Will TikTok Music become the competition for Spotify and Apple Music?
According to patent filings, TikTok music streaming could well be on the horizon. There is no official statement from the parent company ByteDance, but the filing outlines a similar feature set to Resso, a platform launched back in 2020.
A trademark application was filed for TikTok Music in May, and Business Insider reported that this includes a mobile app. Apparently, users will be able to “purchase, play, share, download music, songs, albums, lyrics,” as well as “live stream audio and video interactive media programming in the field of entertainment, fashion, sports, and current events.”
ByteDance rolled out the Resso streaming service exclusively in India, Brazil, and Indonesia, and by the end of 2021 had over 40 million users according to The Information. In terms of growth, the number of monthly Resso users in India alone increased by 304% over the course of 2021.
With these figures and the track record that ByteDance has for creating platforms with unbelievably efficient algorithms, it’s safe to say that the competition should be worried. However, we don’t know exactly when this new TikTok music platform will be launched or whether it will be based on features from Resso.
What are the potential benefits of TikTok Music to artists?
Should it become a reality, this is an exciting development for new artists. It offers a completely new platform for streaming revenue and the opportunity to reach new audiences. You can be sure that the royalty share will be structured to attract new creators, which is an exciting prospect.
For now, all we know for certain is that a trademark application has been submitted to the US Patent and Trademark Office.
For years, Spotify has monopolized music streaming to the benefit of few. So heavyweight competition in this sector could be a very positive thing for artists.
What are your thoughts on the matter? Please let us know in the comments below!
- Eyestetix Studio / Unsplash
mmm let me thinking….NO!