Mumbai: ZASH Global Media and Entertainment on Thursday announced it has agreed to acquire the remaining 20 per cent stake in the video-sharing platform, Lomotif. In February, ZASH entered into a definitive agreement to acquire a majority controlling interest in Lomotif.

The global expansion of Lomotif is currently 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 expected to be nearly 450 million in 2023, the penetration into the Indian market is a major focus for Lomotif and the parent company ZASH.

Speaking about its strategic business move, ZASH's co-founder Ted Farnsworth said, “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. 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."

The addition of Lomotif enhances ZASH’s offering by adding a short-form video component to its overall ecosystem. Lomotif has recently introduced a 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 launch proved to be a success achieving over one million downloads in the first 30 days alone, said the company.