Triller parent acquires Fite TV and Amplify.ai in short video app deal

By Echo Wang

(Reuters) - TrillerNet, the parent company of U.S. short video social app Triller, told Reuters on Wednesday it has acquired combat sports game streaming service Fite TV and marketing platform Amplify.ai.

The deals come as Triller seeks an edge in its competition against larger rival TikTok, which has been expanding in the United States after the government backtracked on plans to force its Chinese parent ByteDance to divest it.

Amplify.ai co-founder Mahi de Silva will become the new CEO of TrillerNet. He will succeed Mike Lu, who will become President of TrillerNet, according to people familiar with the matter.

TrillerNet already uses Amplify.ai to provide advertisers and influencers with data on how consumers interact with content and ads. Silva had joined Triller's board in October 2018.

The acquisition enables TrillerNet to provide brands with more accurate information on how consumers interact with ads and make purchases, as it tracks engagement with influencer content. Pepsi, McDonalds and L’Oreal are among the companies that spend money to advertise on Triller.

President Joe Biden's 2020 campaign used Amplify.ai's technology to identify 250,000 voters in battleground states, according to the company.

Fite TV will remain a separate app, accelerating TrillerNet's expansion from short-form videos to long-form engagement, Silva told Reuters in an interview.

TrillerNet already owns Triller Fight Club, a live-event platform in partnership with rapper Snoop Dogg and operates TrillerTV, a long-form content streaming platform with more than 65 original shows.

"We are building the first truly open ecosystem that is content driven, brand-friendly, across social media," Silva said.

Triller's approach is to encourage creators to share content across different social media channels, unlike its competitors, he added. Amplify.ai's technology has reach across the internet, which allows them to track how people engage with the content outside of the Triller app.

Triller has been on an acquisition spree and acquired livestream music platform Verzuz earlier this year.

The total value of these deals in the past 18 months, including Fite TV and Amplify.ai is about $250 million, the company told Reuters.

TrillerNet's projected revenue for 2021 is over $250 million, TrillerNet's CFO Paul Kahn told Reuters.

Alantra acted as financial adviser to Fite on the deal.

(Reporting by Echo Wang in Miami; Editing by Lincoln Feast.)

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