The Financial Times has negotiated with big music labels – Universal Music, Sony Music and Warner Music – with TickTalk owner Beijing ByteDance Technology Co. Ltd for global licensing deals to include their songs on its new music subscription service.
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Along with on-demand audio, ByteDance’s app will incorporate a library of video clips for listeners to hunt through and synch to music as they listen, the report included.
ByteDance hasn’t provided a title to its own music app nonetheless and pricing remains unclear, though it’s expected to cost significantly less than the $10 per month billed by Spotify Technology SA, Apple Inc and many others in the USA, according to the report.
The business wasn’t immediately available for comment on Sunday.
ByteDance was set in March 2012 from Zhang Yiming, and it’s famous for its mobile apps with amusement value. It competes head to head with other Chinese technology giants such as Alibaba, Baidu and Tencent.
Related: – China ByteDance Launched own Search Engine
Its existing apps include TikTok, Helo(a Indian social networking app), Vigo Video (previously Hypstar), Douyin (the Chinese version of TikTok), BaBe (an undercover news and content program) and Huoshan (a Chinese short-form movie App.
Among its first products, the AI-powered Toutiao or even Jinri Toutiao, is among the most popular news aggregators in China. In accordance with iResearch, it had been set up in over 240 million unique apparatus by November 2018.
Another ancient app, Neihan Dianzi — in which consumers can share jokes through movies, memes and text — has been closed down by Chinese censors from 2018. ByteDance can be endorsed by a number of the heaviest hitters in venture capital financing, such as SoftBank and Sequoia Capital.
TikTok, called Douyin at China, launched at the U.S. at 2018 later ByteDance merged it with another acquisition, Musical.ly. The short-form video app has since skyrocketed in popularity as a result of an influx of brands such as Ralph Lauren and Chipotle, in addition to publishers such as Sophisticated and Vice, who’ve flocked into the stage.
Much like Snapchat before it, TikTok has also struck a chord with younger viewers. A leaked advertising pitch deck from June 2019 stated the vast majority of all TikTok users (69 percent) are out of Generation Z (ages 16 to 24), whereas 25 percent are age 25 and older. Most consumers will also be female (60 percent). At the U.S., TikTok has over 30 million monthly active users that spend, normally, 46 minutes on the app per user every day. Globally, the amount of monthly active users is 800 million, with 500 million established in China.
TikTok, however, failed to see that a 4 percent fall in the amount of international downloads it had from the next quarter, based on Sensor Tower, but it was the second-most-downloaded app globally with 177 million downloads, only behind WhatsApp, that had 183 million downloads.