TIKTOK AND KUAISHOU RIVAL, LOMOTIF, SELLS TO ZASH
Lomotif Platform is One of the Top Worldwide Social Video-Sharing Apps Today Definitive Agreement Gives ZASH Majority Controlling Interest
Bethlehem, PA and Singapore, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Vinco Ventures, Inc. (NASDAQ:BBIG) ZASH Global Media and Entertainment Corporation (“ZASH”), the entertainment industry disrupter led by co-founders Ted Farnsworth, financier and former MoviePass Chairman, early Musical.ly (now TikTok) investor Jaeson Ma, and early Triller visionary and board member, Vincent Butta, has entered into a definitive agreement to acquire a majority controlling interest in Lomotif Private Limited (“Lomotif”), the Singapore-based top video-sharing social networking platform and budding rival to TikTok, and Kuaishou (1024.HK on the Hong Kong Stock Exchange). The closing of the Lomotif acquisition by ZASH is scheduled to occur concurrently with the closing of ZASH’s merger and business combination with Vinco Ventures, Inc. (“Vinco”), which was previously announced in a joint press release in January 2021. The closing of the Lomotif acquisition is subject to certain customary conditions to closing as described in the definitive acquisition agreement.
Upon completion of the merger between ZASH and Vinco, ZASH will become a public company and controlling shareholder of Vinco, making Lomotif one of the top global, pure play video-sharing social networking platforms to be owned by a US publicly traded company, competing with TikTok and Kauisho in the space.
ZASH believes that Lomotif is one of the fastest growing video-sharing social networking platforms in its category over the last three years and in Asia, Europe and South America, Lomotif has increased its average monthly community by over 400 percent in this time span. Historically over 10 billion atomic clips (User Generated Content (UGC)) have been used to create more than 740+ million videos on the platform since its launch.
The following additional data further shows the Lomotif platform’s dominant, global user traction and reach that ZASH believes demonstrates massive untapped value and Lomotif’s potential growth:
- 10+ billion Lomotif video atomic clips
- 740+ million video super-clips created to date
- 225+ million installations globally (in 200+ countries in 300+ languages)
- 210+ million lifetime community
- 160+ million total lifetime viewers (iOS/Android)
- 120+ million total lifetime creators
- 300+ million videos watched on the platform per month
- 90+ minutes of engagement on average with core users
Lomotif Founder and Chief Executive Officer, Paul Yang, will continue to lead Lomotif upon completion of the acquisition. “With the partnerships ZASH has in place and has planned,” said Yang, ”we’re a natural fit. As an emerging player in user generated video creation, we are excited to be part of ZASH’s overall content and distribution plans and strategies and are looking forward to accelerating growth and adoption of Lomotif worldwide.”