Some market shareThe music streaming market is currently dominated by Swedish giant Spotify and Apple Music. Spotify commands almost 31% of the global streaming market with Apple Music following with 13.7%, according to the International Music Summit Business Report 2023. But Cirisano said that heavy TikTok users could convert into TikTok Music users if they are using other services such as Spotify. Still, Woo of Phillip Securities Research said TikTok Music presents a "low risk" for Spotify and Apple Music. Spotify and Apple Music did not respond to CNBC's requests for comment.

---

Persons: TikTok, Tolga Akmen, Jonathan Woo, Ole Obermann, Tatiana Cirisano, Cirisano, Woo Organizations: Afp, Getty, Spotify, Apple Music, Phillip Securities Research, YouTube, MIDiA Research, CNBC, MiDIA, Apple, International Music Summit, TikTok Locations: TikTok, Indonesia, Brazil, U.S, Australia, Canada, Germany, France, Sweden, South Korea, Swedish