ZASH Global Media and Entertainment, today announced it has agreed to acquire the remaining shares of approximately 20% of TikTok and Kuaishou rival, Lomotif. In February ZASH entered into a definitive agreement to acquire a majority controlling interest in Lomotif.
Lomotif Platform is one of the Top Worldwide Social Video-Sharing Apps Today
NEW YORK, June 24, 2021 /PRNewswire/ — ZASH Global Media and Entertainment, today announced it has agreed to acquire the remaining shares of approximately 20% of TikTok and Kuaishou rival, Lomotif. In February ZASH entered into a definitive agreement to acquire a majority controlling interest in Lomotif.
Lomotif is one of the fastest growing video-sharing social networking platforms in its category over the last three years, with 225+ million installations of the Lomotif app globally in over 200 countries in 300+ languages. Over 300 million videos are watched on the platform per month and over 10 billion atomic clips (User Generated Content (UGC)) have been used to create more than 750 million videos on the platform since its launch. The addition of Lomotif enhances ZASH's offering by adding a short-form video component to its overall ecosystem as the company continues to grow a global content-centric technology company.
“We believe very strongly in the user-generated contact space (UGC) and it is a great honor for us to be able to purchase the remaining shares of Lomotif," said Ted Farnsworth, co-founder, ZASH. “With the growth that we have seen recently and continue to see overall in UGC, we feel that this is the perfect positioning to become one of the top leaders competing with TikTok and others for Vinco and Zash as the completion of our two company's merger becomes imminent."
Current global expansion of Lomotif is underway in India, the world's second largest market, and a country where competitor TikTok is banned. With the number of social media users in India currently eclipsing 350 million, and social network users in the country expected to be nearly 450 million in 2023, the push into India is a major focus for Lomotif and parent company ZASH.
Lomotif recently introduced a groundbreaking new format for talent discovery titled “You've Been Scouted," which invites users to compete in a global competition to crown the platform's top music performer, and reward them with a record label deal and album produced by Grammy Award®-winning, multi-platinum mega producer Teddy Riley. The recent launch of “You've Been Scouted" in the first dance off contest in India, proved to be an extremely large success achieving over 1 million downloads in the first 30 days alone.
