Sold for $1 Billion

  • Sold for $1 Billion Sold for $1 Billion

It also has a live-streaming platform called

Popular music video app has been bought by Chinese tech giant Bytedance in a deal worth up to $1bn (£750m) to expand its market reach and tap into the apps technological capabilities.

As one of the fastest growing tech startups in China, Bytedance has been given valuations up to as high as $20 billion. Bytedance beat out rival bidders including Kuaishou, the viral video streaming service, the people said, asking not to be identified discussing a private matter.

As reported by BBC, this is the first Chinese social media app to make it big in North America and Europe. The start-up's smack contracts with media firms including Viacom Inc. co-founder Alex Zhu adds: "'s vision is to make entertainment more personal, participatory and interactive, by enabling anyone to be a content creator".

He continues: "We have recently also been focused on expanding into Asian markets, and this partnership will allow us to access Bytedance's massive userbase in China, Japan and Korea, and around Asia".

Bytedance, meanwhile, is best known for the Toutiao app, which uses artificial intelligence to create customized news feeds for its users.

Now all three are refining their own news apps to try and steal business from Toutiao.

Bytedance, a company valued at $20 billion and which produces the Toutiao news aggregation app, announced the news on Friday morning but did not announce the financial terms, according to Bloomberg. Started by Zhang Yiming, Toutiao is on track to make about United States dollars 2.5 billion in revenue this year, largely from advertising. The company recently bought aggregation platform News Republic from Cheetah Mobile, which is also an investor in, for Dollars 86.6 million.