The popular social media app for teens, Musical.ly, has been purchased by Beijing Bytedance Technology Co. for an estimated $1 billion. Inc., according to the WSJ.

Musical.ly is a social media platform that allows users (aka Musers) to record and share videos of themselves singing and dancing to today’s hottest records. The app launched in 2014 by Alex Zhu and Luyu Yang, whom are both in their 30s.

The selfie videos created by “Musers” has attracted millions of fans to their profiles and the app. The popularity of the app has garnered high revenue trajectories in that past few years from brand advertisers.

Musical.ly has 60 million monthly users.

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Source: WSJ

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