© Getty Images
ByteDance’s short video juggernaut TikTok is taking its relationship with the music industry to the next level. In a bid to shape how fans experience music both on and off the platform, the company is staffing up its new Music Content Investment Team with eyes on making acquisitions.
Multiple job listings posted recently give insight into TikTok’s expanded goals. Heads are being hired to evaluate “partnership or acquisition opportunities in the music content space on a global level.” Duties will include “performing detailed financial analysis and valuations of music content and related assets.”
The dream, it seems, is for TikTok to become more than just a platform where emerging artists gain traction – it wants a seat at the table in the music business itself. While it’s unclear exactly which type of companies have caught their ear, publishing houses, tech firms and live event producers are likely on the radar. Dealmaking in those spaces has been heating up as of late.
This marks a turning point for the social video app, which has primarily monetized through advertising. But the launch of its own music distribution program last year, paying out royalties to creators, was a sign of bigger intentions. Speculation recently swirled about a rumored TikTok music store after their parent filed to trademark a download and streaming service.
