Social music app Musical.ly is being shut down by new owners Bytedance
Beijing Bytedance Technology Co bought Musical.ly for over $800m in November 2017. The technology company already owns TikTok, a global music video community app with over 500 million monthly active users in Asia. At the point of the takeover, Musical.ly had more than 100 million users.
In conversation with Reuters, TikTok's Head of Global Marketing, Stefan Heinrich said:
“Musical.ly and TikTok currently operate in complementary geographies without much overlap and as both platforms continue to grow rapidly now is the time to bring them together".
“Supporting one platform will allow us to expand our on-the-ground presence more quickly and easily – building local teams to support each market.”
Musical.ly co-founder Alex Zhu who has taken on the role of SVP of TikTok said, “combining Musical.ly and TikTok is a natural fit given the shared mission of both experiences – to create a community where everyone can be a creator”.
It is understood that Musical.ly users' account will be transferred to the new TikTok app. Having become a hugely creative space for young creators and music fans, we wait to see whether TikTok can absorb Musical.ly's audience and break artists into the mainstream. Fast-rising stars including HRVY and Malu Trevejo have enjoyed breakthroughs via Musical.ly.
In recent news, Instagram has introduced a whole host of functions which illustrate its intentions to integrate music into the app, some of which tackle Musical.ly's USP.