A Chinese company bought the social video app Musical.ly for $1 billion. The company is called Bytedance. It will be the first Chinese social media site to be a global brand. Musical.ly has 60 million active monthly users. It is very popular with young people. Users can record and share videos of themselves lip-syncing to popular songs. They can edit the videos, make funny faces, change the speed and play the videos backwards. App users are called "musers".
Musical.ly is the next big thing. Young people will share the videos on their mobile phones. Bytedance explained why it bought the app. It wants Musical.ly to help Bytedance across Asia and the world. It wants to create an important "global platform" for its content creators and brands to enter new markets. Bytedance also owns a popular news app, called Today's Headlines. This has 120 million active daily users.