News Worms
News Worms


Musical.ly app reportedly acquired by ByteDance

Musical.ly app reportedly acquired by ByteDance

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 did not give financial details of the deal in a statement on Friday, but Chinese media reports said the acquisition of Musical.ly, an app especially popular with teenagers that allows users to post videos of themselves accompanying their favourite songs, was valued at between US$800 million and US$1 billion.

ByteDance, which is valued at $20 billion, owns Jinri Toutiao, a popular digital news aggregator with 120 million daily users.

Now the Beijing-based company, with a valuation said to be in the neighborhood of $20 billion, is making bigger moves to crack into the world of mobile video, media and entertainment in the US and beyond. "Bytedance's leading AI technologies and top-notch AI developers can empower us to innovate faster and roll out new user offerings unlike anything users have experienced before".

Last year, it rolled out a live-streaming app called Live.ly. Bytedance strike out competitors (rival bidders) involving Kuaishou, the viral video streaming service, the folks said, questioning not to be acknowledged conferring a confidential matter.

The lip-sync platform's co-founders Louis Yang and Alex Zhu and their global team will join Bytedance and will continue to run the Musical.ly platform, the firm said.

The Musical.ly app allows users to share 15 second videos of lip syncing popular songs and making amusing faces.

Bytedance operates a suite of products that provide creators and users with a content experience powered by machine and deep learning algorithms. It added to the push this week by acquiring aggregation platform News Republic from Cheetah Mobile Inc, which is also an investor in Musical.ly, for US$86.6 million.

Musical.ly and ByteDance could not be immediately reached for comment.

ByteDance is considered one of China's hottest startups and is notable for keeping its independence from the three big tech conglomerates in the market, Tencent, Baidu and Alibaba.

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