Musical.ly announces $50 million fund to support creators

Musical.ly establishes $50 million fund to support creators

The lip-syncing turned short-form video app Musical.ly is pledging $50 million to support its creators.

The Musical.ly Creator Fund is being established to aid “Musers” by providing everything from college scholarships to programming development deals, Variety reports. Money might go to establish a marketplace where creators can buy and sell original music for use on the platform, creation of virtual workshops, or to provide grants for higher education. Up to $50 million will be spent over the next to years.

“Our vision is to inspire the world to create, and we’re excited to offer our users the ability to express their creativity, advance their talents, and even make a living on Musical.ly,” co-founder Alex Zhu said in a statement. “From everyday creators to established influencers, our users make Musical.ly a dynamic and entertaining video community for millions of people around the world.”

Earlier this week, Chinese media company Bytedance closed an acquisition deal to purchase Musical.ly. The deal is reportedly worth up to $1 billion. The platform will continue to operate independently, with help from Bytedance in reaching a new Chinese userbase.

“We are impressed by the passion of the [Musical.ly] user community, whose creativity, humor, and expression of their interests through short videos has made Musical.ly a powerful and engaging platform,” Yiming Zhang, founder and CEO of Bytedance, told Variety.