TikTok could be getting into the streaming music business
New York( CNN Business) The Chinese firm behind the social media phenomenon TikTok might try to conquer the competitive world of music streaming services next.
The FT said the streaming music service might launch “as soon as next month” in emerging sells, such as India, before possibly coming to the United State. It said that music executives are “keen to make money” from the free-to-use app TikTok, which gained vogue by let consumers record videos of themselves lip-syncing or dancing to music.
Spotify’s stock rejected 3% and Tencent Music slipped 2% in early Monday trading following the report.