According to a new report by the Financial Times, ByteDance the company behind the popular app TikTok is planning to compete with Apple Music and Spotify and is already taking steps to do.
Per the report, ByteDance is already in talks with major music labels such as Universal Music, Sony Music, and Warner Music for licensing purposes, the time frame is expected within the next month in India, Indonesia, and Brazil, the US and others will come at a future date.
ByteDance is expected to use the 100 million TikTok user base as a starting point for promoting its new service, the report added, alongside music the app will feature small clips from artists and singers.
The service is expected to be priced less than $10 currently charged by Spotify and Apple Music. When asked for a comment, they declined to provide one.