by Vinco Ventures (NASDAQ:BBIG), which focuses on developing digital media and content technologies, announced the integration of Google Ads within the Lomotif platform.
Lomotif acquisition
Lomotif the Singapore-based company was acquired by Vinco Ventures through a joint venture with Zash Global Media (ZVV) for $125 million back in 2021. The deal is said to be one of the biggest exits by a tech startup in Singapore in recent years.
The global video streaming market was estimated at around $375 billion in 2021 and is expected to substantially increase to around $1.7 Trillion by 2030 according to Precedence Research.
Since its inception in 2014, Lomotif has been among the fastest-growing short video social platform with over 225 million app downloads across 200 countries.
Integration of Google ads in preparation for Creator economy
“Launching ads within the Lomotif platform has been part of the long-term vision for the app since its acquisition, and is a major step towards executing our business model and accelerating the creator’s economy,” said Paul Yang, Founder, and CEO of Lomotif.
Creator economy refers to the concept where content creators are able to monetize themselves through their arts, crafts, skills, and passions.
According to Influencer Marketing, the creator economy is estimated to be worth around $104 billion and on par with a substantial growth trajectory of well over $1 Trillion.
Currently, the Google ads integration is only in beta, with the end goal of the beta test eventually allowing a revenue-sharing model that pays creators and helps facilitate the creator economy.
This will be crucial when Lomotif integrates with Blockchain technology, allowing for full transparency on the Lomotif platform as stated by Lomotif.
Web3 Integration
With the goal of being integrated with Blockchain technology, Lomotif is preparing for the future of the digital economy.
Blockchain is a powerful technology that creates an immutable record of transactions that can be used to optimize business processes, enhance security, and maintain trust between stakeholders according to Codit.
The global blockchain market is estimated to be worth around $7 billion and is projected to be worth around $163 billion by 2029 stated Fortune Business Insights.
Recent partnerships between Google and Coinbase suggest more big tech companies will adopt Web3 technologies in the future, further enhancing the stability and growth forecast for the entire Web3 ecosystem.
As Lomotif continues to lay its foundation for the future of the digital economy, it’s certainly worth keeping an eye on.
