Tech & Society

ZASH Global Media and Entertainment to acquire remaining 20% of TikTok & Kuaishou rival Lomotif

ZASH Global Media and Entertainment 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.

Ted Farnsworth

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

“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.

Navanwita Bora Sachdev

Navanwita is the editor of The Tech Panda who also frequently publishes stories in news outlets such as The Indian Express, Entrepreneur India, and The Business Standard

Recent Posts

Outbound & inbound: India attracts businesses from UK, China & US while expanding to Middle East

The Tech Panda takes a look at how India has been attracting foreign businesses from…

15 hours ago

UPI value & volume surpass records in March

India’s digital payments ecosystem achieved a record high in March, with UPI transactions reaching INR24.77…

16 hours ago

AI-powered digital twins, Cobots, agentic AI, physical AI & edge computing are enabling an anticipatory AI-first manufacturing ecosystem

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), ), a leader in IT services, consulting, and business…

17 hours ago

Misinformation & deepfakes help weaponize AI: Should AI be as open as the internet then?

The ability for AI to spread misinformation has been reaching hair-raising lengths, another and possibly…

3 days ago

What employees want: Not everyone feels ready to flow with AI at the workplace

Artificial Intelligence is everywhere now. It’s safe to say that organizations have either fully adopted…

6 days ago

Are business markets safe from Grok AI?

With the rise of advanced AI models such as Grok AI developed by Elon Musk's…

7 days ago