LOS ALAMITOS, Calif. - Verb Technology Company, Inc. (NASDAQ:VERB), known for its MARKET.live livestream social shopping platform, has announced a partnership with TikTok Shop, designating it as an official TikTok Shop Partner (TSP).
The collaboration will see MARKET.live providing various services to TikTok Shop, including onboarding assistance for brands and influencers, content creation, and studio space rentals on both coasts of the United States.
The newly formed partnership is expected to generate revenue for MARKET.live through a combination of fees for services provided and a percentage of monthly revenue from TikTok stores established through their platform. Additionally, TikTok will compensate MARKET.live for achieving certain performance goals.
This alliance aims to enhance the e-commerce experience on TikTok by leveraging MARKET.live's expertise in livestream shopping. The partnership will offer comprehensive pricing packages for TikTok Shop sellers, covering shop operations, marketing, affiliate management, and content production.
Recently, MARKET.live hosted an event for TikTok brands and influencers in Miami on March 21, 2024. Building on this, a co-hosted exclusive event is scheduled for April 25, 2024, to formally announce the partnership, with attendance by invitation only.
Rory J. Cutaia, CEO of VERB, expressed optimism about the future of livestream shopping in the U.S. and the role of MARKET.live in that landscape. The company aims to exceed the high expectations set by this partnership.
VERB Technology Company, Inc. positions itself as a leader in interactive video-based sales applications, providing a platform where retailers and creators can monetize their social media following. The company is headquartered in Las Vegas, NV, with creator studios in Los Alamitos, California, and Philadelphia, PA.
This announcement is based on a press release statement from Verb Technology Company, Inc.
InvestingPro Insights
In light of the recent partnership announcement between Verb Technology Company, Inc. and TikTok Shop, it's important to examine the company's financial health and market performance to understand the potential impact of this collaboration. According to InvestingPro data, VERB's market capitalization stands at a modest $15.38 million, reflecting the size of the company in the vast technology market. Despite a significant revenue growth of 249.43% over the last twelve months as of Q3 2023, the company's operating income margin was reported at a concerning -233.14%, indicating that expenses far exceed the gross profits.
InvestingPro Tips suggest that VERB is quickly burning through cash and analysts do not anticipate the company will be profitable this year. This could be a crucial factor for investors to consider, especially when evaluating the potential benefits of the new partnership with TikTok Shop. Additionally, the stock has experienced high price volatility, which is something investors should be mindful of, as it may affect the stock's performance following the partnership announcement.
Despite these challenges, the company has witnessed a strong return over the last month, with a price total return of 69.7%. This could signal investor confidence or a positive reaction to recent company developments, such as the TikTok partnership. For those interested in a deeper dive into VERB's financials and future outlook, there are additional InvestingPro Tips available, offering a more comprehensive analysis of the company's prospects. To explore these insights, visit https://www.investing.com/pro/VERB and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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