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

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Employees of Musical.ly on the Shanghai workplaces of the start-up. Musical.ly has risen to prominence amongst a teenage and tween viewers by enabling customers to document fast movies set to music.

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Gilles Sabrié for The New York Times

SHANGHAI — The solely Chinese social-media firm to construct a serious community exterior China will probably be taken over by a fast-growing Chinese upstart.

Musical.ly, a video-based social community fashionable with youngsters within the United States and Europe, is being offered for between $800 million and $1 billion to Bytedance, the corporate that controls the Chinese information aggregator Toutiao, in keeping with an individual aware of the matter.

The deal knits collectively Toutiao’s 120 million Chinese customers with the roughly 60 million that use Musical.ly within the United States and Europe, finally linking a platform in China with a extra world one.

Musical.ly will proceed to function a separate product, in keeping with a press release on the deal, although the 2 corporations will cooperate carefully.

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Despite the dominance of established social media providers like Facebook and Snap, Musical.ly rose to prominence amongst a teenage and tween viewers by enabling customers to document fast movies set to music. Young customers of the app carried out coordinated dance strikes or lip synced to the music.

Since then the corporate has branched out to different varieties of movies, together with reside streaming, and has even sought to draw short-form video reveals.

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