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In today's ExchangeWire news digest: TikTok-owner ByteDance plans to expand its music streaming service globally; Getir in talks to rescue rapid grocery delivery rival Gorillas; and Apple quietly plans to monetise its original video content.
ByteDance Ltd. is reportedly in talks with music labels as it plans to expand its music-streaming service, Resso, on a global scale. Resso is already available in a number of markets, including Brazil, India, and Indonesia, and a successful global roll out would see the TikTok owner rival industry leaders, including streaming behemoth Spotify.
Negotiations are said to be in very early stages, and an expansion into the US market is not believed to be on the horizon at this stage.
Struggling rapid grocery delivery company Gorillas may have found a lifeline in Getir, who is reportedly in talks to take over the Berlin-based company. Despite raising close to USD$1bn (~£905bn) in 2021, Gorillas has been operating at a loss for months and frantically seeking a buyer to supplement its hemorrhaging funds.
A deal is expected to be completed by the end of November, with Gorillas shareholders to receive a USD$100m (~£90.5m) payout.
Tech giant Apple is reportedly planning a major push toward bringing advertising to its original video content. The company is said to have held talks with several media agencies to discuss this latest attempt to monetise its video streaming service, which could become a reality as soon as early 2023.
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USD$11.8bn (~£10.6bn) - Getir's valuation as of March 2022.
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