In addition to TikTok, ByteDance runs a music streaming service called Resso. The app is available in India, Brazil, and Indonesia.
According to people familiar with the matter, ByteDance plans to make Resso part of TikTok.
When it expands its streaming music services, it’ll compete with Apple Music & Spotify — maybe called TikTok Music, which Insider reported it had filed a patent for in July.
Yahoo Finance reported that Spotify shares decreased after the announcement.
Here’s what the article states –
“Tiktok launched in 2016, in the form of Musical.ly, where people lip-synced music in videos, and has since run where Vine walked, pushing a focus on short-form videos on competitors like YouTube and Meta. The companies have developed Shorts and Reels, respectively.
This is the second piece of news this week about TikTok’s expansion into more industries. The social media service is looking into building its own e-commerce and fulfillment operation, Axios reported Tuesday.”
Read the full story here.
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