ByteDance plan to take Spotify on with a free streaming service
TikTok’s parent company and Chinese conglomerate ByteDance are planning to make their entry into the world of free music streaming.
Chinese software giants ByteDance have made a massive mark with their phenomenally popular video app TikTok. Now they’re entering a new market filled with major competition around the world: digital music streaming.
ByteDance are reportedly planning on launching a streaming service to take on the likes of Apple and Spotify. Their service will follow Spotify’s model, offering a paid subscription alongside a free, ad-supported music streaming experience.
It makes sense for the Chinese conglomerate as the music streaming industry burgeons more and more with newer markets in Asia and Africa keeping the international growth exponential. ByteDance have secured deals with over 800 music labels worldwide to register music for use in TikTok’s short videos. It makes sense to advance those relationships into something more substantial as digital music proliferates, growing constantly more profitable.
Whilst ByteDance have reportedly signed deals with two of the largest Indian music labels, T-Series and Times Music, they are yet to finalise agreements with the 3 major labels: Warner Music, Sony Music and Universal Music.
Whilst ByteDance haven’t officially confirmed the reports, the rumours are timely as their deals with labels look to expire in the next few weeks.