TikTok owner ByteDance might be launching a paid music streaming service very soon. Billboard is reporting plans have emerged around an app which will “heavily incorporate social networking features” paired with licensed music to share with friends. Furthermore, the app may very well be a major competitor to both Spotify and Apple Music.
ByteDance is doing incredibly well and is valued at $75 billion. While TikTok is doing very well too. With over 500 million monthly active users worldwide, it is continuing to grow at a staggering rate. Also, it recently passed 1.5 billion downloads. It was reported by the Financial Times the company is negotiating global licenses with Universal Music, Sony Music, and Warner Music. This is comforting considering TikTok has been under fire by many record labels for their use of unlicensed music.
ByteDance which is based out of Beijing could be launching the new music streaming service as soon as next month. The app would be launching in markets such as India, Indonesia, and Brazil, followed by the U.S. and beyond. Stay tuned for future updates regarding this new streaming service.