Karaoke App Musical.ly Being Sold To Chinese Tech Giant For $800 Million

You might not know it’s called Musical.ly, but we can safely bet that you’ve seen the app’s videos either on Facebook or YouTube. It’s is cross between Vine and Karaoke, allowing users to creatively edit videos while singing along to their favorite songs. A lot of the results can be quite cringe-inducing, but others are extremely creative.

Now, the app has been acquired by Chinese media giant ByteDance Technology Co. for around $800 million. The Chinese media company is valued at around $20 billion, and this is its largest acquisition abroad to date. The deal was officially announced last Friday, without naming a specific price.

Musical.ly, founded by Louis Yang and Alex Zhu in 2014, was actually created in Shanghai and subsequently exploded in popularity among American teens in 2016.

It’s not clear yet how the acquisition will affect the app or its userbase.

via Bloomberg Tech

This article was first published on Your EDM.
Source: Karaoke App Musical.ly Being Sold To Chinese Tech Giant For $800 Million

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