TikTok’s parent Bytedance to launch a music streaming service soon
TikTok’s parent company ByteDance Technology Co Ltd is in talks with several big music labels for global licensing deals for its upcoming music streaming service. The company has already acquired streaming rights for Indian labels like T-Series and Times Music.
If reports to be believed the music streaming service will be launched as soon as next month. The company is aiming big, so the service won’t be for any specific market. Initially, it will be launched in emerging markets such as India, Indonesia, and Brazil before opening in the United States and other countries.
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There’s no further word on this matter and we also do not know the name of the app or subscription plans. In India, we already lots of music streaming services such as Gaana, Spotify, Amazon Music, Apple Music, JioSaavn and a few more. So, it won’t be easy for ByteDance to compete until it offers the services at competitive prices.
Bytedance already has close to 500 million users in India. So, it has the advantage to push those customers into regular users of its music streaming service. But how many of those will turn into paying customers, it will be an interesting thing to see.
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TikTok is already really popular in India. 2019 was impressive for the company when it saw 614 Mn downloads from Google Play and Apple’s App Store. This made the app the third-most downloaded non-gaming app of the year. But the company couldn’t convert its large user base into profits. It registered INR 3.38 Cr in profit in the financial year 2019. Now after the company has regular users who spent hours a day on the app, it is looking for more ways of earning. It recently started testing links in bios and videos. Now the news of Music streaming service is another step into boosting the revenue.