TikTok is not content competing with the likes of Snapchat. The Chinese video streaming site has been diversifying lately. TikTok parent ByteDance launched its own phone, which is integrated with the app.

The company had acquired Musical.ly and is now launching its own music streaming service. Basically, users will be able to use TikTok's original functionality of video streaming and combination with its vast music library, which it gained from Musical.ly. Unlike TikTok, it won't be free. Since music streaming is a part of the service, it is expected to cost less than $10 per month, according to the Financial Times. It will basically be a video version of Spotify or Apple Music.

ByteDance is reportedly in talks with Sony, Universal and Warner to license their music for its app. The service is expected to be launched in Brazil, India and Indonesia by the year-end followed by a global rollout. TikTok has amassed a huge audience of one billion, despite the global concerns about its Chinese origin and the general privacy and security concerns associated with social networks. But, how it matches up with existing music streaming networks remains to be seen.

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The company is also expected to be working towards setting up an e-commerce network. It has followed apps such as Instagram in allowing customers to add e-commerce links to their profile biography and linking social networks. The company is currently experimenting with the options it has to dwell into e-commerce. You can expect more people to become 'influencers' just like they do on Instagram.

TikTok has a huge following in China, Southeast Asia and India. Tech giants such as Facebook and Amazon already have a huge presence in these countries, so it remains to be seen how TikTok competes with them.

Especially in India, TikTok has achieved what many other social media networks haven't – it has penetrated into Tier 2 and Tier 3 rural areas.

Interesting times ahead for TikTok users.

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