TikTok owner rumored to release Spotify killer music streaming app

Reports have come out detailing a new on-demand music streaming service being developed by TikTok's owner, ByteDance.

According to Financial Times sources, ByteDance is currently planning a new streaming service app that incorporates a social media aspect. The Financial Times says that the app will include a library of short video clips that users can search for and then pair up with their desired songs. These video clips and songs can then be forwarded to users' friends.

The report also says that ByteDance is currently in talks with big companies such as Sony, Universal, and Warner for music licensing purposes. While you might think that this new app is some years off from releasing, the reports indicate that it could be launching in places like Brazil, India, and Indonesia as soon as December this year. It's also said that ByteDance's new app plans to undercut the current market price of other music streaming apps like Spotify and Apple Music. Meaning the cost will be under $10, and more like $7, or even $5 a month.