It seems like one more player has entered the cutthroat music streaming business and is ready to take the music world by storm.
Chinese internet company, ByteDance which operates the viral sensation TikTok is in the process of building its own music streaming app that will give and cut-to-cut competition to music giants such as Spotify, Apple Music and others.
ByteDance In Search Of the Next Big Hit
The world’s most valuable startup at more than $75 billion will offer both ad supported free as well as premium models similar to Spotify India. It’s main focus is to target emerging market with the music app where paid music services is yet to gather large audience.
All thanks to the massive popularity of TikTok, ByteDance has been able to been able to acquire large users base in a very short period of time.
And it’s interest in music does not come as a surprise considering music is part of the service’s charm and the app is a more direct way of converting TikTok audience.
The company is already working with 800+ music label companies to license usage of their track on its platform.
Along with the music app, it has also expanded its app portfolio in diverse fields in hopes of finding the next hit. Earlier this year the company launched “Duoshan”, a video chat app that is mix of TikTok and Snap.
Another launch this week was “Feiliao”, another chat app.
India As A Key Market
India has already increased the global growth of TikTok by contributing 88.6 million new users to the platform in the last 3 months.
The company has secured deals with the local giants such as T-series and Times Music for rights.
Considering the price sensitive nature of the indian users, this has been a tough battle for many local as well as international music giants, most of whom now offer ad-supported free version .
ByteDance will also have to face tough competition against local leaders such as – Gaana, JioSavaan, Wynk , Hungama.
Hopefully the launch of the app would put the spotlight on ByteDance after the nation ban on TikTok regarding their questionable content and platform.
Keeping that in mind, Sameer Singh has been announced as Vice President, Monetisation (India). Mr Singh will work closely with the to bring ByteDance’s monetization efforts in India across platform such as TikTok and Helo to greater heights.
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