ByteDance to launch music streaming service in India?
ByteDance, parent of TikTok, will launch a music streaming service in India, according to media reports. The app does not have a name yet, but will compete with the likes of Apple Music and Spotify, charging a lower subscription rate than the incumbents. Media reports also claim that ByteDance is in talks with Universal Music, Warner Music and Sony Music to acquire music IPs.
ByteDance will leverage its existing short video capability as an added feature in its video streaming service. The company is expected to launch the service in less developed countries such as India, Brazil and Indonesia before moving to mature markets like the US.
Currently, Apple Music, YouTube Music, and Gaana charge Rs 99 for monthly subscription, whereas JioSaavn and Spotify charge Rs 110 and Rs 119 per month, respectively.Jio