It is alleged that it will not be a “clone” of popular services.
The Chinese company ByteDance, the owner of the TikTok short video sharing service, is developing a music service that will become a competitor to Spotify and Apple Music. This was reported by Bloomberg, citing sources familiar with the situation.
ByteDance plans to launch the service in the fall of 2019. First, it will appear in poorer countries, where paid music services have not yet gathered a large audience. The company has already acquired the rights to two major labels in India – T-Series and Times Music.
The service will provide paid and free access with advertisements, said theTechCrunch interlocutors. The publication claims that ByteDance can start the service until the end of the current quarter. In Bloomberg noted that part of the TikTok audience will try to translate into paid access in the new service.
The new service will have a catalog of songs and videos, and it will not “be a clone of Spotify or Apple Music,” Bloomberg sources say.
TikTok launched in 2016. As of the end of 2018, according to Mediascope, the audience of the service in Russia was one and a half million people, Vedomosti noted. The cost of ByteDance is estimated at more than 75 billion dollars.