The sometimes questionable cringeworthy content of TikTok is helping the tech company boom. Furthermore, the TikTok craze has helped the company pull in about $50 million in 2019 in its highest earning quarter ever.
These profits are massive for TikTok, but it hasn’t always been smooth sailing. Recently, TikTok has been banned from U.S. Army and military devices, and the Chinese based company has also faced many cases around unlawful music licensing. Even The Verge reported in November the company was starting to slow down despite this new financial report showing profits.
However, in the fourth quarter of 2018 the company was making only $10 million in revenue marking the growth to $50 million in 2019 a big achievement.
TikTok owner ByteDance might be launching a paid music streaming service
In November of last year, I covered the news surrounding rumors about ByteDance launching a music streaming service. Plans were emerging around an app which will “heavily incorporate social networking features” paired with licensed music to share with friends. Furthermore, the app may very well be a major competitor to both Spotify and Apple Music. Stay tuned for more updates around TikTok.