Will Bytedance disrupt and challenge the current social media and streaming giants? Bytedance is set to launch its own streaming service and is currently in talks with the likes of Universal Music and Sony for licensing deals. The service will be launched in emerging markets like India, Indonesia and Brazil before expanding into the US. Bytedance rose to prominence, at least in part, due to TikTok, a social media platform, with over 1 billion monthly users, known for its short-form comedy and lip-syncing videos. That puts it neck and neck with Instagram, which launched 7 years earlier. It's also the first ever Chinese app to become the most downloaded app in the US last year.