Music streaming

ByteDance Advances Music Streaming Service | PYMNTS.com

ByteDance, operator of popular short-video sharing platform TikTok and Douyin, its Chinese version, has launched a music streaming app as it seeks to compete with market-leading platforms operated by Tencent Holdings and NetEase, reported the South China Morning Post on Friday (April 15).

Dubbed Qishui Yinyue, which means soda music in Mandarin, the app was updated on Wednesday, April 13 after its March release.

Qishui Yinyue works similarly to Resso, the ByteDance music streaming app introduced in some overseas markets three years ago.

“Soda Music is an app based on Douyin’s continued music endeavors,” a Douyin spokesperson said in a statement. “Douyin launched it as a standalone app to better serve our users as well as artists in the industry.”

Today, the service offers more than 10 million music songs, according to the app’s landing page on the App Store. It allows Douyin users to sync their favorite music playlists to the short video app.

The app is still in beta phase, which requires an invite code.

ByteDance’s entry into the continent’s music streaming market comes at a time when there is a lack of more exclusive music licensing agreements in place.

Earlier this week, research firm Insider Intelligence reported that TikTok is expected to increase its US net ad revenue by 184% this year, or nearly $6 billion.

Related: Report: TikTok ad revenue in the US will grow 184% in 2022

The report also predicts that the video-sharing app’s advertising revenue will fall on a digital double growth trajectory from 2023 and top $11 billion the following year.

Meanwhile, Insider Intelligence also said the report shows TikTok “winning over some more established digital ad sellers.”

This year, the platform will absorb 2.4% of the nearly $250 billion spent by companies on digital advertising in the United States. That’s just one percentage point behind YouTube and more than Snapchat and Twitter will get from ads combined.

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