This is TikTok parent’s plan to take on Spotify

China’s ByteDance Ltd is in talks with music labels for expanding its music-streaming service globally to compete with industry leaders such as Spotify Technology SA, the Wall Street Journal reported.

The TikTok parent plans to eventually integrate music streaming within its short-video service and scale it to serve as a major platform for distributing music globally, according to the report that cited people with knowledge of the discussions.

Shares of Spotify pared gains to trade flat in after-market trading on Wednesday, while Warner Music Group Corp gained 4%.

ByteDance did not immediately respond to a Reuters request for comment.

The company had discussed in recent months launching its Resso music-streaming service, currently available in India, Indonesia and Brazil, in more than a dozen additional markets, but expansion to the United States isn’t immediately on the cards, according to the report.


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