TikTok has announced it will be shutting down its music streaming service.
“We are sorry to inform you that TikTok Music will be closing on 28 November 2024,” stated a notice on the platform’s website.
Meanwhile, TikTok Music is advising users to transfer their playlists by 28 October and request refunds by 28 November.
Ole Obermann, global head of music business development at TikTok’s parent company ByteDance, issued a press statement explaining that the company plans to focus on collaborating with partner DSPs.
He said: “Our Add to Music App feature has already enabled hundreds of millions of track saves to playlists on partner music streaming services.
“We will be closing TikTok Music at the end of November in order to focus on our goal of furthering TikTok’s role in driving even greater music listening and value on music streaming services, for the benefit of artists, songwriters and the industry.”
Launched in 2023, the Add to Music App feature allowed users to save songs they discovered on TikTok to streaming platforms like Spotify.
TikTok’s music streaming loss is evidently Spotify’s gain, as the latter’s stock price recently hit a record high before finishing at what appears to be its largest-ever closing value.
Many outlets have since reported that Spotify stock (NYSE: SPOT) is riding higher than ever in the wake of TikTok Music’s closure announcement, to the tune of a record per-share price of $386.96.