TikTok Music Streaming Service to Close as Competition Intensifies
TikTok Music Streaming Service to Shut Down
ByteDance’s TikTok has announced that it will shut down the TikTok Music streaming service on November 28, which comes as the company has struggled to turn its success in marrying music and videos into a service that could take on the likes of Spotify and Google’s YouTube.
“After this date, access to TikTok Music, including login, subscriptions, and all other functionalities, will no longer be available,” the company stated. The decision follows a January shutdown of Resso in India after it was banned from app stores.
Intensifying Competition in Music Streaming
- Spotify and Amazon.com are investing heavily in their music services.
- Challenges include low profit margins due to high music royalty fees.
- Big Tech companies are engaged in price competition to woo users.
With the imminent closure, TikTok plans to focus on enhancing its platform for artists and songwriters as stated by Ole Obermann, TikTok’s head of music business.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.