Friday, 10 November 2017

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



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.





BBC       News.