TikTok is taking the social media world by storm and owners of the app are now setting their sights on the music streaming industry. Recent plans of an app, similar to Spotify and Apple Music, have been released, in addition to deals with Universal Music Group, Sony Music, and Warner Music that are currently undergoing negotiation.
Owned by ByteDance, the current iteration of TikTok is currently sitting at a valuation of $75 billion with over 500 million monthly active members. Meanwhile, downloads of the app have surpassed the 1.5 billion mark. These numbers are staggering and certainly lend credibility to the owners on the possibility of another successful app launch.
Similar to once-popular Vine, TikTok is known for its short video sharing format. The app allows users to embed music or other audio clips over their videos, making it a popular way to share music. GRiZ and Subtronics massive tune, “Griztronics,” recently went viral on the app, with a series of videos with the track on it.
While there is no official date for the release, ByteDance is said to be launching this new service as early as next month in most major markets. There are currently no other details on what the app’s features will be, but the app could provide music and content creators with another platform integration to get their music more visibility with new audiences.