TikTok is attempting to penetrate the already saturated digital music streaming market.
The news recently comes as an expansion to beta testing offered in Brazil and Indonesia. According to the news, “TikTok says it’s inviting users in Australia, Mexico and Singapore to participate in the TikTok Music closed beta test starting today.”This is very significant as if the service comes to fruition, there is the potential to instantly become a worthy competitor to the likes of Spotify and Apple music due to the sheer number of existing TikTok subscribers (around a billion) and potential market base for subscribers.
To further solidify this announcement, it also emerged that TikTok has formed a partnership with Warner Music in an effort to provide access to Warner’s back catalogue and create other new opportunities.
Why is this important? An additional music streaming supplier (such as TikTok with 1 billion users) has the potential to target users who did not previously own earbuds/headphones. This could lead to these consumers considering the purchase of a device to consume content offered by the TikTok streaming service.
