Waterfalls is an extended play by the Wiki Records girl group, ILY. The EP will release on January 2, 2015. ILY lead Nicole Martin said the EP was "different" the group then went to say "we wanted to bring back R&B with some pop along with some clever dance tones. R&B is in a weird stage right now and we want to take advantage of that." Her sister, Iyana Martin, then continued to comment by saying, "We all worked really hard on this EP and we just hope you all enjoy it! It was so much fun!"
During the November of 2014, the group performed their song "Waterfalls" which was the inspiration for the EP at the 2014, Santa Monica Music festival.