TikTok agrees to a new global licencing deal with Warner Music Group
TikTok has recently signed a licencing deal with Warner Music Group, marking the popular social media platform’s second large licence deal in the last few months. Back in November of 2020, TikTok had agreed to another major licence agreement with Sony Music Entertainment in order to make the songs from major influential artists around the globe more widely available to the users of TikTok.
This licence deal will take into consideration tracks from Warner Chappell Music, Warner Music Group’s publishing division, as well as Warner Music Group’s recorded music catalogue. Many large labels have been signing licence agreements with some of the most popular social media platforms during this last year, such as Facebook and Snapchat. TikTok has now also been included on that list.
Back in December, TikTok had released their first ever Music Report, claiming that in just one year, more than 70 artists on their platform has signed major label agreements. Steve Cooper, the Chief Executive Officer of Warner Music Group, has stated the following:
“With an expanding number of partnerships including Facebook, TikTok, and Snap, among others, social media is already a meaningful nine-figure revenue stream for us and is growing at a faster rate than subscription streaming”.
Oana Ruxandra, Chief Digital Officer and EVP, Business Development at Warner Music, has claimed:
“It feels like we’ve seen years’ worth of change and evolution in the course of a handful of months. We want to ensure there’s value for our artists across the board, and the goal is to ensure that they make money to live their lives.”
Image Credit: Chesnot/Getty Images