Spotify dips lower on report that TikTok parent Bytedance plans expanding music-streaming
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Spotify (NYSE:SPOT) fell briefly, though is back positive after a report that TikTok parent ByteDance (BDNCE) is planning an expansion of its music-streaming service.
ByteDance (BDNCE) has had some talks with music labels about expanding its music service globally, according to a WSJ report. There appear to be big hurdles in the talks, and ByteDance expects the service will one day be integrated within TikTok.

The TikTok parent has had discussions in recent months about launching its Resso music streaming service, which is currently available in Brazil, India, and Indonesia, in more than a dozen other markets, the WSJ reported. The U.S. isn't expected to be part of the next expansion phase.
While Spotify potentially faces competition from ByteDance, it also currently competes with Apple (AAPL) Music, Amazon (AMZN) Music and others.
Spotify looked to go on the offensive recently when it announced last month it began selling audiobooks, marking its next step as the company looks to diversify beyond music streaming to become an audio destination.