$1 Billion To Chinese Media Giant Bytedance

12 November, 2017, 02:26 | Author: Rolando Keller
  • Chinese media giant to buy karaoke app Musical.ly for US$800 million

The negotiations broke down over financial deal terms and "general skittishness" about selling to a company whose revenue numbers and user stats were hard to assess, per the report. Bytedance is already a household name in China, where its Toutiao information and content-recommendation service garners north of 120 million daily active users in the country - and is on track to generate about $2.5 billion in revenue this year.

Musical.ly, founded in Shanghai by Louis Yang (楊陸育) and Alex Zhu (朱駿) in 2014, exploded in popularity among U.S. teens a year ago and has since expanded beyond its flagship app for creating and sharing personal music videos.

In 2016, it rolled out a live-streaming app called Live.ly.

Toutiao's purchase of Flipagram, Musical.ly's primary rival in the self-shot-video-accompanied-by-music market, gives Bytedance dominance in soundtracks to personal videos. The Musical.ly founders and team will join Bytedance and continue to run the platform.

The Musical.ly app allows users to share 15 second videos of lip syncing popular songs and making amusing faces. The Chinese internet conglomerate also also owns several other short-form video apps for user-generated content.

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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.

Earlier this week ByteDance acquired news and video aggregation platform News Republic from China's Cheetah Mobile - itself an early investor in Musical.ly - for US$86.6 million. The company recently bought aggregation platform News Republic from Cheetah Mobile, which is also an investor in Musical.ly, for Dollars 86.6 million.

ByteDance is the company behind Chinese media startup Jinri Toutiao.

According to news reports, the deal's value has been estimated between $800 million and $1 billion.

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