TikTok already took over as Gen Z's social platform of choice. It might be coming for Spotify next. | Businessinsider

ByteDance, the parent company of TikTok, has initiated talks with music labels in order to expand its music streaming services globally.

The move could set it up to compete with music-streaming rival Spotify.For more stories visit Business Insider.

ByteDance, the parent company of TikTok, has initiated talks with music labels in order to expand its music streaming services globally, the Wall Street Journal reported on Wednesday. The move would set it up to compete with the likes of Spotify. ByteDance wants the music-streaming service to become part of TikTok's offerings, acting as a major platform to distribute music globally, the Journal reported, citing unnamed sources who are a part of the discussions. The talks have been strained at times over disagreements about the valuation of TikTok's promotional benefits for the labels.

To expand into music streaming, ByteDance needs to strike deals with all of the major music labels, per the Journal.

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