Trends

Changing patterns around media

China’s Toutiao acquired the wildly popular social video app Musical.ly.

Financials weren’t disclosed, but media reports say the deal was probably worth $1 billion. Musical.ly allows users (mostly teens, so don’t feel bad if you don’t know it!) to post videos of themselves alongside their favorite songs. It’s the second acquisition in a week for ByteDance, Toutiao’s parent company, which also picked up the France-based news aggregator News Republic from Cheetah Mobile.
South China Morning Post