TikTok owner Bytedance said to be planning Spotify-like music streaming app for overseas market
- The Chinese company is currently the world’s most valuable unicorn with a valuation of US$76 billion
Beijing-based Bytedance, operator of the TikTok short video platform, is working on a Spotify-like music streaming app for overseas markets, according to people familiar with the matter.
Bytedance plans to launch the music app “soon,” said one of the people, declining to be named because the information is private. Currently there are more than 100 people working on it, according to the person.
A Bytedance spokeswoman said the company had no comment.
The Chinese company, currently the world’s most valuable unicorn with a valuation of US$76 billion, does not think the need for an IPO is as pressing as it was last year, sources previously told the South China Morning Post. A public listing would greatly increase scrutiny of the huge amounts of cash needed to fund its global expansion plans, they said.
Launching a music-streaming app would burn more cash to pay for digital rights to the music.
