New York (CNN Business) The Chinese company behind the social media phenomenon TikTok might try to conquer the competitive world of music streaming services next. The FT said the streaming music service might launch "as soon as next month" in emerging markets, such as India, before possibly coming to the United States. It said that music executives are "keen to make money" from the free-to-use app TikTok, which gained popularity by letting users record videos of themselves lip-syncing or dancing to music. Spotify's stock declined 3% and Tencent Music slipped 2% in early Monday trading following the report. TikTok users spent a record $10.8 million within the app in June, with US users accounting for more than 20% of in-app purchases, according to data analytics firm Sensor Tower.

Source: CNN November 18, 2019 13:18 UTC