Musical.ly acquired for at least $800 million

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  • The three-year-old popular lip-syncing app Musical.ly has been purchased by Chinese firm ByteDance for at least $800 million.

    Though the financial details of the deal have not disclosed, Bloomberg estimates the price at $800 million, while the Wall Street Journal estimates the figure as “$800 million to $1billion”.

    Musical.ly was previously valued at $500 million after is raised its most recent round of funding in 2016.

    Though the company originally focused solely on short-form videos of users lip-syncing to popular songs, Musical.ly has since focused on diversifying their offerings.

    Last year it released a separate live-streaming app called Livel.ly and earlier this year it began to create original mini-shows.

    “Musical.ly’s vision is to make entertainment more personal, participatory and interactive, by enabling anyone to be a content creator,” Alex Zhu, one of Musical.ly’s founders, said in a statement. “To achieve this, we need to constantly innovate to provide new and exciting video creation tools to our users, and we see AI as a critical factor in augmenting human creativity. Bytedance’s leading AI technologies and top-notch AI developers can empower us to innovate faster and roll out new user offerings unlike anything users have experienced before.”

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