Shopping and entertainment merge with the entertainment commerce company OOOOO Entertainment Commerce Ltd. (OOOO:TSX.V), which begins trading subordinate voting shares tomorrow on the TSX Venture exchange under the symbol OOOO.
The company announced that it completed its qualifying transaction with Video Commerce Group Ltd., which includes the exchange of subscription receipts as part of a $15 million private placement at $0.80 per share. Through a share exchange, OOOOO has acquired all of the outstanding ordinary shares of Video Commerce Group, which will now operate as a wholly owned subsidiary of OOOOO Entertainment Commerce.
OOOOO's technology platform enables retailers, brands and influencers to "share product based opinions directly to consumers through live, interactive, shoppable videos," the company notes. Its network of channels features real people, and everything is shoppable.
Livestreaming "Social Entertainment Commerce" is popular in Asia where companies like Pinduoduo (PDD:NASDAQ), Meituan (3690:HK) and Kuaishou (1024:HK) host hundreds of millions of active users.
OOOOO is bringing the experience to Western countries. It debuted in the UK with cosmetics.tv in late 2020, and, according to Forbes, is now #1 in UK Shopping Top Charts on iOS in January 2021. The app currently has 200,000 users.
The company plans to next expand into Brazil where it has partnered with B2W Digital.
OOOOO was founded by CEO Sam Jones, formerly of Wish, and Eric Zhang, formerly of TikTok.
"We believe that live, interactive, mobile commerce is a total game changer for the retail industry. It can enable manufacturers, retailers, brands and individuals to easily broadcast products and services directly to consumers in the form of shoppable live videos on a smartphone," Jones said.
"Our goal at OOOOO Entertainment Commerce is to play a leading role in delivering technology and training that allows organizations and creators to participate in the live streaming economy," he added.
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