Chinese social media giant ByteDance is in talks with major music labels to launch its own music streaming service, in an effort to go head-to-head with similar services such as Apple Music and Spotify, according to Financial Times’ report on Sunday.
ByteDance, owner of popular short video platform TikTok, is apparently negotiating with major music labels including Universal Music, Sony Music and Warner Music, for global licensing deals to include their songs on its new music subscription service, which is set to launch before the end of the year.
The company has already seen great success with its short video platform TikTok, where user-generated content has quickly made it a viral platform among teenagers and young adults across the world.
According to people familiar with the matter, the Chinese internet company is looking to roll out its service initially in emerging markets such as in Indonesia, India and Brazil, before other countries and regions.
ByteDance has not yet disclosed the name nor the pricing of its music platform, although it is expected to cost less than the $10 a month charged by Spotify, Apple Music and others in the United States, according to the report.
In addition to on-demand music, ByteDance’s app will include a library of short video clips for listeners to search through and sync to songs as they listen.