Zash Global Media and Entertainment, co-founded by former MoviePass chairman Ted Farnsworth, has struck a definitive agreement to acquire a majority stake in Lomotif, a Singapore-based video-sharing social networking platform a la TikTok that encourages users to “turn your favorite moments into a music video.”
Financial details weren’t disclosed.
Zash, which was also founded by early Musical.ly (now TikTok) investor Jaeson Ma and Vincent Butta, who sits on the board of social media platform Triller, operates a social influencer platform and wants to develop “an evolved network of synergetic companies working together to disrupt the media and entertainment industry.”
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It expects to close the Lomotif deal concurrently with its previously announced merger with Vinco Ventures, through which Zash will become a publicly traded company. The company said the Singapore deal will make Lomotif “one of the top global, pure-play video-sharing social networking platforms to be owned by a U.S. publicly traded company, competing with TikTok and Kuaishou in the space.”
Zash touted Lomotif as “one of the fastest growing video-sharing social networking platforms in its category over the last three years.” Since its launch in 2014, Lomotif has recorded more than 10 billion user generated clips that have been used to create more than 740 million video “super-clips.” The company also said 300 million-plus videos are watched per month on Lomotif, which has reached more than 225 million app installations globally.
Fansworth called Lomotif “the key piece of the Zash strategy to merge the best-in-class media, entertainment and content-focused technology companies globally.” And he said: “The platform is fun and engaging and its features are unique and innovative. We look forward to expanding the platform in the U.S. market and around the rest of the world.|
Lomotif founder and CEO Paul Yang will continue to lead the business. “With the partnerships Zash has in place and has planned, we’re a natural fit,” he said. “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.”
Butta said that |Lomotif’s patented technology for mixing and video editing is second to none,” adding: “Zash will focus Lomotif on an advertising model going forward, as well as other means of monetization over the next several months.”
And Ma said: :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.”
