TikTok owner ByteDance reportedly plans to launch Spotify rival

ByteDance, the company behind the hugely popular TikTok app, is reportedly preparing to launch a streaming music service.

According to anonymous sources who talked to Bloomberg, ByteDance’s music streaming app would be a paid subscription service akin to Spotify and Apple Music. However, instead of a wide rollout, the China-based tech company would focus on launching in “emerging markets” in the fall. 

With about 217 million monthly worldwide and 100 million paid subscribers, Spotify is the clear leader when it comes to music streaming. However, as the report points out, emerging markets in Asia, Africa, and the Middle East only make up around 10 percent of Spotify’s customer base. Read more...