Could the music industry be in for an early Christmas present of a new streaming service this year? The Financial Times has reported that Bytedance’s long-rumoured music-streaming service “aims to launch as soon as next month, initially in emerging markets such as India, Indonesia and Brazil, before a future opening in the US”.
There have been regular reports on the progress of TikTok’s parent company in signing licences for the new service, with the FT suggesting that it remains in talks with the three global majors.
“The Chinese group aims to differentiate itself from rivals by focusing on the user-generated content that has quickly made TikTok one of the world’s most popular social media platforms,” claimed its report. “In addition to on-demand music, the planned ByteDance streaming app would include a library of short video clips that listeners could search through and synch to songs as they listen… Users could send these clips to their friends, as the app aims to encourage sharing and virality, and is designed for mobile phones with vertical-sized videos.” Further details, including the service’s name and pricing, remain to be revealed.