The 3-year startup is priced at US $ 500 million when they receive fresh funding in 2016. Musical.ly said, they will continue to operate as an independent company under Byedance and at the same time, utilizing the distribution network and technology owned by its new parent company.
Meanwhile, Bytedance is rumored to have earned US $ 2 billion, making it worth US $ 20 billion worth of valuations.
In addition to Toutiao, which claims to have 120 million monthly active users, Bytedance is also trying to expand the type of content they create with the acquisition of Flipagram video applications.
Toutiao is known for using artificial intelligence to provide relevant news content to its users. In today's announcement, it is explained that the technology will also be used in Musical.ly to attract more users and creators in China, South Korea, Japan and Southeast Asia.
