Music streaming apps like Spotify beware; there’s competition coming in the form of TikTok launching a music app soon. The actual name the new app will carry is not known yet.
Beijing ByteBance Technology Co Ltd is the full name of the company that owns TikTok. The short video app has gained immense popularity around the world. ByteDance possibly wants to capitalise on this popularity to launch its music streaming app and according to a report, the Chinese company is currently engaged in discussions with top music companies like Universal Music, Sony Music and Warner Music. These talks are meant to explore the options for obtaining global licensing rights. This report, appearing in the Financial Times, indicates that the new music service could be launched as soon as next month.
As mentioned, the name chosen for the music streaming app has still not been disclosed. It has been reported that besides music on demand, the app will have a library of short video clips which the users can synch to the songs that they are listening. This would be to make the audio listening experience a bit more immersive for the listener.
It is understood that the new music streaming app to be launched by the TikTok owner will be a subscription-based one though it is not clear how much will be the subscription fee. The expectation is that the Chinese company will want to position itself below Spotify’s monthly subscription of $10. Apple also charges a similar fee. The US may be a market the new app will target.
TikTok being very popular in India as well, you cannot rule out the company making an entry into the country with this new music streaming app to give some competition to apps like Saavn etc.