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| Musical.ly Applications Bought by Chinese Media Around Rp 13.5 Trillion |
The sales deal was not disclosed, but sources told TechCrunch that Bytedance, the company behind China's top news aggregator Toutiao, will pay between US $ 800 million (Rp 10.8 trillion) and US $ 1 billion (Rp 13.5 trillion ) to purchase Musical.ly, which claims 60 million users are mostly based in the US.
The three-year-old Musical.ly earned $ 500 million in raising its final round of funding in 2016. The startup says it will continue to run as an independent business in Bytedance, taking advantage of the distribution and technology advantages that its new host offers.
Bytedance itself has experienced success over the past two years mainly thanks to Toutiao, which claims 120 million monthly users. The company reportedly raised US $ 2 billion (Rp 27 trillion) in valuations of US $ 20 billion, and has evolved into other types of mobile content through acquisitions such as Flipagram video applications.
The Toutiao app has been known for its extensive use of home-grown intelligence to help build customized newsfeeds for its user base, and in an announcement today, the company says that this technology will be used to expand the reach of Musical.ly in terms of users and creators in China, Korea , Japan, and Southeast Asia. This is an area where the company has not really succeeded to date, despite the fact that its founder is Chinese and its headquarters is in Shanghai.
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