Music streaming is no doubt a lucrative segment, and more contenders are joining the bandwagon. ByteDance -a Chinese venture which owns the popular service Tiktok is all set to make a foray into this sector. It is aiming at established rivals like Spotify and Apple. The company is reportedly in talks with the big names in the industry such as Warner Music, Sony Music, and Universal Music. It is eyeing global licensing deals to get their songs in its upcoming music subscription service, as per the industry sources. Bytedance, however, is yet to make any official statement on the topic.
The $75bn technology company, with headquarters in Beijing, wants to launch the streaming service next month. However, the service may be launched in a few countries at the beginning, and later it will roll out in the other markets. The countries that will get it before the others include Indonesia, Brazil, and India. The company will likely try to offer the users something unique. It may provide user-generated content, which has made Tiktok so popular globally. TikTok’s popularity in social media challenges the supremacy of other established social media platforms like Snapchat.
It is not yet clear how ByteDance is going to name its app and what the pricing will be like. However, its service will likely cost the users less than what Apple or Spotify charges. The app is expected to come with a collection of searchable and short length video clips, and these can be synced with songs. These can then be shared with other users. It remains to be seen if the company can repeat the success of Tiktok with the yet to be launched streaming service. The popularity of streaming services like YouTube Music, Pandora, Spotify, and Amazon Prime Music needs no elaboration. Not all users would like to switch to a new contender-unless they find something unique and compelling in it. In India, ByteDance’s upcoming app will have to battle it out with services like JioSaavn, Wynk Music, and Gaana along with global rivals.
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