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A report on TikTok in the\u00a0Wall Street Journal<\/a>\u00a0this week has started a buzz in the music world. According to the story, ByteDance Ltd, the Chinese parent company to\u00a0TikTok<\/a>, is in discussions with major music labels with a view to entering the music streaming market in direct competition to Spotify and other services.<\/p>\n Music streaming would be integrated into its existing short video service. ByteDance already has a music streaming service in Resso, which is currently available in India, Brazil, and Indonesia. The plan, according to the report, is to expand to several more countries, and it looks like it may be rebranded as TikTok Music.<\/p>\n Industry observers say it may be a boon for record labels.<\/p>\n International financial consulting firm BNPP Exane issued a statement in the wake of the report. \u201cWe view the WSJ [report] as supportive with ByteDance getting closer to launching a global music service which will be critical in reducing the \u2018value gap\u2019 and driving improved monetization for labels,\u201d it said.<\/p>\n Plans may already be on the books to expand Resso to several other countries in the near future, but the United States isn\u2019t on that list. To complicate matters, Sony Music Entertainment recently refused to renew its licensing agreement with Resso, pulling their entire catalogue.<\/p>\n ByteDance has not responded to subsequent requests for more details from\u00a0other media services<\/a>.<\/p>\n The report doesn\u2019t fully name its sources, said to be close to the company\u2019s operations, but there has been evidence of the move for some time now.<\/p>\nSupporting evidence<\/strong><\/h3>\n