The lip-syncing app Musical.ly is now officially acquired by Chinese social media company Toutiao, meaning that it would be available to the company`s
The lip-syncing app Musical.ly is now officially acquired by Chinese social media company Toutiao, meaning that it would be available to the company`s user base in China, Japan, Korea, and other Asian countries.
Musical.ly has also announced the launch of a $50 million “Creator Fund” that will be used to invest in education and training programs.
The money will be spent for the enrichment of the Musical.ly platform and the discovery and development of new talent. Musical.ly states it will invest via this new fund over the upcoming two years. The company gives some examples of possible funding choices, as Tech Crunch reports.
For instance, the company will invest in a college scholarships fund that is focused on relevant university programs, including storytelling and digital media, among others. Moreover, Musical.ly reportedly expects to kickstart a marketplace project where creators will exchange and sell assets like AR objects or original music. Another benefit for participants will be the possibility to go to workshops and collaborate with brands.
The fund will also be used for another project called Co-innovation Partner Program that involves collaboration with selected media and content partners who will work on mobile video storytelling initiatives, according to Tech Crunch. Last but not least, the company will invest in finding Musical.ly`s next big stars and will help them grow further.
“The musical.ly Creator Fund illustrates our commitment to supporting the growth and development of our creators and expanding the opportunities available to the creator community, both inside and beyond the app.”, as Alex Zhu, co-founder of Musical.ly, reportedly said in a statement.
After the acquisition by Toutiao, Musical.ly will grow its user base from 60 million to 120 million active users on a daily basis, as Bytedance`s Toutiao makes clear.