Musical.ly announced the start of a fund to support its users. The short-form music video and lip syncing app will invest up to $50 million into a Creator Fund over the next two years. The money will go toward a range of programs, from college scholarships to co-development deals to a “creator marketplace” where users can trade creative assets or instruction.
“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.”
This week also saw the close of Chinese company Bytedance’s acquisition of Musical.ly. The news of the purchase, estimated to be worth up to $1 billion, was announced last month. Zhu and co-founder Louis Yang will continue leading Musical.ly as an independent platform after the deal.