Japan-based LINE known for its messenger app with a userbase of 300 million registered users across the globe, has announced that it has launched a new music-streaming service LINE MUSIC backed by Sony Music and Avex Digital. Also Read - Coronavirus: 2,000 passengers aboard quarantined cruise ship provided free iPhonesAlso Read - Line messaging app starts crypto trading spinoff
The LINE MUSIC corporation has been registered on December 11 and the company made an official statement, “LINE MUSIC Corporation is currently in the ‘process of holding concrete discussions’ on how to best capitalize on developing music services possessed by both ADG and SME, in order to provide opportunities for users to be exposed to new music, and to further develop and accelerate the expansion of the music industry as a whole by creating all new ways of enjoying music in the smartphone era.” Also Read - WhatsApp, Messenger and more: 7 apps to ensure you stay connected across devices
Sony Music holds 40 percent of shares, LINE owns 40 percent and the remaining 20 percent are held by Avex Digital. The blog asserts that discussions are at a very early stage, and further announcements revealing specific information regarding the service will be revealed once something concrete is finalized.
There is enough competition in the music streaming space. There is YouTube’s recently launched Music Key, and the likes of Spotify, Rdio, Beats and many more. In the Indian space there is Saavn, Gaana, Wynk, Hungama and the recently launched Guvera. It will be interesting to see how LINE MUSIC service decides to position itself in an already heavy market.
As previously mentioned, LINE recently touched the 300 million worldwide registered userbase, out of which 10 million are from India. It also announced that it is gunning to reach 500 million by the end of 2014.