Billion-dollar lip-syncing app Musical.ly is passing out $50 million worth of grants to support its users
- Lip-syncing app Musical.ly has established the "Creator Fund" which will provide $50 million in funding to support its users through educational grants, scholarships, and virtual workshops.
- The app was purchased for close to a billion dollars in November and its co-founders are using some of their newfound investment to nurture the app's users.
Lip-syncing app Musical.ly is nurturing its growing user base with $50 million worth of funding to support a creator marketplace and educational scholarships.
Musical.ly is among the most popular social media products used by teens today with over 200 million active users. It was acquired by Chinese media company Bytedance in November for a ballpark figure of $1 billion.
Now, the app's founders are focusing on cultivating their users with a "Creator Fund" that will provide training, development, and enrichment through scholarships, educational grants, and virtual workshops.
Musical.ly co-founder Alex Zhu describes the fund as an opportunity to establish the app's users as media influencers. "[It] illustrates our commitment to supporting the growth and development of our creators and expanding the opportunities available to the creator community, both inside and beyond the app," he said.
The three-year-old Musical.ly app has already proved influential in the lives of its users, launching careers in entertainment, clothing design, and comedy.