Chinese internet company ByteDance, owner of popular short video platform TikTok, is set to take on the likes of Spotify and Apple Music with a new music streaming service as soon as next month, according to a report by the Financial Times on Monday.
The Beijing-based start-up is looking to launch the yet unnamed music app initially in emerging markets, including India, Indonesia and Brazil, the FT reported, adding that the company is expected to price the subscription service lower than the US$10 (S$14) a month its rivals in the US are charging.
ByteDance is in talks with music labels such as Universal Music, Sony Music and Warner Music to secure global licensing deals, according to the Times.
Aside from on-demand music, the company also reportedly aims to encourage sharing and virality on the app: listeners will be able to search through a library of short vertical video clips, designed for mobile phones, and sync these to songs as they listen, FT reported.
A ByteDance spokesperson declined to comment on the new service.