Business
Tongji Closes Acquisition of “The Clubhouse” Social Media Influencer Firm with a Network of Over 90M Followers
Tongji Closes Acquisition of “The Clubhouse” Social Media Influencer Firm with a Network of Over 90M Followers.
About this update from Clubhouse Media Group Inc.
[{"type":"text","content":"\n LOS ANGELES, Nov. 18, 2020 (GLOBE NEWSWIRE) -- via InvestorWire -- Tongji Healthcare Group, Inc. (OTCMKTS:TONJ) (“Tongji” or the “Company”) is excited to announce the closing of the acquisition of West of Hudson Group Inc., the sole owner of “The Clubhouse,” a collection of scenic mansions in Southern California that house some of the most prominent and widely followed social media influencers, together carrying an estimated follower base in excess of 90 million. The acquisition closed on Nov. 12, 2020. On Nov. 2, 2020, the Company filed a Certificate of Amendment with the Secretary of State of the State of Nevada to amend the Company’s Articles of Incorporation to change the Company’s name from “Tongji Healthcare Group, Inc.” to “Clubhouse Media Group, Inc.,” subject to FINRA’s approval. “We believe The Clubhouse has significant proprietary value that can be tapped in service of either deals with outside brands or the popularization and expansion of our own in-house branding projects,” commented Amir Ben-Yohanan, Tongji’s CEO. The Clubhouse is an established network of three social media content creation houses (“Clubhouse BH,” “Clubhouse Europe,” and “Not a Content House”) that has already received organic media coverage from the New York Times, Business Insider and Forbes. As a result of the acquisition, the Company also acquired West of Hudson Group Inc.’s two operating subsidiaries: WOH Brands, LLC, a content-creation studio, social media marketing company, technology developer, and brand incubator; and Doiyen, LLC, a talent management company that provides representation to Clubhouse influencers. Management notes that industry trends point to the increasing dominance of social media influencers in establishing market positioning and leadership among new consumer brands, with Zenith recently predicting global social media ad spend to gain 20% in 2020 to reach an estimated $84 billion. According to Zenith’s data, social media advertising will account for 13% of total global ad spend and rank as the third-largest advertising channel, behind TV and paid search. Social media ad spending surpassed print media ad spend last year for the first time ever, according to Zenith. That trend ...