VIP+ Analysis: The business is changing, and Spotify and its peers may need to brace themselves for a possible TikTok Music domination.
TikTok Music continued its slow but steady worldwide expansion this week as parent company ByteDance retired its Resso brand in Indonesia and Brazil on Tuesday, replacing it withWhile it would take some time to dethrone longtime incumbents like Spotify and Apple Music in the space, anything with the brand and growth potential of TikTok must be taken seriously.
For younger generations who’ve grown up with TikTok and seek a more social experience from music streaming, TikTok could capture younger consumers’ loyalty by creating a truly all-inclusive entertainment ecosystem. It’s already common knowledge that TikTok is a critical music discovery tool; it makes sense to expand on that by creating a place to actual listen to full tracks without ever having to leave the app.
It’s just hard to deny the influence of emerging platforms such as shortform video, connected fitness, gaming and podcasts, even within music. Growth in those platforms is a major revenue opportunity for the music industry.
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