According to a recent source, China''s ByteDance is in discussions with music organizations to expand its music-streaming service worldwide to compete with industry leaders such as Spotify. The TikTok parent intends to eventually integrate music streaming in its short-video service and expand it to serve as a major platform for distributing music globally.
Spotify''s shares fell for the first time in after-market trading on Wednesday, compared to the Warner Music Group''s 4 percent.
ByteDance did not respond to a Reuters request for clarification immediately.
According to a new report, the company had discussed considering launching its Resso musicstreaming program, which is currently available in India, Indonesia, and Brazil.
Reuters reported that Spotify acquired Kinzen, an audio streaming company that has helped it identify harmful content on the platform.
Following a backlash earlier this year over "The Joe Rogan Experience," the acquisition is part of Spotify''s efforts to combat harmful content. In response, the podcaster was accused of disinformation about COVID-19.
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Spotify said it would be more transparent in determining what is acceptable and unacceptable content earlier this year. In January, it published its platform rules for the first time. In June, it established a Safety Advisory Council to provide input on harmful content.