TikTok’s parent company, ByteDance, has filed for a TikTok Music trademark for a new music streaming service, Business Insider reports. As suggested by the publication, users will be able to buy, listen, download, and share music.
TikTok has already become a platform where new songs get hit status. The popularity of a song on a short video app often directly affects its placement on charts such as the Billboard 100 and Spotify Viral 50.
In addition, while remaining a social network, TikTok competes with Facebook and Instagram (owned by Meta, recognized as extremist in the Russian Federation). According to Qustodio analysts, users under 18 spend more time on TikTok than on YouTube: 91 versus 56 minutes per day.
At the end of July, Facebook announced that it would launch a recommendation feed similar to TikTok. The feed will be divided into two tabs – Feeds and Home. The first will be content from friends and subscriptions, and the second will be personal recommendations based on interests.
Instagram CEO Adam Mosseri said the social network will continue to focus on Reels. He said that the refusal to promote photos is due to the behavior of users who increasingly choose the video format.
Kylie Jenner and Kim Kardashian criticized the social network with photos for imitating TikTok. When Kylie didn’t like Snapchat’s redesign in 2018, the company’s stock fell 6% the next day and its market value dropped $1.3 billion.