VULCAN POST - Apr 14 - Established in 2014, Lomotif was created to capitalize on the increasing demand for online content viewing, which was getting increasingly popular among Gen Z and millennials. The initial prototype of Lomotif was developed with a few others in Singapore's tech start-up ecosystem BLOCK71. The team later decided to take the idea abroad to San Francisco - what was initially supposed to be a month-long trip became 2.5 years instead. The platform has also garnered 120M total lifetime creators and 300M video views on the platform per month. Global media and entertainment company ZASH recently announced the acquisition of a majority controlling stake of 80% in Lomotif and is reported that they will pay about $125M for the stake, which marks one of the biggest exits by a local tech startup in recent years. With ZASH's acquisition, they are the only NASDAQ: BBIG-listed short video platform, which means that North America will become a key growth territory for them.
by Zafirah Salim
See full article at Vulcan Post
See the top news on Lomotif
