TikTok owner ByteDance is reportedly ready to launch its music streaming service in India this month. After a huge success for TikTok in the country, the company is forecasting a rise in the music streaming space as well. The application is set to arrive next month and it will compete against services like Hungama Music, Gaana, YouTube music and more.
According to a report by The Financial Times, the company has already acquired streaming rights from T-Series and Times Music. Now, ByteDance is in the talks with other major record labels like Universal Music, Sony Music and Warner Music for global licensing. This means that the app will not only have Indian music but also from foreign countries.
Initially, the service will be launched only in countries like India, Indonesia and Brazil. The company might also enter the US market in order to compete against Spotify. However, that will happen only once the company is successful in acquiring rights from global music labels.
In order to set the app apart from other services, the company is said to add a feature, where a library of short video clips will be showcased.
Currently, TikTok has over 1.5 billion users across the globe and a major part of that number resides in India. It will be interesting to see how many of those users is the company able to bring to their new music streaming service. Notably, the company will need to compete against major players like Gaana, Spotify, YouTube Music, JioSaavn and more.
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