TikTok parent company ByteDance is looking to expand to become a music distribution platform, WSJ citing anonymous sources. The company’s Resso streaming service currently only serves India, Indonesia and Brazil. But plans are in the works to extend to over a dozen more markets, eventually going global — competing with the likes of Apple Music and Spotify. ByteDance grew 80% to $61.7 billion in 2021, and an expansion of its streaming service would further drive revenue and keep users on the platform. However, it would also drive up additional costs, such as payment to music labels.
- Many songs have become huge hits after going viral on TikTok, including “Heat Waves” by Glass Animals, which spent five weeks at No. 1, says the Journal.