TikTok owner to launch Spotify rival

Lawrence Kim
May 22, 2019

After launching a new chat app, a new report from Bloomberg suggests that the company is also working on a paid music service to compete against streaming behemoths like Spotify, and Apple Music.

ByteDance was founded by software engineer Zhang Yiming in 2012 and is valued at around $75 billion. In fact, India is driving TikTok's global growth, having contributed 88.6 million new users to the platform in the last three months alone, according to App Annie.

The three major music groups already want more money for music played on TikTok and its China-based equivalent Douyin, with a report in April stating that the three companies could potentially pull their catalogs from the apps if no progress is made before the expiration of their deals.

The report also mentions that the app will not be named after TikTok, but ByteDance is hoping to convert at least some part of TikTok's audience into paying members of the service.

TikTok has been India's most-downloaded app in 2019.

Those are places where the big music streaming companies don't have lots of subscribers - often that's because those services are expensive and most people there stream music for free using sites like YouTube.

"Indians love music. The mobile internet revolution has led to a rapid rise in the number of connected Indians, making music streaming the preferred way to enjoy music here".

Other reports by Click Lancashire

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