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Customers try out Apple iPhone 6S models on display at an Apple Store in Beijing, Saturday, June 18, 2016.. (AP Photo/Mark Schiefelbein)

Live video app Musical.ly sold for a reported $800M

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The lip-syncing app Musical.ly, has been sold to Chinese social media giant Bytedance, according to a TechCrunch.

Techchruch reports that the terms of the deal are undisclosed but Bytedance will pay between $800 million and $1 billion to buy Musical.ly.

The app launched in 2014 and is really popular with teens and young people and touts about 215 million users— or "musers," as they're known. Teens post 15-second clips of themselves lip-syncing, dancing to popular music, and pulling stunts.

Musical.ly’s became popular because it latched onto the tween demographic and quickly developed cult fanfare. Teens post 15-second clips of themselves lip-syncing, dancing to popular music, and pulling stunts.

The acquirer is Bytedance, the Chinese media startup behind the smash-hit news app Toutiao, which has 120 million readers each day across China.

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