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
from News – Your EDM http://ift.tt/2AGcLGA
SUBSCRIBE TO YOUREDM CHANNEL TODAY.
YOUR EDM provides the inside scoop on the EDM industry.
Subscribe and go DEEP inside the electronic scene.
SPONSORS
Sourced by actual house heads who have supported the EDM scene, music, culture, and vibe collectively for decades Always dedicated to showing love and support for the fellow artists, promoters, and supporters.
House Music is the soul survivor of a murdered disco dynasty. A dynasty that brought freedom of experession through dance and fashion. A definite anti-establishment media HIT job programmed and pushed thru corporate radio. - Jason Ring
ConversionConversion EmoticonEmoticon