China's ByteDance buys Musical.ly teen app for Dollars 800 mln

Adjust Comment Print

It also has a sister app, Live.ly, for live-streaming video.

Chinese tech giant Bytedance has acquired the popular lip-sync platform Musical.ly in a deal worth up to $1bn (£750m).

The acquirement signifies the major project overseas thus far for a Chinese startup priced at $20 billion that is, by now, generated one of the world's most significant news services. Bytedance beat out rival bidders including Kuaishou, the viral video streaming service, the people said, asking not to be identified discussing a private matter. Bytedance proclaimed the contract Friday devoid of mentioning a price tag. The startup gains a big American presence, adding Musical.ly's 100 million-strong contingent of lip-synching video performers to Toutiao's own 120 million readers and viewers, while potentially tacking on a social media component to its bread-and-butter news offering. "It was organic growth - word-of-mouth", Musical.ly's North American president Alex Hofmann told Billboard a year ago, when the app was adding 13 million users a month. The start-up's smack contracts with media firms including Viacom Inc.

World Cup victor Hope Solo accuses Sepp Blatter of sexual assault
Solo and Blatter walked on stage together to present the women's world player of the year to her USA teammate Abby Wambach . Solo joined the USA women's national team in 2000 but has not played for the nation since the 2016 Olympics in Rio.


"Musical.ly's vision is to make entertainment more personal, participatory and interactive, by enabling anyone to be a content creator", explained Yang and Zhu in a joint statement. In June, a short version of MTV'sNick Cannon's Wild 'N Out, a how-to show called Fashion to DIY For, a series called Greatest Party Story Ever and Hearst's Seventeen and the City all debuted on the app.

Bytedance, meanwhile, is best known for the Toutiao app, which uses artificial intelligence to create customized news feeds for its users. It also runs TopBuzz, an English-language news app similar to Toutiao.

Toutiao aggregates news and videos from hundreds of media outlets and has become one of the world's largest news services over its five years.

Comments