SARASOTA, Fla. - Trump Media & Technology Group (NASDAQ:DJT), known for operating the social media platform Truth Social, announced the expansion of its streaming services with the launch of Truth+ on the web. The service, accessible via player.truthsocial.tv, now allows Truth Social account holders to stream a full array of content, including news, entertainment, and faith-based programming, directly from computers, laptops, and mobile phones.
The web-based version of Truth+ joins the existing Android app and complements the limited streaming service previously available on the Truth Social platform itself. An iOS app version is slated for release shortly. The new web service offers features such as Video on Demand (VOD), live TV rewind, catch-up TV for up to seven days, network DVR, and a Spanish language interface option.
TMTG CEO Devin Nunes highlighted the rollout of Truth+ on the web as a continuation of the company's effort to enhance viewer experience with family-friendly content and advanced streaming features. Nunes emphasized the service's ultra-fast delivery, facilitated by TMTG's own multi-site Content Delivery Network (CDN), designed to make the service resilient against potential actions by larger tech companies.
In the near future, TMTG plans to further expand the reach of Truth+ by introducing the app to a variety of connected TV platforms, including devices from Samsung (KS:005930), LG, Apple (NASDAQ:AAPL) TV, Android TV, and Amazon (NASDAQ:AMZN) Fire. The company is currently beta testing the streaming technology, taking user feedback, and will announce the completion of testing and full rollout in due course.
The mission of TMTG is to provide a platform for free speech amid a landscape of increasing censorship by major tech corporations. The company's independent CDN aims to ensure the availability and sustainability of its services.
This news is based on a press release statement from Trump Media & Technology Group. The company's forward-looking statements regarding its business strategies and future plans are subject to risks, uncertainties, and assumptions, and actual results may differ from expectations.
In other recent news, Trump Media & Technology Group (TMTG) has expanded its reach into the streaming service market with the launch of the Truth+ app for Android devices. The app offers access to a variety of TV programming and is integrated with the social media platform Truth Social. In addition, TMTG announced a net loss of $327.6 million in the first quarter, attributed to non-cash expenses preceding its merger. However, the company foresees an influx of over $69.4 million from cash exercises of warrants, potentially generating up to $247 million if all warrants are exercised.
TMTG has also initiated a share repurchase program, authorizing the buyback of 128,138 shares of common stock from certain executive employees. The company is involved in several legal proceedings, including a lawsuit concerning a services agreement related to intellectual property rights with United Atlantic Ventures and litigation involving ARC Global Investments II.
Adding to the recent developments, TMTG has announced the operational expansion of its content delivery network (CDN), set to enhance the Truth+ TV streaming service. The CDN expansion aims to create a robust platform resistant to censorship from larger technology companies. Furthermore, TMTG has introduced live TV streaming for iOS device users, accessible via the Truth Social app, marking a significant step in the company's media expansion efforts.
InvestingPro Insights
As Trump Media & Technology Group (NASDAQ:DJT) expands its streaming services with the launch of Truth+, it's worth noting some key financial metrics and insights from InvestingPro.
The stock has shown positive momentum across various timeframes. DJT has delivered a 10.47% price total return over the past year, with a 4.61% return in the last three months. This upward trend aligns with the company's efforts to enhance its product offerings and expand its user base.
The average daily trading volume for DJT over the past three months stands at 106.76 million shares, indicating significant investor interest in the stock. This high trading volume suggests that market participants are actively following the company's developments, including the recent launch of Truth+ on the web.
InvestingPro Tips highlight additional insights that could be valuable for investors considering DJT. These tips provide a more comprehensive view of the company's financial health and market position. InvestingPro offers 8 additional tips for DJT, which can help investors make more informed decisions about this evolving media and technology company.
As TMTG continues to roll out new features and expand its platform reach, investors may want to keep a close eye on how these developments impact the company's financial performance and stock price in the coming quarters.
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