Chinese tech giant Bytedance buys popular teen app Musical.ly for at least $800 million

Chinese tech giant Bytedance buys popular teen app Musical.ly for at least $800 million

Posted on Posted in 2017 Business Opportunities For You, Tech News, Technology, What's Trending Now

 

The popular teen lip-syncing app Musical.ly has been purchased by Chinese firm Bytedance — the company behind China’s major news aggregating service Jinri Toutiao. The details of the deal haven’t been disclosed, but Bloomberg pegs the price at $800 million, while the Wall Street Journal puts it at “$800 million to $1 billion”.

 

 

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Musical.ly, founded in Shanghai by Louis Yang and Alex Zhu in 2014, exploded in popularity among American teens in 2016 and has since expanded beyond just social lip-syncing video creation. Last year, it spun off a separate live-streaming app called Livel.ly, and earlier this year, it began offering original mini-shows. NBCUniversal has also been creating shows specifically for Musical.ly.
 
Bytedance, which was recently valued at $20 billion, says that Musical.ly will remain a separate, independent business.

 
 
 

 

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