TikTok’s parent company ByteDance might be developing its own music streaming service to compete with Spotify and Apple Music. According to reports, the service may be available as soon as next month.
The Financial Times reported the looming streaming service will look to open in markets such as India before testing the waters in the United States. Music industry executives are reportedly looking to capitalize on the free app, which tends to feature users lip-syncing and dancing to music in their short videos.
The popular content app recently announced they surpassed the one billion monthly active users mark with 1.5 billion downloads.
Following the competitive streaming service announcement, Spotify shares dropped 3%. The major streaming platform’s shares also declined 5% after Amazon announced their music streaming service would be available for free.
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