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Musical.ly, a Chinese App Big in the U.S., Sells for $1 Billion

ICYMI Musical.ly, a Chinese App Big in the U.S., Sells for $1 Billion  via @josepsole_ #intel

  • The music video service, which is popular with tweens and teenagers, has been bought by the owner of a popular Chinese news aggregation service.
  • @josepsole_: Musical.ly, a Chinese App Big in the U.S., Sells for $1 Billion via @nytimes #musically… – – SHANGHAI — The only Chinese social media company to build a major network outside China will be taken over by a fast-growing Chinese upstart.
  • Musical.ly, a video-based social network popular with teenagers in the United States and Europe , is being sold for between $800 million and $1 billion to Bytedance, the company that controls the Chinese news aggregator Toutiao, according to a person familiar with the matter.
  • The deal knits together Toutiao’s 120 million Chinese users with the roughly 60 million who use Musical.ly in the United States and Europe, ultimately linking a platform in China with a more global one.
  • Despite the dominance of established social media services like Facebook and Snap, Musical.ly rose to prominence among a teenage and tween audience by enabling users to record quick videos set to music.

The music video service, which is popular with tweens and teenagers, has been bought by the owner of a popular Chinese news aggregation service.

SHANGHAI — The only Chinese social media company to build a major network outside China will be taken over by a fast-growing Chinese upstart.

Musical.ly, a video-based social network popular with teenagers in the United States and Europe, is being sold for between $800 million and $1 billion to Bytedance, the company that controls the Chinese news aggregator Toutiao, according to a person familiar with the matter.

The deal knits together Toutiao’s 120 million Chinese users with the roughly 60 million who use Musical.ly in the United States and Europe, ultimately linking a platform in China with a more global one.

Despite the dominance of established social media services like Facebook and Snap, Musical.ly rose to prominence among a teenage and tween audience by enabling users to record quick videos set to music.

Since then the company has branched out to other types of videos, including live streaming, and has even sought to attract short-form video shows.

SHANGHAI — The only Chinese social media company to build a major network outside China will be taken over by a fast-growing Chinese upstart.

Musical.ly, a video-based social network popular with teenagers in the United States and Europe , is being sold for between $800 million and $1 billion to Bytedance, the company that controls the Chinese news aggregator Toutiao, according to a person familiar with the matter.

The deal knits together Toutiao’s 120 million Chinese users…

Musical.ly, a Chinese App Big in the U.S., Sells for $1 Billion