Bytedance acquired Musical.ly for $1 billion

Bytedance acquired the Musical.ly lip-sync application for US$1 billion. China's online news content platform on Friday said it will buy Musical.ly's popular lip-syncing platform in a deal of US$800 to US$1 billion as a strategy to achieve its ambition of building global market share.

Tinuku Bytedance acquired Musical.ly for $1 billion

Bytedance says it has an agreement to acquire Musical.ly. Bytedance is a Beijing news app startup includes Flipagram, Topbuzz, and Tik Tok with 120 million readers daily in China. Terms of the deal are not disclosed, but rumors say the purchase of US$800 million to US$1 billion.

Musical.ly is a lip-sync startup headquartered in Shanghai founded in August 2014, but most users are teenagers in North America and Europe. It currently has 200 million users and this year also launched Live.ly for live streaming.

Musical.ly founder and co-CEO Alex Zhu says vision is to make the entertainment more personal, participatory and interactive that allows everyone to become a content creator. Bytedance says it will improve Musical.ly with content-based AI and help expand its reach to Asia.

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