Lomotif And Universal Music Group Announce Worldwide Agreement
SINGAPORE, July 26, 2021 -- Lomotif, the popular video-sharing social networking platform, and Universal Music Group (UMG), the world leader in music-based entertainment, today announced a global agreement that allows Lomotif's users to creatively tap into UMG's catalog of music for their videos.
With the agreement, UMG becomes the first major music company to globally license Lomotif, empowering the company's community of users to create clips using songs from UMG's music library, consisting of some of today's biggest hits, as well as some of the biggest songs of all-time. Lomotif users will also be able to easily add UMG's music to a clip right from the app.
Lomotif is one of the fastest growing video-sharing social networking platforms in its category over the last three years. There are currently more than 225 million installations of the Lomotif app globally in more than 200 countries and in more than 300 languages. Over 300 million videos are watched on the platform per month and more than 10 billion atomic clips (User Generated Content (UGC)) have been used to create more than 740 million videos on the platform since its launch. In the past year, Lomotif has grown worldwide as a grassroots social community with dedicated users spanning from Asia to South America to the U.S.
Michael Nash, UMG's Executive Vice President of Digital Strategy, said, "We are very pleased that Lomotif's fast-growing community of users around the world will be able to take inspiration from the artists and music they love, all while ensuring UMG's artists are fairly compensated for the value music generates on Lomotif's platform. UMG continues to broaden the creative and commercial opportunities for our artists by licensing an ever-expanding array of new digital platforms and supporting emerging entrepreneurs. We look forward to working with Lomotif to help unlock even more innovative music-based features for their community."
"Our deal with Universal Music Group will continue to grow users and increase engagement within our platform, a destination for emerging artists, and will significantly expand the types of music our community can utilize, collaborate with and share," said Paul Yang, Lomotif's CEO and founder. "With nearly 800 million videos created to date, we are heading in a great direction as a platform and making high-value content, functionality and features available to our community will only help us grow exponentially."
Lomotif is majority-owned and controlled by ZVV Media Partners, LLC, a joint venture of ZASH Global Media and Entertainment Corporation led by co-founders Ted Farnsworth, Jaeson Ma and Vincent Butta, and Vinco Ventures, Inc. (NASDAQ: BBIG).
"The significance of music in social content cannot be overstated and having a deal with Universal Music Group underscores the commitment we have to Lomotif users worldwide who are among the most creative, collaborative and deeply engaged creators on the planet," Farnsworth said.
Lomotif is the leading video-sharing social networking platform that is democratizing video creation. Since the company was co-founded by video enthusiast Paul Yang in 2014, Lomotif has been granted three technology patents uniquely focused on empowering creators to share and watch short videos with ease through remix and collaboration. Yang's bold vision is to build the world's largest video vocabulary to accelerate the world's transition to video-first expression. Lomotif, available in the Apple and Google stores, is a breakthrough downloadable app for hip hop, rap, and urban culture across the United States and Latin America. Lomotif is one of five partners selected by Snapchat for a bi-directional integration for posting stories between the two platforms. For additional information about Lomotif Private Limited, please visit Lomotif's website at www.lomotif.com.
About Universal Music Group
Universal Music Group (UMG) is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content in more than 60 countries. Featuring the most comprehensive catalog of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. Universal Music Group is a Vivendi company.
About ZASH Global Media and Entertainment Corporation
ZASH is an evolving network of synergetic companies working together to disrupt the media and entertainment industry as we know it today. The ZASH team is managed by a group of smart, if not somewhat brazen, consummate disrupters. ZASH believes its management team has an exceptional and unparalleled ability to pivot because their knowledge and experience is steadfast and unyielding. For additional information about ZASH Global Media and Entertainment Corporation, please visit ZASH's website at www.zash.global.
In addition to the agreement with Lomotif, ZASH has made a number of moves in the media and entertainment industry. In one of its largest deals earlier this year, ZASH announced plans to merge with Vinco Ventures, Inc. (NASDAQ: BBIG) creating exciting acceleration and growth in live-streaming content, video-sharing, distribution and production within its own ecosystem.
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