ZASH acquires Singapore’s video-sharing platform Lomotif to take on TikTok
Global media and entertainment company ZASH has announced the acquisition of a majority stake in Singapore-based video-sharing platform Lomotif.
The financial details remain undisclosed.
The Lomotif deal will be closed concurrently with the closing of ZASH’s merger with Nasdaq-listed Vinco Ventures, a merger and acquisition company focused on digital commerce and consumer brands.
Founder Paul Yang will continue to lead Lomotif upon the completion of the deal.
“As an emerging player in user-generated video creation, we are excited to be part of ZASH’s overall content and distribution plans and strategies and are looking forward to accelerating growth and adoption of Lomotif worldwide,” Yang said.
ZASH believes that Lomotif is one of the fastest-growing video-sharing platforms in Latin America, Asia, Europe and West Africa, and its acquisition can put ZASH at the top surpassing TikTok and Kuaishou.
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The video-sharing platform claims to have increased its average monthly community by over 400 per cent since its launch in 2014. Over 740 million videos on the platform have been shared on this platform since then.
“Lomotif is a global platform with a tremendous following in Latin America and Asia. Together with ZASH, it will replicate that success in the US and other markets,” said ZASH co-founder Jaeson Ma.
“In today’s world of mass consumption of short-form content, we see Lomotif’s addition to the ZASH family as an incredible opportunity to leverage our content in all formats and broaden our distribution platform worldwide,” he continued.
Short-form video sharing apps are very popular among teenagers and millennials, globally. While TikTok started the trend, many other similar apps have acquired a significant share of customers like Instagram Reels, Dubsmash and more.
The size of the global online video platform in the media and entertainment segment was US$218 million in 2016 and is projected to reach US$915 million by 2025.
Image Credit: Unsplash
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