According to the Financial Times, the video giant has approached the likes of Universal Music, Sony Music and Warner Music for licensing rights to their artists' catalogues for their new subscription service.
The publication reported that they are hoping to get the new app up and running as soon as December in India, Indonesia and Brazil.
If a success, they then hope to launch it in the US.
ByteDance's app will stand out from Spotify and Apple Music, as it will also feature a number of video clips for users to sync music in their library to.
Further information including the price of the service is yet to be revealed.