ByteDance the parent company of music-based social media network TikTok, has confirmed that it is developing its own smartphone. Details are still scarce, but it's likely that the device will put an emphasis on the TikTok social media network, instead of trying to compete with Samsung and Apple.

TikTok is under investigation in the U.K. for how it collects, handles, and uses the personal information of kids, following a similar action in the U.S. that resulted in a $5.7 million fine. The music video sharing app may be in violation of the European Union's data privacy laws.

ByteDance, the owner of popular short video app TikTok, is reportedly building its own smartphone. The selling point of such a device, which would contain pre-loaded apps, remains unclear, though a smartphone that will be somehow optimized for TikTok may find its niche.

Snap is in discussions with major record labels for broader licensing deals, according to the Wall Street Journal. The plan is to add more musical features to Snapchat, in order to better compete against the offerings of rival apps such as TikTok and Instagram that allow song clips to be added to posts.

TikTok's karaoke-like music videos are popular among youth, but the platform has been illegally collecting data from children. The app is now facing a $5.7 million fine from the FTC -- the largest one in the category yet -- for failing to get parental consent for children on the app.