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TikTok Music Launches in Australia, Singapore, and Mexico
Expansion of TikTok Music
TikTok is expanding its subscription-based music streaming service to Australia, Singapore, and Mexico. This follows the recent launch of TikTok Music in Indonesia and Brazil. The company has invited users in these countries to participate in a closed beta test of the service, offering them a free three-month trial to test it out.
Growth in Key Markets
Mexico is TikTok's fourth-largest market, with 62.4 million active users aged 18 and above. The app plans to boost growth in other markets outside of the U.S., such as Southeast Asia. This move comes after the ban of TikTok in Montana, making it the first state to do so, and the app being banned in India.
TikTok Music Features and Competition
TikTok Music allows users to sync the music streaming service to their TikTok accounts, combining music discovery on TikTok with a vast library of tracks from various artists. The service will compete against dominant players in these markets like Spotify and Apple Music. For example, Spotify holds over 80% of music subscriptions in Mexico.
Recent Developments
TikTok has been making significant strides in the music streaming industry. It recently announced an expanded licensing agreement with Warner Music Group. Additionally, the company shut down its music streaming service, Resso, in Indonesia and Brazil to focus on TikTok Music instead. Users were given the option to transfer their accounts to the new service.
Overall, TikTok Music's launch in Australia, Singapore, and Mexico represents the app's efforts to expand its music-related offerings and compete with established streaming services in these markets.
Impact on New Business
TikTok Music's Potential as a Game-Changer
The expansion of TikTok Music into new markets like Australia, Singapore, and Mexico presents an exciting opportunity for new music businesses looking to leverage the platform's popularity. With its unique blend of music discovery and short-form video content, TikTok has proven to be a powerful tool for introducing new songs and artists to a massive user base. As TikTok Music becomes available in more countries, businesses in the music industry can tap into this platform to reach and engage with a wider audience.
Gaining Competitive Edge
While dominant music streaming services like Spotify and Apple Music continue to hold a significant market share, the integration of TikTok Music with the popular social media app gives it a unique edge. By merging music discovery with user-generated content, TikTok offers a more immersive and engaging experience. New businesses in the music industry can take advantage of this platform by creating viral campaigns and leveraging the app's algorithm to gain exposure and attract a devoted fan base.
Access to Global Markets
With a user base of over 62.4 million in Mexico alone, TikTok's expansion into markets outside the U.S. presents an excellent opportunity for new businesses aiming to gain international recognition. By partnering with TikTok Music, emerging artists and labels can tap into these new markets and gain exposure to a global audience. This expansion also opens doors for businesses in related industries, such as event promotion or merchandise sales, to connect with fans and monetize their offerings.
In summary, TikTok Music's expansion presents potential for new businesses to capitalize on the platform's unique features, gain a competitive edge, and access a global audience. It is an exciting time for entrepreneurs in the music industry to explore the possibilities this platform offers and establish themselves as industry disruptors.
Article First Published at: https://www.cnbc.com/2023/07/19/tiktok-music-launches-beta-testing-in-australia-mexico-and-singapore.html
