An app where teenagers lip synch reportedly got bought for $1 billion

$1 billion. That was the price tag for what’s cool, according to Justin Timberlake Sean Parker’s conversation with Facebook cofounder Mark Zuckerberg.

Apparently, it’s still true. 

Musical.ly just sold to Beijing Bytedance Technology, the companies announced Friday. The price tag was between $800 million to $1 billion, the Wall Street Journal reported. If you haven’t heard of Musical.ly, you may be old — or perhaps you just forgot about it. 

After launching three years ago, the smartphone app quickly became a viral sensation. The concept was simple: Create 15-second music videos. Tweens and teens became obsessed with lip-syncing to their favorite songs. By 2016, it had attracted 100 million users. It even launched some new social media stars like Jacob Sartorius.  Read more…

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