Does TikTok Enter The Music Streaming – Competition For Spotify?
TikTok wants to continue its success story with music streaming. The company would like to launch its streaming service for this – a brand already exists.
Meanwhile, Spotify is increasing its prices. So will TikTok soon replace the global player? It sounds like a significant relaunch that TikTok is targeting. The platform is working on a whole new app for music streaming.
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Plans Music Streaming
As the parent company ByteDance is said to have registered the trademark “Music.” With the app, users should also use classical music streaming offers via TikTok – i.e., play, download, share with others, and complete like albums and individual songs.
Business Insider also reports on additional services such as:
- Stream audio and video content live
- Upload photos as playlist covers
- Comment on albums and songs
It is said that “TikTok Music” was first filed in Australia in November and also in the US six months later.
TikTok Has Long Been In The Music Business
TikTok and music that fits. The more users use the app and get to know different pieces of music through the short videos, the more popular the songs become.
While this doesn’t directly affect the charts, many users search for the songs they hear on TikTok on platforms like Spotify, Apple Music, and YouTube – and this, in turn, affects the Billboard charts.
TikTok videos thrive on strong virality. This has also catapulted older songs back to the top. The “Stranger Things” series recently proved how quickly something like this could happen – with the Metallica hit “Master of Puppets” from the 80s.
Logically, the music industry has long been using TikTok for commercial marketing purposes.
The story of TikTok is unique. As a comparatively young provider, the video portal has developed rapidly since the name change in August 2018 – the service was initially called musical.ly. In 2017, Chinese company ByteDance bought the social media app and rebranded it as TikTok.
A lot has happened since then. In 2020, TikTok was one of the most downloaded apps.
Technological limitations in the form of short videos were not long in coming – a good example being the Instagram and Facebook Reels.
Statista forecasts global growth of around 955 million monthly active users by 2025. By the end of 2022, the number should be approximately 755 million. TikTok’s in-house music streaming could further accelerate development.
Spotify Is Getting More Expensive
One of the biggest competitors is Spotify. The provider has been calling for new prices in Austria since August 2022: Austrian customers now pay 13.99 euros for a premium account for two people – i.e., one euro more than before. The family subscription now costs EUR 16.99 instead of EUR 14.99.
It is currently unknown whether Spotify will also increase the fees. However, “the price hike is getting closer”: Most recently, subscription prices rose in 2021 in the US and the UK.
Companies must always plan any price increases in the context of their competitors’ fees. It will be all the more exciting when the plans for TikTok music streaming mature and details about the subscriptions are published.