Published: Sat, November 11, 2017
Economy | By Shawn Conner

China's Toutiao buys teens social video app in latest expansion

China's Toutiao buys teens social video app in latest expansion

ByteDance announced the deal yesterday without citing a price tag.

ByteDance did not give financial details of the deal in a statement on Friday, but Chinese media reports said the acquisition of, an app especially popular with teenagers that allows users to post videos of themselves accompanying their favourite songs, was valued at between US$800 million and US$1 billion.

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Toutiao's users are primarily based in China, so the move is seen as a way to tap into other markets. Also this week, Bytedance entered into a pact with Chinese mobile-app developer Cheetah Mobile to provide $50 million in funding to, a top live-streaming app majority-owned by Cheetah, which has a community of about 30 million users.

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ByteDance is considered one of China's hottest startups and is notable for keeping its independence from the three big tech conglomerates in the market, Tencent, Baidu and Alibaba. The app's cofounders, Alex Zhu and Louis Yang, will join Bytedance and will continue running as an independent platform. It'll continue to run as a separate platform, Bytedance said.

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