Report: TikTok is developing a new music streaming service
Spotify, Apple and Google - behind you: the Chinese social network plans to launch a streaming platform - TikTok Music, which will compete with the biggest companies.
This is what is known at the moment
Yanon ben Shoshan
02/08/2022
Tuesday, August 2, 2022, 10:00 a.m. Updated: 10:01 a.m.
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Tiktok (Photo: GettyImages)
The Chinese social network Tiktok is developing an independent music streaming service, and will try to compete directly with leading streaming services such as Spotify or Apple Music - so claims a Business Insider report that has not yet been officially confirmed.
According to the publication, ByteDance, the parent company of the social network, has submitted applications in the US and Australia to register a trademark for the name TikTok Music. According to the application, "the service will allow users" to play, purchase, share and download music, songs, albums and song lyrics and recommend playlists."
Not just a social network?
Tiktok (Photo: ShutterStock)
However, it is important to mention that Bytedance has already entered the world of music streaming.
In 2020, TikTok launched a music streaming app, Resso, in India, Brazil and Indonesia.
Resso has some features similar to those described in TikTok Music's trademark filing, including creating playlists, sharing songs on social media, and interacting with the app's community.
And it seems that the major competitors that dominate the streaming music market - such as Apple, Spotify and YouTube (Google) should worry:
as of November 2021, Resso has more than 40 million monthly users across India, Brazil and Indonesia - a number that is expected to grow.
Earlier this year, an Insider report revealed that Resso's monthly active users grew by 304 percent between January 2021 and January 2022 in India alone, in contrast to Spotify's 38 percent growth in the country during the same period.
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