Chinese news app Toutiao acquires Flipagram to expand global presence

Toutiao (今日頭條) has acquired Los Angeles-based mobile video creation app Flipagram for an undisclosed amount.As part of the deal, the pair say they will work together to enhance Flipagram’s network via Toutiao’s content recommendation engine, increase distribution of Flipagram’s videos through Toutiao properties globally, and explore other Flipagram integrations.Toutiao aims to expand its footprint in the US and intends to invest in and grow the Flipagram team as appropriate by sharing its experience of content recommendation and product operation.Meanwhile, Flipagram will operate as an independent subsidiary.Founded in 2012, privately held Toutiao is known for aggregating news, viral videos and advertising and using algorithms to show people the stories they presumably would find most interesting.As of January 2017, Toutiao claims it has about 175 million monthly active users, with each user spending an average of 76 minutes per day on the platform.