The corporate behind TikTok is reportedly beginning a music streaming service, set to launch later this yr.
House owners of the favored video-sharing platform, ByteDance, are working to carry the brand new music streaming expertise often known as Feilo solely to China.
In accordance with a number of experiences, ByteDance’s Vice President of Product and Technique, Alex Zhu, conceptualized the app in 2019. Two years later, ByteDance values the platform at $425 billion for personal fairness traders.
Tencent Music Leisure, additionally owned by ByteDance, has minimize off all main offers with file labels in China following an exclusivity ban regulation — making approach for brand spanking new alternatives.
ByteDance plans to advertise the music enterprise from each ends of music streaming and distribution, in response to 36Kr.
ByteDance has but to publicly verify the upcoming platform.