Economy

China's ByteDance buys Musical.ly teen app for United States dollars 800 mln

China's ByteDance buys Musical.ly teen app for United States dollars 800 mln

Digital lip-syncing aimed at teens is officially a big, big business: Chinese tech company Bytedance has announced it plans to "merge" with - acquire - Musical.ly, a popular lip-synching app launched in China in 2013.

Musical.ly, founded in Shanghai by Louis Yang (楊陸育) and Alex Zhu (朱駿) in 2014, exploded in popularity among USA teens a year ago and has since expanded beyond its flagship app for creating and sharing personal music videos. 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.

"By integrating Musical.ly's global reach with ByteDance's massive user base in China and key Asian markets, we are creating a significant global platform for our content creators and brands to engage with new markets", said Zhang Yiming, founder and chief executive of ByteDance, in the statement.

How Bytedance brings together its assets to bear in catering to audiences in America, Europe and elsewhere remains to be seen.

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Bytedance operates a suite of products that provide creators and users with a content experience powered by machine and deep learning algorithms. The startup had raised $147 million to date from investors including GGV Capital, GX Capital, Qiming Venture Partners and Susquehanna International Group.

The Beijing-based firm, which recently bought video platform Flipagram and also owns English news app TopBuzz, declined to comment on its current valuation.

Bytedance is also known for their mobile app called, Jinri Toutiao, meaning "Today's Headlines" that releases news and videos from hudreds of media outlets. Bytedance will pay between $800 million and $1 billion, according to several media reports. The negotiations broke down over financial deal terms and "general skittishness" about selling to a company whose revenue numbers and user stats were hard to assess, per the report.

The acquisition of Musical.ly is expected to be completed by the end of November once certain conditions are met, the companies said.


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