Musical.ly wants to continue to inspire young people. After falling into the bosom of Chinese Bytedance for $ 800 million, the music video app has just announced the launch of a $ 50 million fund to support the creativity of its users.
Study grants, marketplace, new formats …
Called Musical.ly Creator Fund, the fund aims to finance various actions and push the creators of the platform to create new formats. To do this, scholarships and grants will be offered to some students to take video storytelling courses. A co-development program, called the “Co-Innovation Partner Program”, will be set up, along with partnerships with the media for the creation of new formats.
Finally, a marketplace will be created so that creators can exchange and sell their creations, such as original music. Partnerships with brands will also be established. This will allow users to monetize their videos. “Our goal is to inspire people to create, and we’re thrilled to offer our users the opportunity to express their creativity, advance their talents, and even make a living on Musical.ly”, Said Alex Zhu, the co-founder of the platform, in a press release.
Over 215 million users worldwide
Founded in Shanghai in 2014 by Louis Yang and Alex Zhu, Musical.ly allows you to make short music videos and share them on the app and other social networks (Facebook, Twitter, Instagram, etc.). Users choose a 15-second sample of music then film themselves in playback and share the short video. The concept has successfully conquered more than 215 million users worldwide.
To develop its application, Musical.ly can tap into Bytedance’s huge user base in Asia. The application also aims to develop a machine learning algorithm allowing the recommendation of personalized content.