Despite legal headaches including an ongoing lawsuit from Sony Music, short-video service Triller says that it now plans to go public this quarter.
The claim came after the company announced that it had secured a “binding $310 million investment” from Luxembourg-based investment firm GEM. Triller says that over the next three years it will be able to draw down on this funding by issuing stock to GEM whenever it chooses to.
There are more claims in the announcement, with CEO and chairman Mahi de Silva saying Triller is “on track to break $100 million in revenue this year”; that the app “has been downloaded more than 350 million times”; and that of its 10 business lines “eight of which are at break-even or profitable”.
He also had some thoughts on those pesky, lingering questions about Triller’s claimed user-base. “The reason the industry is so set on MAU, DAU and the like is that is how much time someone spends within one company’s particular closed garden and means that the social networks ‘own’ the user, revenue, brand and information,” said De Silva. “Triller breaks that system wide open.”
We look forward to seeing the company’s official numbers broken out (wide open) in its IPO filing, whenever that comes.