ByteDance-owned Tiktok, despite encountering significant obstacles in the United States., has been gearing up to take on Spotify Technology S.A. SPOT, Apple Inc. AAPL Music, and Tidal in a fierce battle for music streaming supremacy.
What Happened: Earlier this month, TikTok unveiled plans to roll out its very own music-streaming app, TikTok Music, in Brazil and Indonesia.
With the potential to disrupt the industry, the company has been testing the waters, offering a three-month free trial of the service to a select group of users in Australia, Mexico, and Singapore, as confirmed by a TikTok spokesperson, reported Business Insider.
See Also: Is TikTok Working On ChatGPT Clone? How It Could Give New Meaning To ‘Learned It On TikTok’
The implications of TikTok’s music-streaming venture could be monumental, especially if it makes its way into markets like the U.S., where the company filed a trademark application in May 2022.
The app has already proven to be a powerful force in music discovery, with record labels, marketers, and artists investing heavily in TikTok influencers to feature tracks in videos.
If this venture comes to fruition, TikTok Music will immediately challenge established streaming giants like Spotify, Apple Music, and Tidal.
Why It’s Important: Despite its success, TikTok has been facing significant pushback in the U.S., primarily due to concerns over data privacy and China’s potential access to sensitive personal information. This resulted in Governor Greg Gianforte of Montana signing a bill in May that prohibits TikTok from operating within the state’s territorial jurisdiction starting Jan. 1, 2024.
Not one to back down easily, TikTok filed a federal lawsuit against Montana over the state’s ban, making it a landmark case that will determine the extent of lawmakers’ authority to regulate the operations of a private company within their jurisdiction.
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Read Next: Warner Music Group Expands Agreement With TikTok – What’s The Benefit?
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