Trump Media & Technology Group Corp. (TMTG) announced Tuesday its plans for a livestreaming platform to broadcast content such as news and film.
According to a press release by TMTG, the operator and parent company of Truth Social, it recently finished the development phase of its live-streaming platform, and will “begin scaling up its own content delivery network.”
The streaming content will first appear on Truth Social, and will eventually roll out onto its own app and then to home TVs — although a timeline for these phases has not yet been announced, per CBS News.
What will be featured on the new platform?
TMTG’s press release says the unnamed livestreaming platform will focus on networks, channels and other forms of content “that has been cancelled, is at risk of cancellation, or is being suppressed on other platforms and services.”
Devin Nunes, CEO of the company, said the move is to provide a source for news and entertainment “that face discrimination by other channels and content delivery services,” letting creators and their content to “have a guaranteed platform where they won’t be cancelled,” as quoted in the press release.
Fox Business reported that the planned content has yet to be announced, but the livestreaming platform will run independent from “Big Tech” companies.
The background on Truth Social
According to Forbes, Truth Social was launched by former President Donald Trump after the riots on Jan. 6 at the U.S. Capitol. Since then, he has “relied heavily” on the platform, using it near exclusively for announcing campaign news.
And three weeks ago, shareholders of Digital World Acquisition Corporation (DWAC) approved a merger deal with TMTG, allowing Truth Social to be publicly traded and for Trump to potentially net a multi-billion dollar windfall from close to 80 million shares, as previously reported by the Deseret News.
While the company was briefly valued at $10.8 billion and its share price peaked at $79.38 on Mar. 26, CBS News noted its value has gone down by nearly 70%, with its market value now standing at around $3.1 billion.
Trump is facing several significant civil cases and four criminal cases, in federal court and in courts in Georgia and New York. The charges relate to his handling of classified documents, his response to the 2020 presidential election, his behavior on Jan. 6, 2021, and alleged hush money payments before the 2016 presidential election.
Trump’s legal issues have not stopped Nunes from claiming the parent company is “well positioned” to become profitable, as he said in a Fox News interview reported earlier this month by The Hill.
“Why are we well positioned? Because we have no debt. We’re coming out of this with no debt, a platform that works really, really well that communicates to millions of people, and then we have $200 million in the bank,” he previously claimed, reported The Hill.