Chinese internet company ByteDance is planning to start an on-demand streaming music service. According to a report, the service can be started as soon as next month. ByteDance is the owner of the popular short video platform. This will give direct competition to likes of Spotify and Apple Music. The music has not been named yet but the Beijing-based startup is planning to initially launch it in emerging markets like India, Brazil, and Indonesia. In order to make a stronghold in the market, the startup is likely to price the subscription lower than the USD 10 a month. Its rivals are charging USD 10 and above per month for their subscriptions. The startup is already in talks with music labels like Sony Music, Universal Music, and Warner Music.
The plan to start this service is apparently stemmed by the fact that TikTok already has more than 1 billion users and this will provide the audience with the new service. Music has already played a very important role in its success. The abundance of dance clips and viral music videos are enough to prove this. The only challenge that it would probably face is to stand out from already present streaming music apps. This is the only way it can get people to switch because of most of us are using one or other music streaming app. Unless the user is not comfortable with the streaming app, it is very unlikely that he would switch to another one.
ByteDance, valued at USD 78 billion late last year, is leaving no stone unturned to expand its businesses. It is reportedly planning to unveil its first smartphone this month and hiring is in full swing for videogame related positions. Earlier this year, ByteDance also announced that it was building a new video-based social messaging service and a general search engine. Short video sharing app TikTok is the most popular app of seven-year-old ByteDance. It surpassed 1.5 billion downloads on the Google Play App Store and last week.