ByteDance is reported to be in talks with major record labels, including Universal Music, Sony Music and Warner Music.
The Chinese company ByteDance, owner of the TikTok short video exchange application, plans to launch its own music streaming service, the Financial Times newspaper reported on Sunday, citing sources familiar with the matter.
In particular, it is detailed that ByteDance is in talks with major record labels, including Universal Music, Sony Music and Warner Music, hoping to obtain global licensing agreements to incorporate their musical pieces into their new service.RELATED
The company plans to launch this service already next month, initially in emerging markets such as India, Indonesia and Brazil, before arriving in the US.
Also, in addition to music on demand, the ByteDance application will also include a library of short videos, so that listeners can search and synchronize songs while listening to them.
The company has not yet given a name to its future application and the price remains unclear, although it is expected to cost less than $ 10 per month charged for other similar services, such as Apple or Spotify.
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