China's Bytedance to buy lip-sync app Musical.ly

China's Bytedance to buy lip-sync app Musical.ly

China's Bytedance to buy lip-sync app Musical.ly

It rolled out a live-streaming app called Live.ly in 2016 and signed deals with media firms including Viacom Inc and Comcast Corp's NBC Universal to make original shows. Media execs will be keeping an eye on how those partnerships evolve under Bytedance's well-funded auspices. Under the terms of Bytedance's Live.me investment, Live.me will have priority to provide live-streaming services to Bytedance in overseas markets.

"[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's CEO, said in a statement.

In short, the app lets people record videos of themselves singing or lip-syncing along with popular songs and share them on what has become one of the fastest-growing social media platforms around. "To achieve this, we need to constantly innovate to provide new and exciting video creation tools to our users, and we see AI as a critical factor in augmenting human creativity". The lab's mission is to develop machine-learning algorithms for personalized content recommendations.

For now, users shouldn't expect any huge changes for Musical.ly.

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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. Bytedance announced the deal without giving any financial details.

Bytedance is known for its flagship content-recommendation app "Toutiao"(which means "headline" in Chinese). The company recently bought aggregation platform News Republic from Cheetah Mobile, which is also an investor in Musical.ly, for United States dollars 86.6 million.

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

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