Musical.ly Sold for $1 Billion

China's Toutiao is buying Musical.ly in a deal worth $800M-$1B

Popular music video app Musical.ly has been bought by Chinese tech giant Bytedance in a deal worth up to $1bn (£750m) to expand its market reach and tap into the apps technological capabilities.

Musical.ly, which launched in Shanghai in 2014 and opened USA offices in Santa Monica in 2016, was originally designed as a hub for 15-second goofy videos of users dancing and singing to snippets of popular tunes.

The only Chinese social-media company to build a major network outside China will be taken over by a fast-growing Chinese upstart. Bytedance allegedly beat rival bidders - including viral video streaming service Kuaishou - to seal the deal. Bytedance proclaimed the contract Friday devoid of mentioning a price tag.

"Musical.ly will continue to operate as an independent platform, integrating Bytedance's global leading AI technology and leveraging its reach in China and key markets across Asia to enhance Musical.ly's offering to users, creators, and partners", the two companies said in a statement.

The start-up struck deals with media firms including Viacom Inc and Comcast Corp's NBCUniversal to make original shows.

Caitlyn Jenner: I cross-dressed with Kris before we Wednesday
In fact, it's been two years since she's spoken to Khloé Kardashian . "It's devastating when your kids do that", she said. Kim Kardashian Calls Caitlyn Jenner "Shady" &"Not a Good Person" Over O.J.

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.

A report from TechCrunch also said Bytedance will pay between $800 million and $1 billion for the company.

Started by Zhang Yiming (張一鳴), it is on track to pull in about US$2.5 billion in revenue this year, largely from advertising.

The company's overseas efforts are now spearheaded by TopBuzz, an app similar to its core offering in China, and Flipagram, a video platform acquired in February this year.

Three-year-old Musical.ly was previously valued at $500 million when it raised its most recent round of funding in 2016.

Related News:

  • Chiefs' Roy Miller arrested in Jacksonville on battery charge

    Chiefs' Roy Miller arrested in Jacksonville on battery charge

    She then saw Nicole come from the room with visible injuries, which she did not have before entering the bedroom. A witness told deputies their four children sought shelter in the other side of the home during the fight.
    Cristiano Ronaldo's girlfriend Georgina Rodriguez gives birth to his fourth child

    Cristiano Ronaldo's girlfriend Georgina Rodriguez gives birth to his fourth child

    Both Geo and Alana are fine! Alana Martina is the man's first child conceived with the 22-year-old model. The twins were born to a surrogate mother in a United States hospital, The Mirror noted.
    14 killed, 9 missing in Andhra boat tragedy

    14 killed, 9 missing in Andhra boat tragedy

    Some of the survivors complained that the police that the boat was shaking right from moment it started from Bhavani Island. A helpline with toll free number 18004250101 was opened to help the relatives of the victims to get the information.
  • Arthur Blank and Jerry Jones avoid each other before teams play

    Arthur Blank and Jerry Jones avoid each other before teams play

    The biggest proponent to seeing Goodell eventually ousted as commissioner would be Dallas Cowboys owner Jerry Jones. Ultimately the NFL is a private business, league owners can give Goodell a raise if they choose to do so.
    The Top 5 Heading Into The Weekend

    The Top 5 Heading Into The Weekend

    We don't think a two-ACC playoff is possible, but for the time being these are the best four teams in the country. The Sooners' trio of wins against Ohio State , Oklahoma State, and TCU is the most impressive of any team.
    Ed Sheeran, Colton Haynes, The Vamps, & More React to Taylor Swift's 'Reputation'

    Ed Sheeran, Colton Haynes, The Vamps, & More React to Taylor Swift's 'Reputation'

    Her long-awaited sixth studio album " Reputation " recently dropped and it turns out, the old Taylor Swift is really gone. It gets worse before it gets better, though, with the ill-fated Ed Sheeran and Future collaboration " End Game ".
  • Farooq Abdullah 'talks irrationally sometimes': BJP

    Farooq Abdullah 'talks irrationally sometimes': BJP

    If you talk about this being your part then remember the Instrument as well", said the National Conference (NC) leader. Rishi Kapoor's ancestors belonged to Lyallpur district of Punjab in Pakistan which is present-day Faisalabad.
    Saudi-led blockade could 'starve and kill' millions in Yemen

    Saudi-led blockade could 'starve and kill' millions in Yemen

    This comes as Saudi Arabia recently intercepted a ballistic missile fired from Yemen near the capital, Riyadh. Iran denies it supplies arms to the Houthis but has said the missile was a reaction to Saudi "aggression".
    North Korea slams Trump's 'warmonger' Asia tour: State media

    North Korea slams Trump's 'warmonger' Asia tour: State media

    But it will require a collective effort, collective strength and collective devotion to winning the peace", Trump added. But the administration shouldn't be too quick to praise North Korea's restraint.
  • Bahrain sees Iran's hand in oil pipe blast

    Bahrain sees Iran's hand in oil pipe blast

    Fire crews later successfully extinguished the blaze on the pipeline, which belongs to the state-run Bahrain Petroleum Co. The UAE on Saturday condemned the terrorist explosion and expressed its solidarity with the kingdom. .
    Facebook's Founding President on Stage Yesterday: We Created a Monster

    Facebook's Founding President on Stage Yesterday: We Created a Monster

    He also noted that he and Zuckerberg, and later Instagram's Kevin Systrom, were very much aware of this and "did it anyway". Parker left the stage joking that Facebook CEO Mark Zuckerberg would block his account after learning of his comments.
    TMZ: OJ Kicked Out of Vegas' Cosmo Over Belligerence

    TMZ: OJ Kicked Out of Vegas' Cosmo Over Belligerence

    TMZ reported Simpson was at the Cosmopolitan in Vegas on Wednesday night, was drunk at one of the bars and became disruptive. OJ Simpson has been out of prison for more than a month, and he's not exactly being a model parolee, according to TMZ .


Most liked

Iran ballistic missile programme non-negotiable
He then mentioned that "there are extremely strong concerns about Iran " among its Arab neighbors in the Persian Gulf. Tehran says it has no plans to build nuclear-capable missiles and the missile programme is for defence purposes.

Trump gets Philippines president Duterte to sing on stage
The South China Sea will likely be a hot topic throughout the summit, as most claimants will be attending. The framework seeks to advance a 2002 Declaration of Conduct (DOC) of Parties in the South China Sea.

Reactions to Detroit Lions vs. Cleveland Browns game
It also moves the team one game closer to what certainly must be the end of Jackson's tenure as head coach with the Browns. Kizer missed two second-half possessions after suffering a rib injury on a third-quarter hit from cornerback Quandre Diggs.