The announcement comes three weeks after Trump Media began trading on the Nasdaq stock market, briefly valuing the firm at $10.8 billion
Trump Media & Technology Group (TMTG) on Tuesday announced plans to start a streaming TV platform to air news, film and other content the company claims other media outlets refuse to show.
The announcement comes three weeks after Trump Media began trading on the Nasdaq stock market, briefly valuing the firm at $10.8 billion. After peaking at $79.38 per share on March 26, the stock has slumped by around 70%.
The decline continued on Tuesday, with Trump Media shares sliding $3.29, or 12.4%, to $23.32 in early afternoon trading. Its market value now stands at around $3.1 billion.
Trump Media’s primary asset is Truth Social, the social media service that Trump created in 2022 after he was removed from major platforms after the January 6 rampage on the U.S. Capitol. From its founding, the firm aimed to create what it called a “media powerhouse” with multiple platforms, including social media and digital streaming. Until now, nonetheless, the firm had only introduced Truth Social.
Going public has helped boost the money-losing firm’s coffers, with Trump Media CEO Devin Nunes telling Fox Business earlier this month that it has “$200 million in the bank” to fund its plans.
Key to building a major media company will be building an audience, which in turn could convince advertisers to open their wallets. Although Trump Media does not reveal its user numbers, the service had an estimated 494,000 monthly active users (MAU) in February, compared with 142 million for Facebook and 75 million for X (formerly known as Twitter), as per web data firm Similarweb.
Recent advertisers on Truth Social include groups such as Patriots for America, a group hawking Trump hats, and USA Gear, selling American flag hoodies.
Trump Media said its streaming TV platform will first unveil on the Truth Social app before eventually making its way to home TV streaming. The firm did not provide a timeline for the rollout.
There is a lot of great content that simply cannot find an audience for unjust reasons, and we want to let these creators know they will soon have a guaranteed platform where they won’t be cancelled [sic], Nunes, a former Republican congressman from California, said.
The firm added that its TV content will include “news networks, religious channels, family-friendly content including films and documentaries; and other content that has been cancelled, is at risk of cancellation, or is being suppressed on other platforms and services.”