tech2 News StaffMay 21, 2019 15:41:41 IST
Despite being in the news for the wrong reasons recently, TikTok's popularity in India continues to soar but parent company ByteDance isn't done yet.
A report by Bloomberg reveals ByteDance is now readying a paid music service that will challenge the likes of Spotify and Apple Music in markets like India.
While a report in April by the South China Morning Post did hint that ByteDance could be planning to enter the music streaming space soon, the new report expects the service to be introduced as a new app as early as this fall.
ByteDance's new music service: All we know so far
There hasn't been any formal announcement from ByteDance yet, but from what's known, the company has already secured rights from T-Series and Times Music, two of India’s largest labels. The company, however, has yet to secure rights from the world’s three largest music groups: Universal, Warner and Sony.
As per the report, the upcoming app won't be named directly after TikTok but ByteDance will try and leverage some of TikTok’s audience into paying customers.
Sources close to ByteDance say that the new app isn’t a clone of Spotify or Apple Music. The upcoming app will include a catalog of songs available on-demand along with the option of viewing music video — much like YouTube Music, if you like.
ByteDance is among the world’s most valuable startups, valued at more than $75 billion in its most recent round of fundraising.
While breaking into the Indian music streaming space won't be a cakewalk, the success of fairly new entrants like YouTube Music, will definitely fuel hope for ByteDance.