The company behind TikTok is reportedly starting a music streaming service, set to launch later this year.
Owners of the popular video-sharing platform, ByteDance, are working to bring the new music streaming experience known as Feilo exclusively to China.
According to multiple reports, ByteDance’s Vice President of Product and Strategy, Alex Zhu, conceptualized the app in 2019. Two years later, ByteDance values the platform at $425 billion for private equity investors.
Tencent Music Entertainment, also owned by ByteDance, has cut off all major deals with record labels in China following an exclusivity ban regulation — making way for new opportunities.
ByteDance plans to promote the music business from both ends of music streaming and distribution, according to 36Kr.
ByteDance has yet to publicly confirm the upcoming platform.
H/T: Mixmag | Source: 36Kr
