Universal Music Artists to Return to TikTok After New Licensing Agreement — Update
By Adria Calatayud
Universal Music Group's artists and song catalogs will return to TikTok after the world's largest music company and the social-media platform agreed on a new licensing contract.
The deal comes after the companies failed to reach an agreement by the time their previous licensing contract expired at the end of January, prompting Universal to pull all of its artists' songs off TikTok at the beginning of February.
This marked an unusual step that put the spotlight on their battle over how much TikTok pays Universal--the company behind musicians including Taylor Swift and Drake--to make the label's vast catalog of songs available to one billion-plus social-media users worldwide
Under the new licensing pact, Universal's recorded music and publishing catalogs will return to TikTok, where users will be able to create videos using its music again, the companies said Thursday.
The deal will result in improved remuneration for Universal's songwriters and artists, as well as new promotional and engagement opportunities, the companies said.
The companies will work together on new monetization opportunities using TikTok's e-commerce capabilities and on campaigns to support Universal's artists globally, they said.
TikTok and Universal will also collaborate to ensure the development of artificial intelligence protects the economics of the music industry and its artists, they added.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
May 02, 2024 03:46 ET (07:46 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks