“We want to thank the musical.ly community for embracing live.ly as an exciting new platform and canvas for creativity and self-expression,” Alex Zhu, co-CEO of musical.ly, told TechCrunch. “The fact that this comes almost one year after musical.ly hit #1 on the same chart makes the news even more exciting.”
There are a lot of competitors in the live streaming space, including Facebook Live and Twitter’s Periscope. Many tech companies view this as a growing viewership category for millennials and teens.
The musical.ly app for creating music videos also quickly gained traction and we’re told it has seen over 100 million downloads since it launched last year. Nearly half of its users are U.S. teenagers, although the company is based in Shanghai.
We also previously reported that musical.ly, which is backed by GGV and Greylock, has been working on a funding round that would value the startup at about $500 million.