In May, ByteDance, filed a trademark application for "TikTok Music" with the U.S. But there are some hints to the parent company's thinking. TikTok is positioned to cash in on its role as music industry tastemaker, but the company hasn't disclosed its plans. While TikTok's financials are still confidential because ByteDance is private, industry analysts say the app is winning a bigger piece of the online ad market, as brands follow eyeballs. Facebook and Instagram parent Meta, for example, has been pumping money into its short video feature called Reels. The rest of the social media industry has been trying to play catch-up. use TikTok, and 16% said they are on it almost constantly.
Last month, a Pew Research Center survey found that 67% of teens in the U.S. A year ago, the app topped 1 billion monthly users. "They're obsessed with expanding their market share and making sure they don't lose any market share to independent artists." "If a song is going viral on TikTok, and the artist is unsigned, and as a result, it's getting a million streams on Spotify, the labels are scrambling to sign that song or that artist," said Tatiana Cirisano, a music industry analyst and consultant at Midia Research.
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Record labels, artists and creators are all trying to figure out how to profit in the new TikTok-dominated world and to make sure they're not getting left behind. Even Fleetwood Mac's "Dreams" reentered the charts in 2020 after a clip of a man drinking cranberry juice on a skateboard exploded on the app. Artists can go from obscurity to global superstardom, thanks to a viral video that could be posted by a complete stranger. TikTok, owned by China's ByteDance, is turning the music business on its head by increasingly becoming a hit-making machine. She's also part of the TikTok Creator Fund, which pays popular contributors when their videos take off. "I would hear it everywhere."įar from her days in a hot Southern California kitchen, Lerma now has 6 million followers on TikTok and makes a living by promoting music on the app and using her influence to partner with brands.
"When it started trending on TikTok and picking up on TikTok, I would hear it on the radio or, you know, hear it in stores," Lerma, who's now 20, said in an interview with CNBC. Her hit song has gone platinum, meaning it's sold the equivalent of 1 million copies, in eight countries, and has more than 2.1 billion streams across all platforms. Benee performed two sold-out arena shows in New Zealand in October 2020, and she was nominated for new artist of 2020 at the People's Choice Awards. 2, "Supalonely" has appeared in more than 5.7 million videos from thousands of TikTok users.
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