Almost two months after being acquired by Chinese media company Bytedance for approximately $800 million, Musical.ly is losing its president, Alex Hofmann (pictured). After three years of working at the popular lip syncing app, Hofmann has decided to step down in order to pursue “future opportunities.” He will remain an active shareholder in the company.
“My decision to look ahead into future opportunities comes following our recent acquisition by Chinese Tech Giant, Bytedance, last month,” Hofmann wrote in a blog post on LinkedIn, where he announced his departure. “I will stay on as an active shareholder and am excited to watch the company continue to flourish.”
Musical.ly was launched three years ago in China by co-founders Louis Yang and Alex Zhu. The platform quickly garnered 200 million users and produced its own slate of digital stars such as Jacob Sartorius, Baby Ariel and sisters Lisa and Lena. In 2016, the company signed its first major-label licensing deal with Warner Music Group, and entered content deals with Viacom, NBCUniversal and Hearst for its live-streaming spinoff Live.ly.
Read Hoffman’s entire LinkedIn post below:
Goodbye, musical.ly. Off to new adventures.
Today, I am announcing my departure from what has been a crazy, wild, turbulent journey, but most importantly the best 3 years of my life.
This really is a bittersweet moment for me, as I’ve built deep and meaningful relationships with my team, the creators and our valued partners. Our teamwork brought musical.ly to the #1 position in app charts across 21 countries and yielded millions of downloads. It has been a true honor to serve as musical.ly’s President in the U.S. The experience has made me a stronger leader and further fueled my passion for building communities and growing extraordinary teams.
My decision to look ahead into future opportunities comes following our recent merger with Chinese Tech Giant, Bytedance. I will stay on as an active shareholder and advisor and am excited to watch the company continue to flourish.
I am excited about the next months to come, investing in startups, iterating on new business ideas and exploring Eastern Europe. musical.ly was a dream come true. And now it is the time to dream of the next venture. After all, it always starts with a dream.
Let’s stay in touch,