TikTok now has 200 million registered users, with 120 million using the short video app every month. The milestone comes as the company is in talks with major labels and publishers to launch a music streaming service.
ByteDance, the Chinese conglomerate that owns TikTok, could launch its Spotify competitor as soon as the end of this quarter. One source reports that the company has already signed deals with two of India's largest independent labels.
Universal, Warner, and Sony Music are also demanding more money for songs played on TikTok and its Chinese counterpart Douyin, setting up a showdown with the hugely popular video apps. All three labels have contracts with ByteDance, that are set to expire this Spring. Negotiations for new agreements have been ongoing for months, but little progress has reportedly been made.