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Home » News » Music Industry and Sold For $800M - $1B To China's Bytedance


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Music video app and sister app has been sold to Chinese media giant Bytedance. The deal is worth between $800 million and $1 billion, according to multiple sources. A division of Bytedance aquired rival Filpagram earlier this year.

Hugely popular music video lip sync platform and its live streaming app has been acquired by Chinese media conglomerate Bytedance for a reported $800,000- $1 billion. was founded in 2104 in Shanghai by Louis Yang and Alex Zhu, and claims by more than 100 million active users. The founders and team will join Bytedance and continue to run the platform.

“ will continue to operate as an independent platform, integrating Bytedance’s global leading AI technology and leveraging its reach in China and key markets across Asia to enhance’s offering to users, creators, and partners,” the two companies said in a statement.  

“Integrating’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 Zhang Yiming, Bytedance CEO.

Some stats:
  • Average daily video views: 1 billion
  • Average daily video creations: 7.4 million
  • Average daily likes: 249 million
  • Average active user watches over 60 videos a day

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This story appears courtesy of HypeBot.
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