Tik Tok and Universal Music Group have inked a global licensing deal.
The deal between the video-sharing social networking service and the world’s biggest music company was announced this week.
The agreement “delivers equitable compensation for recording artists and songwriters and significantly expands and enhances the companies’ existing relationship,” per a statement by the two companies.
“We are excited to enter this new era with UMG and UMPG to continue supporting artists and songwriters, by working together to help reach music fans on TikTok,” stated Ole Obermann, Global Head of Music for TikTok.
“Our platform has been a driver in creating chart hits and licensing the world’s biggest catalog of tracks will continue to inspire our community. In turn, we are proud to partner with UMG and UMPG to be a source to help new talent emerge and to re-introduce legacy acts to a new audience.”
Michael Nash, Executive Vice President of Digital Strategy at UMG said: “UMG and TikTok will now work more closely than ever to promote ambitious experimentation, innovation and collaboration — with the shared objective of developing new music experiences and features.
“Driving new and deeper connections with fans, this agreement delivers equitable compensation to our recording artists and songwriters, as well as a commitment to develop industry-leading tools, A&R insights and models necessary to advance their careers.”
“This alliance sets an industrywide example of social media companies acknowledging, respecting and compensating the music creators whose songs are instrumental to their platforms. We appreciate Tik Tok’s partnership and look forward to working together to provide support and opportunities to our songwriters,” added Marc Cimino, Chief Operating Officer of UMPG