TikTok’s Music Streaming Service Has Officially Expanded to More Countries
Key takeaways
- TikTok Music has now launched in Australia, Singapore and Mexico
- The service is set to rival Spotify, Apple Music and Amazon once it launches globally
- TikTok Music could be a boon for the upcoming IPO — if it happens
TikTok has pressed on with rolling out its new TikTok music service, which is geared up to take on the big names in music streaming. With a captive audience and new songs going viral every day on the platform, it’s a no-brainer that could boost TikTok’s rumored IPO. Here’s the latest.
A multitude of tech enterprises have watched their stocks shoot up this year. Don’t try and time the volatile market — use Q.ai’s Emerging Tech Kit instead. It leverages AI to explore the weekly stats, forecast which tech stocks and ETFs could hit it out of the park, and reshuffle the Kit’s assets as market tides turn.
Download Q.ai today for access to AI-powered investment strategies.
What is TikTok’s new streaming service?
Australia, Singapore and Mexico are the latest countries to get access to TikTok’s new subscription-only music streaming service. The product had already launched in Brazil and Indonesia, with further plans for a global roll-out in the pipeline.
Using their TikTok accounts users can listen to, download and share songs. It’s a natural next step for the company, given songs frequently go viral on the service after being featured in user videos.
With Universal Music Group, Warner Music Group and Sony Music as just some of the big names signed up to the service, TikTok is clearly looking to steal market share from the likes of Spotify, Amazon and Apple Music.
A TikTok spokesperson told TechCrunch that the social media company was looking to introduce a platform that “combines the power of music discovery on TikTok with a best-in-class streaming service”.
What’s been the market reaction?
While TikTok isn’t a publicly traded company, launching the new music streaming service could bolster hopes for those looking for the fabled ByteDance and TikTok Global IPOs. Word on a potential float has gone quiet, especially with Chinese-U.S. relations souring, but the company does eventually plan on going public.
Spotify currently holds the largest market share in music streaming, with 30.5% of the sector cornered as of Q2 last year. Apple Music and Amazon hold roughly 13% each, while Tencent holds another 13%.
With over 672 million downloads in 2022 alone and a 43.9% market reach in the U.S. this year, TikTok could easily steal market share from the incumbent streaming services.
The bottom line
Could TikTok really take on Spotify, Apple and Amazon? The answer — quite possibly. A huge amount of music discovery now happens through the platform, so keeping it in the family and directing users to an in-house service makes a lot of business sense. Investors will be keeping an eye out for adoption and retention figures once the service launches globally.
TikTok might not have floated yet, but there are plenty of tech companies whose stocks have reached stratospheric heights this year. Want a slice of that action for your portfolio? Q.ai’s Emerging Tech Kit has got you covered. It uses AI to deep dive into the weekly numbers, predict which tech stocks and ETFs could make it big and rejig the Kit’s holdings as the market shifts.
Download Q.ai today for access to AI-powered investment strategies.
