Triller secures $50 million funding, but can it become the next big short-form video platform?

Triller’s $50 million boost

While TikTok’s uncertain future continues to make headlines, lesser-known rival app Triller is making moves of its own. The short-form video platform has secured a $50 million round of equity funding, fuelling its ambitions to establish itself as a major player in digital entertainment.

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Triller plans to use the fresh capital to enhance its platform with “cutting-edge AI-driven tools, enhanced live-streaming capabilities, and a revamped video editing suite”. The platform already boasts high-profile backing from artists like The Weeknd, Marshmello, and Lil Wayne. Triller even surged into the top five in the “Photo and Video” category on app stores- something the platform believes is a testament to its growing appeal.

Can Triller truly rival TikTok?

Triller has long positioned itself as an alternative to TikTok, especially as TikTok’s ownership continues to spark regulatory scrutiny. The platform recently launched the ‘SaveMyTikToks.com” campaign, allowing users to back up their videos and migrate them to Triller. This move helped usher in creators seeking a “US-owned platform free from political and regulatory roadblocks.”

Despite its ambitions, Triller’s financials reveal a stark contrast to TikTok’s dominance. In the first nine months of 2024, Triller generated just $18 million in operating revenue while reporting a $25.8 million operating loss. Meanwhile, TikTok reportedly brought in $16 billion from US users alone in 2023.

Still, Triller CEO Wing Fai Ng remains confident in the company’s trajectory regardless of TikTok’s future, insisting that Triller has been “designed to outlast TikTok and any other competitor.”

“We’re not building our business around the failure of others; this seismic shift in social media is only the beginning of what’s to come.”

Wing Fai Ng, Triller CEO

What’s next for Triller?

With its latest funding round, Triller aims to position itself as a go-to hub for creators looking to engage audiences and monetise their content. The company envisions itself as becoming the “premier social media hub in 2025”.

Yet, much of its future hinges on TikTok’s fate. Triller faces an uphill battle to compete with such an established giant if TikTok remains operational. But if TikTok is shut down, it would undoubtedly provide a golden opportunity for rivals in the short-form video market.