Latest in Gear

Image credit:

Chinese firm nabs social video app Musical.ly for as much as $1 billion

It was acquired by Chinese media company Bytedance.
Share
Tweet
Share

Sponsored Links

Musical.ly

The popular teen lip-syncing app Musical.ly has been purchased by Chinese firm Bytedance -- the company behind China's major news aggregating service Jinri Toutiao. The details of the deal haven't been disclosed but sources told the Wall Street Journal that the app sold for somewhere between $800 million and $1 billion.

Since its launch, Musical.ly has expanded its content offerings beyond just social lip-syncing video creation. Last year, it spun off a separate live-streaming app called Livel.ly and earlier this year it began offering original mini-shows. In June, a short version of MTV's Nick Cannon's Wild 'N Out, a how-to show called Fashion to DIY For, a series called Greatest Party Story Ever and Hearst's Seventeen and the City all debuted on the app. NBCUniversal has also been creating shows specifically for Musical.ly.

Bytedance, which was recently valued at $20 billion, says that Musical.ly will remain a separate, independent business.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
Tweet
Share

Popular on Engadget

Put Bernie Sanders almost anywhere with this Google Street View app

Put Bernie Sanders almost anywhere with this Google Street View app

View
Pixar's 'Soul' was so popular on streaming that it beat 'The Office'

Pixar's 'Soul' was so popular on streaming that it beat 'The Office'

View
Tesla accuses engineer of stealing crucial company software

Tesla accuses engineer of stealing crucial company software

View
Microsoft reverses Xbox Live price hike, will add free multiplayer for some games

Microsoft reverses Xbox Live price hike, will add free multiplayer for some games

View
Apple's Magic Keyboard for iPad drops to $199 at Amazon

Apple's Magic Keyboard for iPad drops to $199 at Amazon

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr