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.
Lomotif is also carving out an imposing presence in the music space, having recently partnered with LiveXLive for global live streaming distribution of Music Lives 2021, which drew an incredible 37+ million views on the Lomotif platform alone.
Lomotif is the leading video-sharing social networking platform that is democratizing video creation. Since the company was co-founded by video enthusiast Paul Yang in 2014, Lomotif has been granted three technology patents uniquely focused on empowering creators to share and watch short videos with ease through remix and collaboration. Yang's bold vision is to build the world's largest video vocabulary to accelerate the world's transition to video-first expression. Lomotif, available in the Apple and Google stores, is a breakthrough downloadable app for hip hop, rap, and urban culture across the United States and Latin America. Lomotif is one of five partners selected by Snapchat for a bi-directional integration for posting stories between the two platforms. For additional information about Lomotif Private Limited, please visit Lomotif's website at www.lomotif.com.
About ZASH Global Media and Entertainment
ZASH Global Media and Entertainment Corporation is an evolving network of synergetic companies working together to disrupt the media and entertainment industry as we know it today. The ZASH team is managed by a group of smart, if not somewhat brazen, consummate disrupters. ZASH believes its management team has an exceptional and unparalleled ability to pivot because their knowledge and experience is steadfast and unyielding. For additional information about ZASH Global Media and Entertainment Corporation, please visit ZASH's website at www.zash.global or on Twitter at @ZashGlobal.
Forward-Looking Statements and Disclaimers
This press release contains "forward-looking" statements within the meaning of federal securities laws. Forward- looking statements include, among others, statements concerning or implying future financial performance, anticipated product performance and functionality of ZASH's products or products incorporating ZASH's products, and industry trends and growth opportunities affecting ZASH. Such information are based upon beliefs of, and information currently available to, ZASH management as well as estimates and assumptions made by ZASH's management. These statements can be identified by the fact that they do not relate strictly to historic or current facts. When used in this presentation the words "estimate," "expect," intend," believe," plan," "anticipate," "projected" and other words or the negative of these terms and similar expressions as they relate to ZASH or ZASH's management identify forward-looking statements. These forward-looking statements include statements regarding the potential business synergies resulting from ZASH's acquisition of Lomotif the potential market for ZASH's and Lomotif's product offerings, customer adoption and use of the Lomotif looking statements are qualified in their entirety by this cautionary statement. ZASH is providing this information as of the date of this release and does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events, or otherwise.
SOURCE ROGERS & COWAN-PMK/LA