The company behind the viral video app TikTok may be planning its own music streaming service in an attempt against Spotify and Apple
- The music service, which will not be named after TikTok, could start in the fall
- It is being developed by ByteDance, the parent of the TikTok viral music app
- The app will be subscription-based and will make its debut in emerging markets for the first time
The parent company of the viral video app TikTok could prepare to record Spotify and Apple Music with a new streaming service.
The Chinese internet giant ByteDance could release the new music platform within a few months, Bloomberg reported, indicating sources that are close to the situation.
The unnamed service, which is not expected to be named after TikTok, will first be launched in emerging markets such as India.
The parent company of the viral video app TikTok could prepare to record Spotify and Apple Music with a new streaming service. It is expected that it will start in the coming months
TikTok, also known as Douyin in China, has become one of the fastest growing apps of teenagers in recent years and now has more than 500 million downloads.
The app also has a real impact on cultural trends. & # 39; Old Town Road & # 39 ;, currently the number one number in the world, picked up steam on TikTok, for example.
ByteDance will try to take advantage of the rapid popularity of TikTok by turning some of its users into paying customers, Bloomberg said.
Offering the app as a paid service is likely to be more attractive for labels because they get a higher royalty compared to free services.
By launching in emerging markets, ByteDance aims to be ahead in regions where Apple Music, Spotify and other music streaming services are not yet available.
The TikTok parent has reportedly acquired music rights from T-Series and Times Music, two major labels in India.
TikTok has also had real implications for cultural trends in the years since its launch. & # 39; Old Town Road & # 39 ;, currently the number one number in the world, picked up steam on TikTok, for example
TikTok has a significant user base in India, where it now has 300 million monthly users.
However, it still needs to protect the rights of large labels such as Universal, Warner and Sony.
This will be essential for ByteDance's music streaming service to expand to North America, Europe, or Latin America, Bloomberg noted.
Starting a music streaming service would be the final step in the expansion of ByteDance to new areas.
Earlier this week, ByteDance launched a new chat app called Feiliao, or Flipchat, which allows users to communicate with their interests via instant messaging and groups.
ByteDance also launched Duoshan in January, a video chat app that closely matches Snapchat.
WHAT IS TIKTOK?
TikTok is known in China as Douyin where it was introduced in 2016
Tik Tok is a Chinese social media app that allows users to stream live, create short videos & # 39; s and create music videos & Gifs with a variety of functions.
Type Tok & # 39; s tagline is & # 39; Make every second count & # 39 ;.
It was the most downloaded app in the US in 2018 and & # 39; the world's fourth most downloaded app in 2018, for Instagram and Snapchat.
TikTok is known in China as Douyin where it was introduced in 2016 and then made more available worldwide in 2017.
Douyin is still the version of the app used in China and is available for download separately to TikTok.
Last year the app was merged with the popular Music.ly video clip synchronization app, also with its headquarters in China.
Most children use the app to film themselves lip-syncing to chart hits.
It offers users a smooth and colorful adaptation and editing tools including overlapping music, sound, animated stickers, filters and augmented reality (AR) for making short videos.
The Beijing-based social network has more than 500 million active users and the company is now worth more than $ 75 billion (£ 58 billion).
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