Quick take:
- Triller has jumped on the metaverse train with a platform called Metaverz.
- The short-video social platform looks to take on industry stalwarts TikTok, Instagram, and YouTube Shorts.
- The company claims its app has been downloaded more than 350 million times and is on track to breach the $100 million revenue threshold this year.
Triller has announced the launch of its metaverse platform, Metaverz powered by Epik. The short-video sharing app is joining the web3 race that has seen its biggest rivals and industry stalwarts, TikTok, Meta (Instagram Reels and Facebook Stories), and YouTube shorts have all launched their web3 campaigns that indicate plans for the metaverse.
Triller claims to be on track to cross the $100 million revenue threshold this year, three years after launching. The company also indicated in a recent publication that its app (available on Android and iOS), has been downloaded more than 350 times.
In its own description of the metaverse, Triller said its Metaverz platform “provides virtual spaces where users can gather to watch live music and sporting events, such as Bare Knuckle Fighting Championship or the Triller Fight Club, and interact with artists and other fans.”
The company will debut its first metaverse event on October 22, with DJ Sam Feldt performing an electronic set from the Netherlands. He will also join the Metaverz audience in the virtual nightclub as an avatar to interact with guests.
The company has planned 2,000 live events over the next year, with a majority taking place both in the physical world and on its Metaverz platform.
Commenting on the announcement, Christopher Taurosa, head of Metaverz said: “We’re carefully curating all our events and experiences so people understand what they’re doing. “It’s not like you walk around aimlessly … You get to engage around an event.”
Triller spent the best part of the last two years building its metaverse platform. The company shared short videos showcasing various experiences that users will be able to engage with including “a sports arena, beach houses surrounded by rippling water and palm trees and a nightclub with projection screens, laser lights and marble floors.”
Although Triller faces an uphill task in competing with the likes of Meta and TikTok, the company has already demonstrated its ambitious plans after cancelling a $5 billion merger with video content provider SeaChange in favour of an initial public offering (IPO) scheduled to take place during Q4, 2022.
Although Triller is yet to break even amid a tough start to the year, the company expects to cross into profitability in 2023 according to CEO Mahi de Silva.
The company last week revealed the appointment of Prem Parameswaran to head the corporate finance and investor relations department. Parameswaran has strong industry experience, having most recently worked for Eros International, a leading Indian film and entertainment company.
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