The maker of the popular video app TikTok would work on its own music service that has to compete with Spotify and Apple Music, insiders told the Bloomberg news agency.
The new music service would mainly focus on low-income countries, where existing music services have not yet gained such a large market share.
ByteDance, rhe developer behind the TikTok would like to release the app in the fall of 2019. The company has already signed license deals with T-Series and Times Music, two of the largest record labels in India.
Users of TikTok will see the new music service in the app. In this way ByteDance hopes to encourage users to subscribe.
Lesley Woutersen, one of the co-founders of the EconomicInform gives away all of his free time to the project. He is interested in stock exchange and digital assets. Lesley can be reached by email@example.com.