Chinese Startup Bytedance Acquires Musical.ly for $800 Million

China's Toutiao buys teens social video app Musical.ly in latest expansion

China's Toutiao buys teens social video app Musical.ly in latest expansion

Beijing ByteDance Technology has bought teen social video app Musical.ly for around Dollars 800 million, Bloomberg reported, citing sources familiar with the deal.

Toutiao's users are primarily based in China, so the move is seen as a way to tap into other markets.

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The startup acquires a big American occurrence, tallying Musical.ly's 100 million - stout deputation of lip - syncing video performers to Toutiao's own 120 million readers and viewers, at the same time as potentially tacking on a social media constituent to its bread and butter news submission. Bytedance strike out competitors (rival bidders) involving Kuaishou, the viral video streaming service, the folks said, questioning not to be acknowledged conferring a confidential matter.

"[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", Zhang Yiming, ByteDance's CEO, said in a statement. "It was organic growth - word-of-mouth", Musical.ly's North American president Alex Hofmann told Billboard previous year, when the app was adding 13 million users a month.

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

Jinri Toutiao - or "Today's Headlines" - is one of the few Chinese Internet operations to have found success without the backing of one of the country's three biggest industry players: Tencent Holdings Ltd (騰訊), Baidu Inc (百度) and Alibaba Group Holding Ltd (阿里巴巴). It'll continue to run as a separate platform, Bytedance said. It's also worth noting is that Cheetah Mobile was an early investor in Musical.ly, in which Cheetah held a 17.4% stake of the end of 2016. Bytedance, a leading AI-powered content platform, is buying the video-based social network in a deal reportedly valued at $800 million. This summer, Reddit raised $200 million in new funding, giving it a valuation of $1.8 billion.

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