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(CNN Business) —  

The Chinese company behind the social media phenomenon TikTok might try to conquer the competitive world of music streaming services next.

ByteDance is in talks with several global record companies to strike deals for a new platform that could rival Spotify (SPOT), Tencent Music and Apple (AAPL) Music, according to the Financial Times, which first reported the news.

The FT said the streaming music service might launch “as soon as next month” in emerging markets, such as India, before possibly coming to the United States. It said that music executives are “keen to make money” from the free-to-use app TikTok, which gained popularity by letting users record videos of themselves lip-syncing or dancing to music.

Spotify’s stock declined 3% and Tencent Music slipped 2% in early Monday trading following the report.

ByteDance recently revealed it has amassed more than one billion monthly active users across its apps. TikTok users spent a record $10.8 million within the app in June, with US users accounting for more than 20% of in-app purchases, according to data analytics firm Sensor Tower.

The company declined to comment on the FT report. But a music streaming platform would be the latest addition to its growing arsenal. The firm said in July it’s developing a phone after striking a deal with electronics company Smartisan.

– CNN Business’ Sherisse Pham and Michelle Toh contributed to this report.