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Flipagram gets bought by Chinese news-apps firm Toutiao

Social music app Flipagram has been rumoured to be seeking an exit for some time now. Yesterday it got it, after being acquired for an undisclosed amount by Chinese news-apps firm Toutiao.

The deal will see Flipagram, which helps people create and share videos using licensed music courtesy of its deals with rightsholders, continue as an independent entity.

“Toutiao aims to expand its footprint in the United States and intends to invest in and grow the Flipagram team as appropriate,” is how the announcement put it.

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Social music app Flipagram reportedly seeking buyer

In July 2015, Flipagram raised $70m and signed licensing deals with all three major labels plus Merlin for its social app.

Just over a year on, though, the company’s progress may have stalled.

“The LA-based startup, which makes an app that lets users stitch together photos and videos into montages up to a minute long, is shopping itself around in hopes of finding a buyer,” reported Recode yesterday.

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Flipagram now has more than 1,000 verified musicians

Social video app Flipagram ended 2015 with more than 1,000 ‘verified’ musicians on its service, according to the company, which said it added 800 in the second half of the year.

Verified artists can use the app to share their own music with fans, as well as making 60-second clips available for fans to include in their own videos – via licensing deals struck with labels and publishers in 2015.