Sunday, 19 November, 2017

$1 Billion To Chinese Media Giant Bytedance

Musically app Musically app acquired China's ByteDance buys Musical.ly teen app for USD 800 mln - report
Juana Turner | 11 November, 2017, 01:08

ByteDance announced the deal yesterday without citing a price tag.

If you live outside of Asia, you're about to get more familiar with the five-year-old internet news and video aggregator.

Musical.ly, Chinese-founded but popular around the world with teens posting videos of themselves to their favourite tunes, would merge with Bytedance in a deal worth US$800 million to US$1 billion, according to a person familiar with the plans.

Now the Beijing-based company, with a valuation said to be in the neighborhood of $20 billion, is making bigger moves to crack into the world of mobile video, media and entertainment in the USA and beyond.

In 2016, Musical.ly rolled out a live-streaming app called Live.ly, and it has struck content deals with Viacom, NBCUniversal and Hearst, among others.

The Musical.ly app allows users to share 15 second videos of lip syncing popular songs and making amusing faces. Bytedance beat out rival bidders including Kuaishou, the viral video streaming service, the people said, asking not to be identified discussing a private matter. Founded three years ago, this social media app is popular with young people and generates over 60 million monthly active users, reaching to other countries such as the USA and Europe as well.

Bytedance operates a suite of products that provide creators and users with a content experience powered by machine and deep learning algorithms.

"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.

The Beijing-based firm, which recently bought video platform Flipagram and also owns English news app TopBuzz, declined to comment on its current valuation. It'll continue to run as a separate platform, Bytedance said.

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

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