It has more than 60 million users, is popular with teenagers and has made some of them stars: the app . Three years after the start, the hype startup is now announcing its exit. 

Snap’s share price shows just how hard it is to compete against Facebook. The parent company behind the Snapchat app has steadily lost its value since it went public. After the startup turned down a three billion offer from Mark Zuckerberg, Facebook and Instagram simply copied many functions – with success. With that, the unique selling point of Snapchat was gone from one day to the next. Purchase price between $ 800 million and $ 1 billion

Perhaps this story explains why the app has now decided to sell. The Chinese social media giant Toutiao is taking over the startup, founded three years ago, for a sum of between 800 million and one billion US dollars. The company announced on Friday. In a 2016 funding round, was valued at $ 500 million. The offer should continue to run independently in the future.

Music video app is considered a hit in the social network heaven. (Screenshot: iTunes /

Interestingly, the exit is rated very differently by the media. In times when investors are no longer so enthusiastic about social media, the sale of stands out as a “success story”, writes Techcrunch . At Recode, on the other hand, the sale is viewed more critically: It is a sign that the shareholders no longer believe in steep growth. The truth should lie in the middle: Of course, it is a success when an app makes a million-dollar exit, precisely because successful social media platforms apart from Facebook have become rare. However, one can also assume that – if everyone really believes that a startup can seriously compete with Facebook – a sale would not have been an option., the springboard for teen stars was founded in 2014 by Luyu Yang and Alex Zhu. The company’s headquarters are in Los Angeles. Similar to Snapchat, the app is particularly popular with young users. Teenagers can imitate well-known songs in playback style, the so-called Musical.lys last a maximum of 15 seconds. The app has – according to its own statement – more than 60 million users. The platform has made some of them stars: The German twins Lena and Lisa grew up on the social network, they now have more than 20 million fans.

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