We’ve been waiting for this.
ByteDance, the parent company of the popular social platform TikTok, launched this month as a music streaming platform, and it’s about to give a big fight to Spotify. This is great news for indie artists; it will open more options for playlists, artist exposure, and ways to promote music.
The new music platform will most likely change the music industry in years to come. TikTok has already signed deals with the three big majors: Sony Music, Universal, and Warner Music Group. Their catalog of music includes thousands of labels and artists, with ad-free streaming and a download function for offline listening".
TikTok New Markets
The service is in beta testing in Indonesia and Brazil and has now expanded its presence to three more countries, including Australia, Mexico and Singapore.
These are markets with rapid growth in internet users, ranking them as the second-fastest-growing globally. Due to these heavy licensing expenses, the service will be premium, with a price range of $3 in Indonesia up to $8 in Australia at the moment.
Ole Obermann, Head of Music Business Development at TikTok, quoted the app as "a new kind of service that combines the power of music discovery on TikTok with a best-in-class streaming service". If the new platform is based on TikTok’s exposure algorithm, it will be very impactful for new acts and indie artists.
New Features
The app will have cool features such as Lyrics search, karaoke singing with lyrics, and a song identification tool. It will also have the option to play the full version of a snippet song from a viral video.
According to TikTok's official press statement introducing TikTok Music, the renowned video app is already well-known for its ability to promote emerging artists, generate popular songs, and facilitate music exploration.
The service will replace ByteDance’s existing music service, Resso, which shut down last year in Indonesia and Brazil. Regarding India, where Resso still operates, TikTok hasn’t said when or if TikTok Music will launch in the country.
While the recent announcement lacks specific information regarding podcast and radio content, it's worth noting that ByteDance's trademark application from the previous year hinted at the possibility of incorporating such content to "offer users access to podcast and radio broadcasts." If implemented, the inclusion of podcasts in addition to music on TikTok Music would elevate its competition against Apple Music and Spotify to a whole new level.
If TikTok manages to persuade a considerable number of its 84 million or more users from its main video app to try out and eventually subscribe to its new Music app, Spotify and Apple music might encounter a significant challenge in holding onto its market share in Latin America, Indonesia, and Southeast Asia.
The integration of TikTok Music with the TikTok app provides artists with a convenient way to monitor the usage of their music on the platform. This valuable data enables artists to gain insights into the types of content that pique their fans' interest, empowering them to produce more videos that will deeply connect with their audience.
The various monetization avenues available within the app offer artists opportunities to generate income from their music. They can earn royalties from streams and also have the option to sell merchandise and tickets, further bolstering their financial prospects.
Current TikTok Numbers
Over 1 Billion Monthly Active Users:
As of the latest available data, TikTok boasts an astonishing one billion monthly active users. This staggering figure places TikTok among the most widely used social media platforms, standing shoulder-to-shoulder with giants like Facebook and Instagram.
Hundreds of Millions of Daily Active Users: TikTok's captivating content keeps users coming back for more. The app enjoys a massive daily active user base, with hundreds of millions of people spending significant time on the platform each day.
2.6 Billion Downloads:
With over 2.6 billion downloads on the App Store and Google Play combined, TikTok has achieved an extraordinary milestone. This impressive number highlights the app's universal appeal and its ability to penetrate markets across the globe.
Diverse International Presence: TikTok has managed to transcend borders and language barriers, captivating audiences from various countries and regions. Its global reach has enabled it to become a melting pot of cultures, ideas, and trends, contributing to its unprecedented success.
Engaging User Demographics:
TikTok's user base spans across generations, with a significant presence of younger users from Generation Z and Millennials. This demographic mix has allowed the app to tap into the interests and trends that resonate most with younger audiences, making it a hub for viral challenges and cultural movements.
A Source of Music Discovery:
TikTok's impact on the music industry is undeniable. The platform has become a driving force behind the success of new artists and songs, propelling many tracks to the top of the charts worldwide. It's not uncommon to see a relatively unknown artist skyrocket to fame after their music goes viral on TikTok.
A Hub for Influencer Marketing:
With its massive user base and high engagement rates, TikTok has become a lucrative platform for influencer marketing. Brands and businesses are leveraging TikTok influencers to reach their target audiences, tapping into the platform's vast potential for brand exposure.
Creative and Bite-Sized Content: TikTok's format revolves around short-form videos, typically lasting between 15 to 60 seconds. This brevity encourages users to get creative, making it an ideal platform for users to showcase their talents, humor, and storytelling abilities in a concise and entertaining manner.
Final Words:
TikTok's explosive growth and worldwide impact have firmly established it as a social media phenomenon. Its diverse user base, engaging content, and music-centric approach have catapulted it to the top ranks of the digital realm. As the app continues to evolve and innovate, it remains a captivating platform, connecting people from all walks of life and inspiring creativity in the digital age.
Good luck with your music!
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