Chances are that you've at least tried streaming music by this point — whether you're willing to pay for a subscription is another story. Streaming subscriptions add up, and it can be difficult to justify adding another $10 to $15 to the pile. TikTok owner, and absolute monster of a startup, ByteDance plans to release a competitively-priced music streaming service for budget-minded consumers.
Despite being busy in the US, China-based ByteDance has its sights set on its home turf. Asia is a massive streaming market, though only a tiny percentage of listeners there pay for their music. The majority of music streaming in the region is done via the free tiers of YouTube Music and TenCent-owned QQ Music. According to the new report, ByteDance aims to undercut competitors and lure in potential subscribers in developing markets. The service is expected to launch at less than $10 per month. Initial distribution may come as early as next month for India, Indonesia, and Brazil.
The enormous startup, valued last year at $78 billion, has been in licensing talks with some huge record companies — including Universal Music, Sony Music, and Warner Music. Pending those deals, there should be no shortage of content on the platform. If the initial launch works out you can bet they'll be looking to expand, so keep your ear to the ground.
- Financial Times