ByteDance, the Beijing-based company behind popular apps TikTok and Jinri Toutiao, is reportedly planning to launch a paid music service in emerging markets, Bloomberg reports.
The company could introduce the paid music service as early as this fall, in regions where industry leaders such as Spotify and Apple Music have yet to make significant footprints.
Though it was not immediately clear which countries will roll out the paid music service, ByteDance has reportedly secured deals with two of India’s largest music labels, T-Series and Times Music, unnamed sources cited by Bloomberg said.
Last month, South China Morning Post reported that ByteDane had set up a team of more than 100 people to work on a Spotify-like music app for its overseas users.
TikTok, ByteDance’s viral short-video app, is one of the most downloaded apps for Apple IOS and Google Android users.
ByteDance, currently regarded as the most valuable startup in the world, is also launching other ambitious projects at the moment. It just announced the launch of Feiliao, a chap app, and potential WeChat challenger.