Sources told the Financial Times ByteDance is having conversations with Universal Music, Sony Music, and Warner Music about joining its new subscription service.
The short video app platform operator is reportedly gearing up to launch a new streaming music service as soon as December. There's a big catch, though - users can't search for individual songs or artists with this free service. The expanded service is available for customers in the U.S., U.K., and Germany. In the past, Prime members and Apple Music Unlimited subscribers could listen to tunes on Echo devices. Now, non-Prime members can listen to a selection of ad-supported music, including playlists and thousands of radio stations, for free on the Amazon Music app, iOS, Android, Fire TV, or the internet. Amazon has its sights on SpotifyĪmazon is hoping to eventually knock Spotify off its perch, announcing an expansion of its free streaming music service.
Snap, the maker of the disappearing messaging app SnapChat, was supposed to steal Facebook's thunder but has been relegated to a third-place player since its IPO in March of 2017. It was once the leader in wearable devices but is now being sold to Alphabet after years of declining market share.
They know how quickly a leader can be displaced, particularly in the technology market. One need only look to Fitbit as a glaring example. At the same time, a report surfaced that ByteDance of China is gearing up to launch a new streaming music service.Īll this increased competition has gotten Spotify investors spooked. Stockholm, Sweden-based Spotify was dealt some blows earlier this week as rival Amazon announced it was expanding its free streaming music service beyond its Echo devices. It's also Amazon ( AMZN -5.00%) and potentially ByteDance, owner of short video app TikTok. And it's not just Apple that has investors worried. Spotify ( SPOT -1.04%), the undisputed leader in the streaming music market, has been put on notice: Competitors are circling.
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