Bytedance secures music rights from T-Series and Times Music to launch music streaming service
ByteDance, the China-based company which is currently the most valuable startup in the world and the force behind TikTok and the recently launched FlipChat, is reportedly getting ready to launch music streaming application.
Now, as per the report, the music streaming app from ByteDance is also set to launch in the highly crowded Indian market. The company has now secured music rights from T-series and Times Music in order to start music streaming services in India.
While the rights have been secured, the name of the music service is not yet known. As per the sources aware of the development, the music streaming service is expected to soon get launched in many countries, including India.
The on-demand music app is to have songs as well as video catalog. As per the reports, the company won’t be operating on a freemium model but will be a paid service, similar to Apple Music and Spotify. However, we can expect a trial period offer for the service in order to get more customers on board.
Earlier, it was reported that the company, which is valued at about $76 billion, has put over 100 people to work on this new application, which is expected to be launched by July this year.
The company already has a massive user base in the Indian market. It has more than 300 million MAU across three of its main products — TikTok, Vigo Video, and Helo. It is also planning to invest $1 billion in India business, counting it as one of its largest markets.
Recently, the company appointed Sameer Singh CEO of GoupM as Vice President of Monetisation in India. He will be responsible for client deals while handling the advertising, sales and marketing strategies across all of ByteDance’s products in India.
Since the past few years, India has emerged as a battleground for video and audio streaming services firms. The growth in the Indian market is largely due to the rising number of smartphone users and the availability of cheap data.