A lip syncing app ''Musical.ly'' which teens are freaking out about just got sold for $1billion

Musical.ly is the social-media platform of choice for Generation Z. The app launched in 2014 and has racked up an impressive 215 million users or "musers," as they're known. Teens post 15-second clips of themselves lip-syncing, dancing to popular music, and pulling stunts.

More than 150 million people, mostly teens, have registered for the service, and its growth has caused others to take note.

On Thursday, Chinese social-media giant Toutiao announced it had purchased Musical.ly in a deal valued up to $1 billion, according to TechCrunch.