With more than 60 million active users, Musical.ly has become one of the most popular social apps for teens and pre-teens over the last two years.
Now the company has a new owner: Chinese firm Beijing Bytedance Technology Co, which has paid upwards of $800m for the acquisition. The deal was announced overnight, although without an official figure for the price.
“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,” said Bytedance CEO Zhang Yiming in a statement.
As we reported earlier this week, Musical.ly has become an increasingly-attractive platform for influencer marketing, particularly for music labels looking to promote their latest releases by encouraging young fans to lip-synch and dance along to them.
The acquisition could extend that activity to China, where Bytedance also owns a popular news-aggregation app, Toutiao, which has 120 million users. That company bought another social music app, Flipagram, earlier in 2017.
If Bytedance promotes Musical.ly to that community, the app could generate huge new audiences for its community of 'muser' influencers, as well as kickstarting the social careers of a new wave of creators from China.