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It looks like a new streaming platform is moving into town.

It's called TikTok Music and it will be a place for users to buy, play, share and download music, as well as livestream audio and video just like they do on the TikTok app, according to Music Business Worldwide.

Sources say TikTok's parent company, ByteDance, has big plans for TikTok Music, which is said to directly compete with Spotify, Apple Music and other major streaming platforms. Earlier this month, MBW uncovered a patent filing and job listings posted by ByteDance for A&R positions across North America, suggesting the company might actually be structuring TikTok Music more like a bona fide record label.

Back in February, TikTok Music also began tweeting the phrase, "Welcome to a new way to experience music" from a freshly verified Twitter account. ByteDance followed up the move with an official U.S. trademark application for the project in May. 

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It's no surprise that TikTok has already made a lasting impact on the music streaming landscape. When songs trend on the app, their virality typically leads to massive increases in streaming totals across ancillary platforms. We've seen this shift with artists like Lil Nas X, Doja Cat and Caroline Polacheck, who saw substantial boosts to their fanbases by first blowing up on TikTok. 

Spotify's stock dipped in the wake of the news, according to Yahoo! Finance.

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