The Chinese company TikTok, which is behind the social media phenomenon, is now looking forward to coming up as a rival to Spotify and Apple Music by launching a music streaming service. Its owner ByteDance is in talks with the world’s largest record companies for the same. It includes companies like Sony Music, Universal Music, and Warner Music. If the deal gets through, TikTok will get a license to include the songs from these companies on its new music subscription service.
The free-to-use app gained popularity as it lets the users to record and post short video clips either completing some dance “challenges” or lip-syncing. Recently, this social media video app hit a 1.5 billion download milestone. The company claims that it has more than 1bn users, which put it ahead of Snapchat or Twitter. Thus, the music executives are “keen to make money” from this app.
It is expected that the Beijing-based technology company has plans to launch this music subscription service initially in emerging markets. This includes markets like India, Indonesia and Brazil. If everything goes as per plan, the service can be launched as early as next month. However, there has been no confirmation of it from the company so far.
Besides providing on-demand music, the company also plans to have a library of short video clips. The users of the streaming app can search through this library and sync to songs as they listen. These clips can then be shared with friends, thus achieving the goal of encouraging, sharing and virality. The app is designed to share vertical-sized videos through mobile phones.
There is no update on the name and pricing of this music streaming app so far. However, it’s expected that the app will cost less than what is charged by Spotify and Apple to gain an edge on the music streaming apps of these companies.