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Look out, Apple and Spotify: TikTok’s owner is getting into the streaming music biz

Look out, Apple and Spotify: TikTok’s owner is getting into the streaming music biz
[Photo: Henry Be/Unsplash]

Unless you’ve been living under a rock, or don’t have or know a teenager, you’re probably aware that the hottest social media app on the planet right now is TikTok. Well, now the app’s parent company, ByteDance, wants to dominate another field: streaming music. As Bloomberg reports, ByteDance is developing a paid music streaming service that is aimed at taking on industry leaders Apple and Spotify in emerging markets.

But ByteDance is taking a bit of a different approach than the music streaming giants. Instead of debuting its yet-to-be-named streaming service in major territories such as America and Europe, the company will first launch the streaming service in emerging countries where paid music subscription services have yet to catch on en masse. ByteDance has already reportedly signed two major record labels in India.

People familiar with ByteDance’s plans also told Bloomberg that the company’s new music streaming service will not be branded with the TikTok name. However, ByteDance will try to get TikTok users to become paying members of its new streaming service. In addition to music, members of ByteDance’s streaming music service will reportedly also be able to stream music videos.

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