TikTok Music to Shut Down on Nov. 28

  • TikTok to shut down its music streaming service
  • Service will go offline on Nov. 28
  • Competition with Spotify and Apple
  • Data deletion after closure

TikTok, the short-video giant, has announced that it will be shutting down its music streaming service, TikTok Music, after a year of operation in countries like Indonesia, Brazil, Australia, Mexico, and Singapore. The company stated that user account information and personal data will be automatically deleted following the closure. Launched with the aim to capitalize on the popularity of viral TikTok songs and compete with industry leaders Spotify and Apple, the service will go offline on November 28th.

Factuality Level: 8
Factuality Justification: The article provides accurate information about TikTok’s decision to close its music streaming service and the timeline for the closure. It also mentions the countries where the service was launched and the company behind it (ByteDance). However, there is a minor issue with the use of ‘short-video giant,’ which may be considered as an opinion rather than fact.
Noise Level: 3
Noise Justification: The article provides relevant information about TikTok’s decision to close its music streaming service but lacks in-depth analysis or exploration of the reasons behind this decision, as well as any potential consequences for the industry or users. It also doesn’t offer much insight into how this might affect the competition between TikTok and other music streaming platforms.
Public Companies: Spotify Technology SA (SPOT), Apple Inc. (AAPL)
Private Companies: ByteDance
Key People:

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Financial Relevance: Yes
Financial Markets Impacted: TikTok Music closure may impact Spotify Technology SA and Apple Inc.
Financial Rating Justification: The article discusses TikTok’s decision to close its music streaming service, which competes with companies like Spotify and Apple in the music streaming industry. This could potentially affect their market shares and financial performance.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.
Move Size: No market move size mentioned.
Sector: Technology
Direction: Down
Magnitude: Medium
Affected Instruments: Stocks

Reported publicly: www.wsj.com