ByteDance, which is the owner of the popular video app TikTok, is now developing a paid music service that will also challenge industry leaders Apple Music and Spotify in some of the emerging markets, according to the report which has been revealed.
ByteDance expects to introduce the new app as early as this fall in a handful of terrorists, mostly poorer countries where the paid music services have not yet to garner the large audiences, revealed who asked not to be identified because the plans have not been announced. The company has already secured the right from the Times Music and T-Series, two of the India largest labels, according to the report which has been revealed.
While on the other hand, the new app is not named after the TikTok, ByteDance will try to convert some of the TikTok audience into the paying customers, the people revealed. TikTok has been downloaded more than 500 Million times and have also become two of the most influential apps in the industry of music.
Source:Â TikTok
