TikTok comes streaming in
Hot short-video platform TikTok may be about to launch a music streaming service. Chinese owner Bytedance is reportedly looking to roll out a global offering soon to go head to head with the likes of Spotify and Apple Music.
The company – often touted as ‘the world’s most valuable start-up’ at around $75bn – is currently in talks with major labels Universal Music, Sony Music and Warner Music as its current licences expire shortly. Streaming deals could well be up for discussion.
Last year, TikTok (Douyin in China) overtook Facebook, Instagram, YouTube, and Snapchat in terms of monthly installs in the App Store, and the app has been installed more than 1bn times via the App Store and Google Play. In mid-2018, it was able to boast 500m worldwide monthly active users.