By Annie Palmer For Dailymail.com
Published: 18:48 BST, 21 May 2019 | Updated: 22:05 BST, 21 May 2019
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The parent company of viral video app TikTok could be preparing to take on Spotify and Apple Music with a new streaming service.
Chinese internet giant ByteDance could release the new music platform within the next few months, Bloomberg reported, citing sources close to the situation.
The unnamed service, which isn't expected to be named after TikTok, will first launch in emerging markets like India.
The parent company of viral video app TikTok could be preparing to take on Spotify and Apple Music with a new streaming service. It's expected to launch in the coming months
TikTok, also known as Douyin in China, has become one of the fastest-growing apps among teen users over the past few years and now counts more than 500 million downloads.
The app has also had real impacts on cultural trends. For example, 'Old Town Road,' currently the number one song in the world, picked up steam on TikTok.
ByteDance will try to capitalize on TikTok's rapid popularity by converting some of its users into paying customers, according to Bloomberg.
Offering the app as a paid service is likely to be more appealing to labels, as they'll get a higher rate of royalties compared to free services.
By launching in emerging markets, ByteDance is looking to establish a lead in regions where Apple Music, Spotify and other
