The owner of TikTok, ByteDance, has been actively trying to expand the business into other categories. The company recently launched its first smartphone and now reports indicate that the company is all set to launch an on-demand music streaming platform.
As per the report from Financial Times, ByteDance will soon launch a music streaming service and as you would expect, it will have a social media hook. The app would reportedly include a collection of short, searchable video clips you could sync to songs and share with your friends.
Coming to the pricing, the report indicates that the service is expected to cost less than the $10 per month, which is lower than the pricing of Spotify, Apple and others that typically charge for their all-you-can-stream offerings.
For this upcoming service, the company is said to be in talks with Sony, Universal and Warner to license their music catalogs. The music streaming platform is believed to be launching as early as December in countries like Brazil, India and Indonesia.
Sources aware of the development indicates that the service will also be getting launched in the United States, however, the launch in the US will take some time.
TikTok has more than 1 billion users and music played a major role in its success. However, it will be challenging for the company to stand out in the crowded music streaming market. For instance, India already has plethora of music streaming services, including Spotify, JioSaavn, YouTube Music, Amazon Prime, Gaana, Hungama, Wynk Music, etc.
