Chinese tech giant Bytedance has acquired the popular lip-sync platform Musical.ly in a deal worth up to $1bn (£750m).
Bytedance is known for its flagship content-recommendation app “Toutiao”(which means “headline” in Chinese). The app is one of the fastest growing mobile products in China – boasting 120 million daily active users in the country and on track to generate about $2.5 billion in revenue this year.
Bytedance – a rapidly growing Chinese tech startup
As one of the fastest growing tech startups in China, Bytedance has been given valuations up to as high as $20 billion.
“(By) integrating Musical.ly’s global reach with Bytedance’s massive user base in China and key Asian markets, we are creating a significant global platform for our content creators and brands to engage with new markets,” Zhang Yiming, Bytedance chief executive, said in a statement.
Bytedance also recently entered a deal with Chinese mobile-app developer Cheetah Mobile to fund Live.me, a live-streaming app majority-owned by Cheetah with a community of about 30 million users, with $50 million.
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