There is tough competition in the music streaming market. However, Spotify and Apple Music are considered the leaders in the respective segment. As per some fresh pieces of information, a new competitor is going to enter the field. Any guesses? No, it’s okay. TikTok will now compete with Apple Music and Spotify since it will be introducing TikTok Music, TikTok’s new music streaming platform.
TikTok Music, the new music streaming service
According to the available information, TikTok Music will work in a similar manner as other music streaming services. Reportedly, the social network TikTok collaborated with major record labels including Sony Music, Universal Music Group, and Warner Music Group. Similar to other music streaming services TikTok Music will give users access to the complete catalog of songs.
TikTok is targeting teens as its target audience for the music service. For this reason, various features focused on the target audience like song recommendations and personalized curation will be introduced. Besides this, other features such as importing music libraries from other platforms, finding a song by searching for lyrics, and creating collaborative playlists will also be there.
Just like Apple’s Shazam, TikTok Music will include the option for a song identification feature. It will include several social features like comments and remarks on songs and albums. Reportedly, YouTube Music is also working on a similar feature. Furthermore, users can look for song suggestions by scrolling vertically on the app just like the primary TikTok app.
Pricing and availability
The new service is currently available in Brazil and Indonesia. The cost of a monthly subscription in Brazil is around $3.49. It is the same price as an Apple Music subscription. The majority of streaming services change their costs to make their services more accessible for different markets. Apple Music costs $10.99 per month in the US.
According to TikTok, it’s excited to launch a brand-new service that “combines the potential of music discovery on TikTok with a best-in-class streaming service.” Currently, there is no information on when TikTok Music launches in other nations, such as the US.
Tough competition with Apple Music and Spotify
According to a recent report, Spotify is the most famous music streaming service with around 44 million paid users in the US. On the other hand, Apple Music ranks second with 32 million paid subscribers. Across the globe, Apple Music has an estimated 80 million subscribers and Spotify holds 200 million subscribers. So, the competition is quite tough here. But we can assume that TikTok might perform well in this respective segment given its popularity.
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