TikTok is expanding its streaming music business to seek growth outside the United States
CTOnews.com, July 27 (Xinhua)-- earlier this month, TikTok launched TikTok Music, a music streaming service in Indonesia and Australia, to compete head-on with Apple Music and Spotify, according to Japanese media PhileWeb. Last week, TikTok strengthened its license agreement with Warner Music Group to expand its music content and launched beta versions of TikTok Music in Australia, Mexico and Singapore.
▲ Source Pixabay although TikTok's music streaming business is still in its early stages, TikTok Music already has a large and youth-centric user base, with the advantage of relatively low prices, which makes it easier to increase subscribers. Spotify has just raised its subscription fees, such as in the United States, from $9.99 a month (CTOnews.com Note: currently about 71 yuan) to $10.99 (currently about 79 yuan).
In addition, TikTok Music allows users to play full versions of viral songs in the TikTok service, comment on them or interact with other users, making TikTok Music more competitive.
A survey of 9000 people in the United States, Britain, Australia, Canada, Germany, France, Sweden, South Korea and Brazil by British analyst firm MIDiA Research found that TikTok was the second largest source of music information among 16-to 19-year-olds after YouTube.
"A lot of people first come into contact with all kinds of music in TikTok, and then gradually become interested in songs and singers and learn more about them by looking for complete versions of specific pieces of music," MIDiA Research said. "the launch of TikTok Music is likely to make the process smoother."
According to previous data, Spotify and Apple Music currently account for 31% and 13.7% of the global music streaming market, respectively. MIDiA said that if heavy users of TikTok are already using services from Spotify or other competitors, they may still turn to TikTok Music because the latter offers a unified payment method with TikTok and can easily jump from TikTok content to the music they are interested in immediately.
However, analysts at Fipley Securities Research said that despite this, TikTok Music is still not afraid of Spotify and Apple Music, but "TikTok Music is definitely likely to gain some market share."
