TikTok’s parent company ByteDance to expand into music-streaming service to take on Spotify, report

China’s technology juggernaut ByteDance appears to be making its foray into the music-streaming business to take on podcast giant Spotify. According to a report from the Wall Street Journal, TikTok’s parent company ByteDance is currently in talks with music labels to expand its music-streaming service globally to compete with global industry leaders such as Spotify.

While significant hurdles still remain in the negotiations, according to the sources, WSJ reported that ByteDance plans to eventually integrate music streaming within its TikTok short-video service, scale it, and serve as a major platform for distributing music around the world.

In recent months, ByteDance had also discussed launching its Resso music-streaming service in more than a dozen additional markets. ByteDance’s Resso music-streaming service is currently available in India, Indonesia, and Brazil but expansion to the United States isn’t immediately on the cards, the report added.

Founded in 2012 by Yiming Zhang, ByteDance is an Internet technology company and the owner of TikTok app. ByteDance claims to have over 200 million daily active users that spend an hour each every day on its products. Bytedance also operates a series of products popular with mobile users around the world, including Topbuzz, Flipagram, and a number of UGC short-form video apps.

ByteDance is the developer of the video-sharing social networking services and apps TikTok and Douyin, the Chinese-specific counterpart to TikTok. The company owns a series of content platforms that enable people to connect with consuming and creating content through machine learning technology.

The company has more than 200 million daily active users that spend an hour every day on its products. Bytedance also operates a series of products popular with mobile users around the world, including Topbuzz, Flipagram, and a number of UGC short-form video apps.