ByteDance, valued at $75 billion thanks in large part to the huge popularity of its TikTok app, is in talks with major labels and publishers to launch a music streaming service, according to multiple sources. The Chinese conglomerate could launch its Spotify competitor as soon as the end of this quarter.
Bloomberg reports that ByteDance is targeting emerging markets with the new music streamer. One source reports that the company has already signed deals with two of India's largest independent labels.
The new streamer will reportedly have both premium and a free ad-supported tiers. A ByteDance spokesperson declined to comment.
Word that ByteDance wants to launch a music streamer comes at the same time that the company is in reportedly contentious talks with the major labels over the re-licencing of the music used in short videos created in TikTok.