The Famous Music-Video APP is now finally here!
Developed by Alex Zhu & Louis Yang
The DIY music-video
app first came on the scene in 2014, but exploded to the top of the App Store
charts las
t summer. It hasn't fallen below the top 40 since. Often, it's swapping top places in the app store with Snapchat and Instagram.
The 15-second videos
are typically people lip-syncing or dancing to some of the top hits. More
recently, Musical.ly stars have started launching their own
careers, and traditional music stars, like Jason De Rulo, are now pledging to
debut their videos on the platform first, a coup over YouTube.
Today, more than 10
million people use the app daily and produce around the same number of videos
every single day. All in, 70 million people have registered
as Musical.ly users, says Alex Zhu.
Musical.ly is also one of the few apps to come out
of China to become a smash hit in the US. Most of the company's engineers are
based in Shanghai, with only a handful of business-development, marketing,
and content-licensing specialists working out of a WeWork in San
Francisco.
"It’s the first company to be headquartered in
China, designed in China, but popular in the US," said Greylock investor Josh Elman.
"Finally we’re seeing talented people who live in that ecosystem in that
world and actually transcend it and build products in the US.“
T0 date, the company has raised $16.4 million from
investors like Greylock and GGV, but it's
rumored to be raising another $100 million. Its investors are bullish,
even though the company is not generating revenue yet.
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