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Chinese firm nabs social video app Musical.ly for as much as $1 billion

From Engadget - November 10, 2017

Since its launch, Musical.ly has expanded its content offerings beyond just social lip-syncing video creation. Last year, it spun off a separate live-streaming app called Livel.ly and earlier this year it began offering original mini-shows. In June, a short version of MTV's Nick Cannon's Wild 'N Out, a how-to show called Fashion to DIY For, a series called Greatest Party Story Ever and Hearst's Seventeen and the City all debuted on the app. NBCUniversal has also been creating shows specifically for Musical.ly.

Bytedance, which was recently valued at $20 billion, says that Musical.ly will remain a separate, independent business.

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