ByteDance, the company that owns the popular video app TikTok, is in the process of launching a paid music streaming service to rival the likes of Spotify and Apple Music. ByteDance is looking to reduce its reliance on advertising and prove subscription music can work in emerging markets.ByteDance has acquired a tremendous user base in a short amount of time, thanks to smart acquisitions and the explosion of TikTok’s popularity. The unnamed app will offer on-demand music and video and has reportedly already been demonstrated to “many music executives.
TikTok has over 1 billion downloads, and was the fourth most-downloaded non-game app for 2018, surpassed only by WhatsApp, Facebook Messenger, and Facebook. ByteDance’s new app will reportedly arrive this September.