16.09.2022 News
Many people have become accustomed to streaming music. There are really many different platforms where you can stream your favorite music. Currently, there are some indications that TikTok could also become a music streaming platform. What would that mean for the music industry and what are the reasons for this assumption? That’s what we’d like to discuss today. But first of all, let’s clarify the basics.
Spotify is still the most popular streaming platform. The market leader has the largest share of the music streaming market with around 433 million users and 188 million paying premium customers. The second most popular music streaming provider is Apple Music with 78 million estimated subscribers. You can read how the other music services perform in relation here.
But will that possibly change in the future? Will streaming giants Spotify and Apple Music soon have competition? TikTok has been an integral part of the music industry for quite some time. The platform is constantly growing and gaining many new users every day. Music has played a big role for TikTok from the very beginning. The app is known for its short videos accompanied by music, to which many users perform dance moves or lip sync. TikTok’s influence on the music industry is enormous. More than 170 tracks featured on TikTok have made it into the Billboard Hot 100 and into Spotify’s playlists of the world’s most played tracks. In a study conducted for TikTok, 67% of TikTok users said they have streamed a track they first heard on TikTok on other platforms. So would it be of great benefit to be able to stream them in full directly on TikTok?
What is the evidence for TikTok Music?
The name Tik Tok Music is already a registered brand name in the US. This suggests that TikTok is working on its own music streaming platform. Nevertheless, the platform itself has not commented on this yet. One fact that has been confirmed, however, is that TikTok is hiring behind the scenes for its “TikTok Music” team. Currently, the company is looking for a Backend Software Engineer for TikTok Music in Mountain View, California.Does this mean that a new streaming platform is really being developed
We are curious about the further development and will of course keep you up to date here.