Popular teen app Musical.ly sells for reported $800 mil

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Founded three years ago, this social media app is popular with young people and generates over 60 million monthly active users, reaching to other countries such as the USA and Europe as well.

According to commentators, the acquisition represents the biggest venture overseas thus far for a Chinese startup valued at $20 billion that had already spawned one of the world's largest news services. It also has a sister app, Live.ly, for live-streaming video. Bytedance strike out competitors (rival bidders) involving Kuaishou, the viral video streaming service, the folks said, questioning not to be acknowledged conferring a confidential matter.

As reported by BBC, this is the first Chinese social media app to make it big in North America and Europe. The details of the deal haven't been disclosed but sources told the Wall Street Journal that the app sold for somewhere between $800 million and $1 billion. The startup also inked deals with media companies such as Viacom and Comcast's NBCUniversal to make original shows. Hearst's "Seventeen" magazine has said it'll devise a slate of shows focused on fashion and beauty for Musical.ly.

If you live outside of Asia, you're about to get more familiar with the five-year-old internet news and video aggregator.

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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 is also known for their mobile app called, Jinri Toutiao, meaning "Today's Headlines" that releases news and videos from hudreds of media outlets.

Bytedance wants to become a global success by turning its artificial intelligence tools on the rest of the world. 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.

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