$1 Billion To Chinese Media Giant Bytedance

$1 Billion To Chinese Media Giant Bytedance

$1 Billion To Chinese Media Giant Bytedance

Last year, it spun off a separate live-streaming app called Livel.ly and earlier this year it began offering original mini-shows. The first prototype was released in April 2014, and the official version was launched in August of that year.

Lip-sync app Musical.ly has been scooped up by Beijing ByteDance Technology Co., or simply ByteDance, the Chinese startup behind news site Jinri Toutiao, the company announced on Friday. Bytedance beat out viral video streaming service Kuaishou to get Musical.ly, the sources added.

Musical.ly, founded in Shanghai by Louis Yang and Alex Zhu in 2014, became very popular among U.S. teens in 2016 and has since expanded beyond its flagship app for creating and sharing personal music videos. The start-up's smack contracts with media firms including Viacom Inc.

"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.

He continues: "We have recently also been focused on expanding into Asian markets, and this partnership will allow us to access Bytedance's massive userbase in China, Japan and Korea, and around Asia".

ByteDance, which is valued at $20 billion, owns Jinri Toutiao, a popular digital news aggregator with 120 million daily users. Started by Zhang Yiming, Toutiao is on track to make about Dollars 2.5 billion in revenue this year, largely from advertising.

Bytedance wants to become a global success by turning its artificial intelligence tools on the rest of the world. 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.

The company behind China's hottest news app is buying one of the country's biggest social media platforms.

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