The company behind TikTok plans to launch music streaming service by end of quarter
ByteDance, the parent company of video-sharing platform TikTok, plans to launch a music streaming service and has already held discussions with music labels.
The Chinese conglomerate, valued at $75 billion, plans to launch an app by the end of this quarter, with both a premium and an ad-supported free tier similar to Spotify's business model, according to TechCrunch.
Bloomberg reported that ByteDance is targeting emerging markets with its new music app but no statement has been made yet by an official spokesperson.
ByteDance already works with music labels worldwide to licence usage of their tracks on its TikTok platform, where users can record video to snippets of pop songs from movies.
In China, where ByteDance claims to have partnered up with over 800 labels, it has been putting efforts into finding music talents and encouraging them to make their own tracks.
ByteDance has also been expanding its app portfolio recently with the launch of Duoshan, a video chat app, as well as Feiliao, a text-driven conversation chat app that launched this week.
When asked about TikTok’s partnership with music labels last month, Todd Schefflin, TikTok’s head of global music business development, told WSJ that music is part of the app’s “creative DNA” but it is “ultimately for short video creation and viewing, not a product for music consumption.”
An Indian court banned TikTok in India for roughly a week after expressing concerns over questionable content on the platform.