The world of social networks in China could be being upset by the application of the giant that also owns TikTok
The world of music could be upset by Yinyuebang, the new ByteDance solution to the acquisition of rights for new music. In particular, ByteDance, based in Beijing, the app factory behind TikTok and Douyin, according to reports from 36Kr is currently developing the application.
According to early sources, Yinyuebang will have the functionality of a social network. A separate source near ByteDance told 36Kr that the company has two goals behind this new app: on the one hand, obtaining copyright for multiple tracks by supporting musicians in creating and distributing their work on the new platform and, on the other, connect musicians and music lovers.
TikTok has found a large user base worldwide
This project stems from the fact that ByteDance purchased the popular lip-synching platform Musical.ly in a and migrated its users to Douyin, the home version of TikTok. In particular, this investment gave ByteDance a year of access to copyrighted music, from multinational companies such as Sony and Universal Music Group.
This possibility, in addition to offering TikTok the means to quickly gain popularity in markets outside of mainland China, also provides the rights to stream music. To diversify his copyrighted music sources, ByteDance also collaborated with the independent music company Modern Sky and the Japanese music company Avex, said 36Kr.
The Yinyuebang website was online Monday morning
ByteDance‘s attempts to challenge the dominance of Tencent’s WeChat in the social media sector have not changed its mind. This year, the company released Duoshan, a video-based socialization app, as well as Feiliao (also known as Flipchat), a messaging app that also has interest-based forums.
If the first attempts didn’t go very well, Yinyuebang could be ByteDance’s next attempt to break the social media scene in China. The first signs come from the Yinyuebang website where 26 tracks were seen on Monday, of which ByteDance holds the copyright.
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