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Bytedance reportedly acquires lip-syncing app for $1bn in a bid to expand its global reach

Popular music video app has been bought by Chinese tech giant Bytedance in a deal worth up to $1bn (£750m) to expand its market reach and tap into the apps technological capabilities.

As reported by BBC, this is the first Chinese social media app to make it big in North America and Europe.

Zhang Yiming, Bytedance's chief executive said: "By integrating's global reach with Bytedance's massive user base in China and key Asian markets, we are creating a significant global platform for our content creators and brands to engage with new markets." recently joined the Apple fold in a bid to extend its global reach with Apple Music. It also joined forces with Viacom, NBCUniversal and Hearst Magazine to produce original content aimed at younger audiences.