One service yet so many options in the market, the competition goes on and on, and it never stops. Everyone loves to listen to music, and when we think about it, some apps come to our mind instantly like Spotify or Apple Music. Now get ready to experience one more app which you might already have in your cell phone but for another usage.
The online music streaming service provider Apps, Spotify and Apple Music are soon going to face competition with TikTok. The most popular app when it comes to making short yet fun, lip-sync, comedy, and talent videos have crossed 1.5 billion downloads. So now the company is trying to test luck in music streaming service as well.
Since TikTok already has ample number of users, the advantage is already in their hands. On top of that, if this app will provide a much lesser subscription compared to Apple Music and Spotify, the step will be bang on.
ByteDance’s core product, TikTok has evolved out of an earlier app called Musically, features music prominently. TikTok is currently the third most downloaded non-gaming app so far this year. While counting the top five non-gaming apps, this is the only app not owned by Facebook. This app is behind WhatsApp and Facebook Messenger for downloads this year; however, ahead of the Facebook and Instagram apps which itself is a win for the company. In early November, the company unveiled a smartphone called the Nut Pro 3. There hasn’t been any official announcement for the release date of the phone.
Since the active users on TikTok are more than 1 billion, the company’s expectations are quite high with this step. There hasn’t been any formal announcement by the company, but the subscription fee will likely cost less than $10/month, currently charged by Apple and Spotify.
Beijing-based giant ByteDance is in conversation with big music labels such as Universal, Sony, and Warner to close a deal for global music licenses. They are planning to launch this service as soon as next month. Since more than 30% of TikTok users are from India, the targeted markets for the company are India, Indonesia, and Brazil as they are the emerging markets. Based on the responses from these markets, the company will decide on launching this service in other countries as well.
Competitors & Price
Apple Music, Spotify, and other products in the market need to keep an eye on this product as it may affect their market big time. The core factor in affecting the market can be the subscription price of the app. Since Apple Music and Spotify charge $10 per month and ByteDance is planning to release the product on a lower rate which can work in their favor. The company hasn’t landed on a name for its music app yet.
Since TikTok is available in over 150 markets and in 75 languages, the potential for this initiative is huge and the lesser price factor will definitely give it a boost. Given the number that 30% of TikTok users come from India, ByteDance is aiming India as the biggest market to capture.
Personally, I’m super excited to use the app as soon as it’s available on my phone. As the app would be a combination of social media video app for creating and sharing and a music streaming service app. Since TikTok already is a fun app to have in a phone, it might become the place-to-go for me to listen to my favorite tracks. It is going to be a fun ride for sure.
What about you, guys? Are you going to use this app as soon as it’s available in your market? Do share your experiences and your opinions on this initiative by ByteDance.