Video app Triller files for public offering, reports 2022 revenue of $47.7 million

For years, Triller has attempted to become a publicly-traded company. Now, the video app seems to be getting its wish. It has filed an S-1 form with the SEC and plans to trade on the New York Stock Exchange under the ticker symbol ILLR.

In its S-1, Triller said that it has raised $380 million in capital and has accumulated 550 million users across its suite of apps. Initially, the company led by CEO Mahi de Silva attempted to go public through a special purpose acquisition company (SPAC). It planned a $5 billion merger with digital video company SeaChange International, but the deal was called off in June 2022.

At that point, Triller sought an IPO. Its public listing has been anticipated since then, and it officially submitted its S-1 on August 2.

As part of its SEC filing, Triller offered a look into its financials. It reported $3.7 million in revenue for 2020, $26.4 million for 2021, and $47.7 million for 2022. Those numbers are dwarfed by the company’s net losses, which totaled $77.2 million in 2020, $773.6 million in 2021, and $195.6 million in 2022.

Some of Triller’s losses can be explained by the numerous legal battles it has fought over the past three years. Hip-hop artists Swizz Beatz and Timbaland, the co-creators of the Triller-owned show Verzuz, alleged in a 2022 lawsuit that the app owed them $28 million of missed payments. The two parties were able to resolve that disagreement, but Sony Music also filed a lawsuit related to missed payments. In its S-1, Triller said that it paid Sony Music about $4.6 million to meet the terms of a settlement.

Triller’s S-1 also reveals that the company has paid $2 million in monthly stipends and revenue sharing to members of the Assembly for Black Creators. That program, established to uplift creators of color, has also been complicated by allegations of missed payments.

Triller has attempted to challenge its better-known competitor — TikTok — by courting creators and taking legal actions. Should it succeed in its bid to join the New York Stock Exchange, it will become a publicly-traded alternative to privately-held TikTok.