The Chinese company behind the popular social media platform TikTok is making inroads to launch a music streaming service of its own, according to the Financial Times.
ByteDance is reportedly in talks with several global record companies to strike deals for a new platform that could rival Spotify, Tencent Music and Apple Music. The Financial Times said the streaming music service might launch “as soon as next month” in emerging markets, such as India, before possibly coming to the United States.
In addition to on-demand music, the planned ByteDance streaming app would include a library of short video clips that listeners could search through and synch to songs as they listen, according to music executives who received demos of the service.
Users could send these clips to their friends, as the app aims to encourage sharing and virality, and is designed for mobile phones with vertical-sized videos. Bytedance’s music app has not been named yet and pricing remains unclear, although it is expected to cost less than the $10 a month charged by Spotify, Apple and others in the US.
ByteDance has amassed more than one billion monthly active users across its apps. TikTok users spent a record $10.8 million within the app in June, with US users accounting for more than 20% of in-app purchases, according to data analytics firm Sensor Tower.
The company so far has not confirmed the . But a music streaming platform would be the latest addition to its growing arsenal. The firm said in July it’s developing a phone after striking a deal with electronics company Smartisan.
Source: Financial Times