Karaoke and lip syncing apps have been making a splash in the international tech sector, and one of the most successful is rumored to be broadening its reach. Bloomberg reported on sources claiming that Chinese tech startup Bytedance may be looking to debut its own paid streaming music service.
The sources said the new music platform could launch in select markets as early as this fall, with a focus on countries that have not been reached by international services such as Spotify and Apple Music. They claimed that the new app has secured rights to use the catalogs from two big labels in India — T-Series and Times Music — which could indicate some market direction. Other specifics, including a name and a likely pricing structure, were not disclosed. Bytedance has declined to comment on the reports.
Bytedance may not be that well known to audiences stateside, but people have more likely heard of its short form video and lip sync app TikTok. The app became a sensation in Asia, then reached more markets thanks to Bytedance’s acquisition of lip syncing app Musical.ly in 2017, which it folded into TikTok.
TikTok has proven its popularity with users, but major labels aren’t as enamored just yet. The mobile app has been pushed to deliver more money to Universal, Sony, and Warner when songs from their libraries are used on TikTok. Those three will likely be keeping eagle eyes on how Bytedance proceeds with their negotations for a more traditional streaming service.