- Jul 29, 2021
TikTok may be a bit complicated for older users, but there’s no denying its popularity. According to a new report, the video-sharing app was the most popular iOS app for the first quarter of 2019. According to people familiar with the matter said Beijing-based Bytedance, operator of the TikTok short video platform, is working on Spotify-like music streaming app for overseas markets.
Bytedance plans to launch the music app soon, said one of the people, declining its identity because the information is private. Currently, more than 100 people are working on it, according to the person.
ByteDance is supposed to introduce the app in countries where paid service has not gained much popularity. As per reports the company has already collaborated with T-Series and Times Music, two of India’s largest labels.
As per sources, the Chinese company which is currently one of the world’s most valuable unicorn with a valuation around US$76 billion, does not think the need for an IPO is as pressing as it was last year. A public listing would significantly increase scrutiny of the vast amounts of cash needed to fund its global expansion plans.
The app will come with a huge array of songs that are on-demand and will not be something similar to Spotify and Apple Music. The plan for such an app by ByteDance was previously reported, but the story did not reveal any timing of its release or the rights deals.