TikTok's parent company ByteDance is launching a music streaming service as soon as this fall

million users. Although its premium pricing is competitive, matching rival Apple Music's price at Rs 119 per month, that quick uptake was likely driven by its free ad-supported tier.access to the entirety of its music library, further underscoring the importance the market holds to the streamer.

The looming entry of ByteDance, which is already ubiquitous in the region, could dampen growth prospects for Spotify — and other American music streamer's — in the high-potential market.1. Sign up for the Digital Media Briefing to get it delivered to your inbox 6x a week. >>pass to Business Insider Intelligence and gain immediate access to the Digital Media Briefing, plus more than 250 other expertly researched reports.

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