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TikTok, the global sensation in video-sharing, is broadening its horizons with a foray into music streaming. This week, the Chinese platform unveiled TikTok Music, a direct competitor to industry giants like Apple Music and Spotify. As part of its strategic expansion, TikTok has fortified its licensing agreement with Warner Music Group and plans to launch in Singapore, Mexico, and Australia, following recent debuts in Brazil and Indonesia.
According to CNBC, TikTok added this new service to its plans to look for new growth drivers. The new Tiktok Music platform said this week that it would be expanding its service reach to several countries, including Singapore, Mexico, and Australia. This announcement comes not long after the company rolled out the service in Brazil and Indonesia this month.
The company said it had expanded its licensing agreement with Warner Music Group to develop its new TikTok Music streaming further. This will allow TikTok to fill out its library with music content.
Business analysts opined that TikTok has many advantages compared to other new music streaming services. With its huge market share alone, it can defeat other brands even if it is still in the early launch phase.
Phillip Securities Research’s senior analyst, Jonathan Woo, commented, “There is already this large installed base of users which TikTok can convert into paying TikTok Music subscribers – with a relatively low customer acquisition cost.”
Meanwhile, TikTok also introduced the “text-only” post when many sought an alternative to Twitter. The Guardian reported that TikTok said earlier this week that it will allow users to write up to 1,000 words as “text-based content.” The company is implementing this to expand “the boundaries of content creation for everyone on TikTok” while “giving the written creativity we’ve seen in comments, captions, and videos a dedicated space to shine.”
Photo by: Mourizal Zativa/Unsplash
