ByteDance, the company behind Tiktok, is planning to enter the paid music streaming industry with a new service.
The app will directly challenge industry leaders Spotify and Apple Music. The company has secured rights from T-series and Times Music, two of India’s largest labels, Bloomberg reported.
Some of TikTok’s audience will be converted into paying customers of the app, according to executives of the label companies. It will include a catalog of songs available on demand and will not be a clone of the existing streaming apps.