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A Chinese company bought the app Musical.ly for $1 billion. The company will be the first Chinese social media site to be a global brand. Musical.ly has 60 million monthly users. People can record and share videos of themselves lip-syncing to popular songs. They can edit the videos, make funny faces, and change the video speed.
Musical.ly will be big. Young people will share videos on their mobile phones. The company wants Musical.ly to help it create an important "global platform". Its content creators and brands will enter new markets. The company also owns a popular news app, called Today's Headlines. This has 120 million daily users.
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