ByteDance seeks to sign global agreements with music labels and undermine existing streaming music services, according to a report today.
The Financial Times states that the United States is one of the target markets of the company.
TikTok has around one billion users worldwide, with about 80 M app downloads in the US, providing it with a large user base to market the new streaming music service.
ByteDance reportedly aims to capitalize on its background in social media by including fun sharing options in the new app.
Pricing is not yet clear, but the FT reports that a standard user account would cost less than the $9.99 charged by Apple and Spotify.
Nonetheless, Apple is reportedly planning to offer bundles of subscriptions to Apple Music, News+ and TV+ that may help it stay ahead of the competition. Subscriptions to all three platforms currently cost $24.97, which includes both News+ and TV+ family sharing.