JAKARTA - China's ByteDance Ltd is in talks with music labels around the world to expand its music streaming service globally. This was done to compete with industry leaders such as Spotify Technology SA, as reported by the Wall Street Journal on Wednesday, October 12.
The parent company TikTok plans to integrate music streaming in its short video service and scale it up to serve as a major platform in globally distributing music.
Spotify shares themselves were cut after an increase to trade in after-market trading last Wednesday, while Warner Music Group Corp rose 4%.
ByteDance did not immediately respond to a request for comment from Reuters on the report. So far, ByteDance has seemed ambitious to expand market coverage not only in the short video market, but also in films and music.
The company in recent months has discussed launching the music streaming service Resso, which is currently available in India, Indonesia, and Brazil. They will increase its reach in some countries. But the expansion to the United States will not be done soon.
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