TikTok star Khaby Lame signs a record-breaking $975M deal for his brand, Step Distinctive Limited. The Hollywood Reporter reports that Rich Sparkle Holdings, a Hong Kong-based company, has acquired a stake in his company. This will allow Rich Sparkle Holdings to have 36 months, or three years, of exclusive global rights to Lame’s brand. They have grand plans of capitalizing on Lame’s TikTok content and extending his internet stardom even further.
TikTok star Khaby Lame sells his company for $975 million
TikTok star Khaby Lame inks a massive deal with Rich Sparkle Holdings by selling his company for a whopping $975M. Rich Sparkle Holdings has earned a major stake in Lame’s company, which will allow them to have 36 months of exclusive global rights to Lame’s brand (via The Hollywood Reporter).
For those unversed, Lame shot to fame thanks to his wordless videos that deal with everyday life hacks. Rich Sparkle Holdings believes this is the creator’s signature style and allows him to “scale across languages and cultures without translation.”
Moreover, the company plans on making use of Lame’s unparalleled TikTok stardom and a fanbase of 160 million followers on the platform. This includes the rights over his TikTok shop, brand endorsements, live streaming, and selling products or brands through short videos.
Interestingly, Lame boasts 360 million followers across all social media platforms globally. Notably, in terms of his TikTok following, he’s placed just above Charli D’Amelio. Rich Sparkle Holdings stated in their filing, “Khaby Lame’s fan-based commercialization could generate more than $4 billion in annual sales.”
Furthermore, the company plans on creating an AI version of the TikTok star that will imitate his face, voice, and behaviors to create multilingual social media content. Rich Sparkle Holdings also plans on multiplying his social media activity with more posts and content across multiple time zones, tailored to fans’ tastes.
The company clarified that, as per their deal, Lame will become a controlling shareholder. During the thirty-six month period, they plan to focus on the United States, the Middle East, and Southeast Asia as key regions. Additionally, they will chalk out a region-specific pricing structure and independent profit accounting to cater to different consumers and their purchasing habits and capacity.
