TikTok owner ByteDance set to launch music streaming service
The company behind TikTok is planning to take on Spotify and Apple with the launch of its own music streaming service.
ByteDance is negotiating licensing deals with the so-called 'Big Three' major labels in a bid to secure their content for its challenger app.
The availability of catalogues from Universal Music, Sony Music, and Warner Music are seen as a prerequisite for any major streaming proposition.
It is understood that ByteDance's service could launch within the next month, and will initially be available in emerging markets.
The move follows deepening interest in TikTok within the music industry, which is looking keenly for potential new marketing channels and revenue streams.
TikTok has already been the birthplace for a number of major hits, including Lil Nas X's 'Old Town Road', which went on to take the record for longest consecutive run at the top of the US Billboard Hot 100 chart.