Advertisement

Musical.ly lip-syncing app acquired for up to $1bn

From BBC - November 10, 2017

Musical.ly, a lip-syncing app popular with young people, has been sold to Chinese tech giant Bytedance in a deal worth up to $1bn (750m).

Shanghai-based Musical.ly, founded three years ago, claims over 60 million monthly active users.

It's the first Chinese social media app to make it big in North America and Europe.

The move could help both firms expand their market reach and tap into each other's technological capabilities.

"(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, Bytedance's chief executive.

'Musers'

On Musical.ly, users - or "musers" as they are called - can record and share 15-second videos of themselves lip syncing to popular songs and making funny faces.

When editing, "musers" can change the speed of videos, add filters and play videos backwards.

Earlier this year, Musical.ly struck deals with Viacom, NBCUniversal and Hearst Magazine to produce original content aimed at younger audiences.

The company also has a live-streaming platform called Live.ly.

Advertisement

Continue reading at BBC »