TECH - TikTok Tunes? Social Media Platform Has A Music M&A Team In The Works | Benzinga
Two years ago, questions emerged about whether TikTok was evolving into a record company. The video platform — owned by Beijing-based ByteDance Ltd. — launched the SoundOn music distribution service and hired Artists & Repertoire executives.
On Tuesday, June 18, Music Business Worldwide (MBW) revealed that TikTok is advancing this plan.
What Happened: TikTok is establishing a Music Content Investment Team based in Los Angeles, New York, and San Jose. The team’s goal is to explore global partnership or acquisition opportunities in the music content sector.
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MBW cites job ads for the creation of the team, indicating TikTok’s intent to move into the music M&A market.
The team aims to ...