TikTok owner ByteDance acquires AI music startup Jukedeck in wake of expiring music licenses

With TikTok's music licensing reportedly expiring, this would make a great acquisition.


Chinese company ByteDance, which owns the wildly popular TikTok app, has been in the news for all the wrong reasons because of the app. From talks of banning TikTok to fining it for not having strict guidelines to stop pedophilic content, this has been a turbulent year for the app and by extension for the company as well. However, we now have reports that the Chinese conglomerate has purchased Jukedeck, an AI music startup in the UK.

TikTok owner ByteDance acquires AI music startup Jukedeck in wake of expiring music licenses

The TikTok application is seen on a screen in this picture illustration. Reuters

Ed Newton-Rex, Jukedeck’s Founder and CEO, has changed his LinkedIn profile as per a report by Music Ally, as a director of ByteDance's AI Lab. With TikTok's music licensing reportedly expiring, this would make a great acquisition for the company. However, the lack of licenses might hamper ByteDance's plans of starting a music streaming venture that rivals Apple Music and Spotify.

Speaking of growth, TikTok has seen a growth of 588 percent from last year. The user-spend in the app increased by 19 percent from 9 million in May as per a report by SensorTower. The report also revealed that the TikTok users in the US contributed 52 percent of its IAP revenue in last June but this number dropped to 21 percent last month.

 

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