In 2018, Bytedance consolidated the user accounts of Musical.ly and TikTok, merging the two apps into one under the name TikTok. In late 2017, Musical.ly was acquired by ByteDance for a fee of $800 Million. Within a year, the TikTok app had more than 100 million users, and the popularity of lip sync videos continued to rise. Launched initially only in China, the app was renamed and rebranded to TikTok for better international appeal. In 2016, Chinese app developer ByteDance created an app named Douyin, a rival to Musical.ly. By mid-2017, the Musical.ly app had over 200 Million users. The most popular use of the app was to create videos where they were lip-syncing and dancing. The main purpose of Musical.ly was user-generated videos that combined popular songs with videos from the users (often called Musers). In 2014, a social media app named Musical.ly (pronounced Musical-ly) became incredibly popular with the 13-18 year old demographic. Musical.ly was a popular lip-syncing app until it was acquired and merged into TikTok in 2017. TikTok reports that it has over 80 million monthly active users in the United States.Bytedance the company that owns TikTok is valued at $140 Billion, making it the world’s most valuable startup and making the company worth more than Twitter and Coca Cola.The average user spends 52 minutes per day on the TikTok app.The TikTok app reach is worldwide with users in over 150 countries.Almost 50% of TikTok’s global audience is under the age of 34. 60 percent of TikTok users are between the ages of 16 and 24.TikTok was the most popular app downloaded globally in 20.
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