TikTok’s Parent Company Plans To Launch Music Platform

24 Mai, 2019, 18:30 | Auteur: Christine Menetries
  • ByteDance

Watch out, Spotify. Beijing tech giant ByteDance, the owner of TikTok, is plotting a new streaming service to rival Spotify and Apple Music, according to a Bloomberg report.

ByteDance is already one of the world's most valuable startups, valued at more than $75 billion in its most recent round of fundraising. The paid music service is an attempt to diversify its sources of income and show that music subscriptions can work in emerging markets.

Users should pay to get access to ByteDance's planned streaming service - a move that is probably going to please record labels because of the higher sovereignty rates they get contrasted with free streaming services. The new service will need to offer something different, given that Tencent's QQ Music and YouTube, both of which are free services (albeit with the regular appearance of adverts).

The app has also had real impacts on cultural trends.

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The company is adding variants to its portfolio as it has launched Duoshan, a video chat app that has come out as a mixture of Snapchat and TikTok. "We are looking forward to working with him to bring ByteDance's monetization efforts in India across our various platforms such as TikTok and Helo to even greater heights", said Lidong Zhang, senior vice-president, ByteDance in a statement. The countries aren't named, but one clue comes from the news that Bytedance has already signed licensing deals with Indian music firms T-Series and Times Music.

ByteDance will also have to face tough competition against local leaders such as - Gaana, JioSavaan, Wynk, Hungama.

Recently, the company appointed Sameer Singh CEO of GoupM as Vice President of Monetisation in India.

According to ByteDance, his role will be to lead the sales, marketing and advertising strategies across India, as well as working with ByteDance partners and clients.

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