Trump Media Launches Truth+ Streaming Amid Low Revenue

Trump Media & Technology Group (DJT), the parent company of Truth Social, reported a stark revenue of just $837,000 for the last quarter, despite a valuation of $5 billion. The company has experienced a significant decline in value, losing over 25% since Vice President Kamala Harris announced her candidacy for the presidency three weeks ago. In an effort to recover, Trump Media is pivoting towards establishing a streaming service aimed at conservative audiences, promising to showcase content that has been overlooked or threatened with cancellation by larger corporations. The new streaming service, branded as Truth+, is being marketed as an alternative to mainstream platforms like Amazon and Netflix, which are often criticized for their control over content. Trump Media asserts that it aims to create a service that is "uncancellable by Big Tech," with plans to gain full control over its streaming technology in the future. However, the company did not specify any particular shows that would be featured on the platform. Entering the streaming market poses significant challenges, particularly given the high costs associated with content acquisition and technology infrastructure. Trump Media attributed a substantial portion of its quarterly loss of $16.4 million to expenses related to IT consulting and software licensing for the new service. Despite these hurdles, CEO Devin Nunes emphasized the company's "strong balance sheet with no debt." The volatility of Trump Media's stock has raised concerns, with the value of Trump's stake plummeting from approximately $6.2 billion in May to around $2.9 billion currently, reflecting the pressures faced by the company in a competitive and costly industry.