Home deals Musical.ly Acquired By Chinese Startup for $800 Million

Musical.ly Acquired By Chinese Startup for $800 Million

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Musical.ly's live.ly livestreaming app has 2 million downloads
Photo credit Wikimedia under Creative Commons license.

Billboard reports: “Lip-sync app Musical.ly has been scooped up by Beijing ByteDance Technology Co., or simply ByteDance, the Chinese startup behind news site Jinri Toutiao, the company announced on Friday. Although financial details were not disclosed, multiple outlets are reporting that Bytedance is paying around $800 million for the buzzy video service. The startup inked its first major label licensing deal in 2016, with Warner Music, and earlier this year announced an integration with Apple Music that allows users of both services to stream full songs.”

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