and Universal.
With the licensing agreement, users can create content using the extensive catalog of music and share across several platforms without the worry of licensing fees.
The app says it has the highest engagement rate of any music social platforms on the market, stating its users spend an average of 20 minutes per day while creators spend an average of one hour.
Those who subscribed to the platform can also stream full-length songs from any labels in-app for free instead of just a 30 to 60 seconds clip. Its feature also includes saving songs to their own playlists.
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