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Step aside Instagram and Snapchat, there’s a new service quietly taking the teen social world by storm. musical.ly is the hot new place where today’s youth gather online to create, listen to, and share music-based videos with each other. The social platform launched two years ago and already boasts around 60 million users, and climbing. The Shanghai-based company is raising $100 million in funding and is currently valued at a whopping $500 million.