Popular teen app Musical.ly sells for reported $800 mil
Popular teen app Musical.ly sells for reported $800 mil
China's ByteDance buys Musical.ly teen app for USD 800 mln - report
10 November, 2017, 22:35
Chinese online content platform Bytedance said on Friday it would buy popular lip-sync platform Musical.ly, in a deal seen valued at up to $1 billion (roughly Rs. 6,517 crores) that underlines the global ambitions of the fast-growing tech startup.
ByteDance announced the deal yesterday without citing a price tag.
Musical.ly, founded in Shanghai by Louis Yang and Alex Zhu in 2014, became very popular among USA teens in 2016 and has since expanded beyond its flagship app for creating and sharing personal music videos.
In 2016, Musical.ly rolled out a live-streaming app called Live.ly, and it has struck content deals with Viacom, NBCUniversal and Hearst, among others. Half of America's teens and pre-teens are said to use the app, with 64 percent of its user base falling between the ages of 13 and 24.
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The company behind China's hottest news app is buying one of the country's biggest social media platforms.
According to Bloomberg, the company is valued at more than $20 billion, and its flagship product, Jinri Toutiao ("Today's Headlines"), is a popular news and video aggregator with 120 million daily active users. The app's cofounders, Alex Zhu and Louis Yang, will join Bytedance and will continue running Musical.ly as an independent platform. Bytedance beat out rival bidders including Kuaishou, the viral video streaming service, the people said, asking not to be identified discussing a private matter.
"At the same time, our world-leading artificial intelligence technology will help Musical.ly to accelerate their incredible pace of innovation in mobile video creation".
Musical.ly is an expansion on YouTube's success with self-produced videos by users. The company recently bought aggregation platform News Republic from Cheetah Mobile, which is also an investor in Musical.ly, for Dollars 86.6 million. Toutiao bought the USA company Flipagram in February.
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