TikTok parent ByteDance aims to challenge Spotify, Apple with music-streaming growth - MarketWatch
Share on facebook

TikTok parent ByteDance aims to challenge Spotify, Apple with music-streaming growth - MarketWatch

TikTok parent ByteDance Ltd. has begun talks with music labels about expanding its music-streaming service globally to compete with industry leaders including Spotify Technology SA SPOT, -3.61%, according to people with the discussions.
Significant hurdles remain in the negotiations, the people said, but China-based ByteDance wants the service to eventually be integrated within TikTok and to serve as a major platform for distributing music around the world.
ByteDance has discussed in recent months launching its Resso music streaming service, which is currently only available in India, Indonesia and Brazil, in more than a dozen additional markets, according to some of the people. The U.S. wouldn’t be part of this next phase of expansion but ByteDance has said it wants the service to be available globally so that users can discover songs on the short-form video app and then easily subscribe to music, they said.
ByteDance is negotiating with a music business that has been on a rapid upswing for several years, thanks to streaming growth as well as the establishment of standard rates for music licensing.
Apple Music AAPL, -0.48% and Alphabet Inc.’s GOOGL, -0.73% YouTube also have sizable music-streaming businesses that compete for users. YouTube is also leaning into short-form video and appeals to a similar audience as TikTok, a younger demographic that has become accustomed to not paying for such content, including music.
An expanded version of this report appears on WSJ.com.
Popular on WSJ.com:
China’s Universities Rise in World Rankings as American Schools Continue to Falter
That Sky-High I Bond Interest Rate Will Be Coming Down to Earth
'We went from 80% [occupancy] to zero,' one host says in a common refrain among property owners who say they saw a sudden decline in the summer months
Visit a quote page and your recently viewed tickers will be displayed here.