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TikTok could be getting into the streaming music business

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The Chinese company behind the social media phenomenon TikTok might try to conquer the competitive world of music streaming services next.

ByteDance is in talks with several global record companies to strike deals for a new platform that could rival Spotify, Tencent Music and Apple Music, according to the Financial Times, which first reported the news.

Spotify's stock declined 3% and Tencent Music slipped 2% in early Monday trading following the report.

 

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