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article imageTikTok to challenge Spotify with a paid streaming service

By Tim Sandle     May 23, 2019 in Technology
ByteDance, which owns TikTok, is seriously considering launching a rival streaming platform to Spotify. The target is countries where services from Spotify or rivals like Apple Music are not established.
ByteDance is weighing up whether to introduce a new app (not named after TikTok) in several countries where established streaming services have yet to dominate. In terms of preparation, the company has, according to Engadget, secured music rights from several of India's biggest labels, including Times Music and T-Series, indicating that the Asian market could be the first to receive the new service. ByteDance is aiming for a 2019 launch.
The new service will need to offer something different, given that Tencent's QQ Music and YouTube, both of which are free services (albeit with the regular appearance of adverts). This means the pricing strategy would need to be on the lower end, in relation to something like Spotify, in order to attract sufficient numbers of users. The Indian market makes sense for the new launch, given that TikTok was the most downloaded free app in India in the first quarter of the year.
Should ByteDance go ahead with the new service, this will represent another stage in the company's growth. In May 2019, the company launched Flipchat (also known as Feiliao), which is a messaging app that pairs chats and video calls with a social network feed. The service also provides access to chat groups and forums. The service is markedly different, in terms of emphasizing community participation.
According to Bloomberg, ByteDance is already one of the world’s most valuable startups. The Chinese company is valued at more than $75 billion, following a recent round of fundraising.
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