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Universal Music Group NV (OTC:UMGNF), the music-based entertainment company, and ByteDance-owned TikTok have signed a new multi-dimensional licensing agreement.
The agreement is expected to deliver benefits for Universal’s global family of artists, songwriters and labels and will return their music to TikTok’s billion-plus global community.
The joint agreement marks a new era of strategic collaboration between the two organizations, built on a shared commitment to help Universal’s artists and songwriters achieve their creative and commercial potential, per the company’s statement.
“This new chapter in our relationship with TikTok focuses on the value of music, the primacy of human artistry and the welfare of the creative community,” said Lucian Grainge, Chairman and CEO of Universal Music Group.
By harnessing TikTok’s technology, marketing and promotional capabilities, Universal and TikTok will deliver improved remuneration for Universal’s songwriters and artists, new promotional and engagement opportunities for their recordings and songs and protections with respect to generative AI.
Also Read: TikTok Ban: Is The US Government Taking A Page From China’s Censorship Book?
Fans on TikTok can look forward to the return of Universal’s recorded music and publishing catalogs and once again enjoy creating videos using music from some of the world’s biggest artists and songwriters.
“Music is an integral part of the TikTok ecosystem and we are pleased to have found a path forward with Universal Music Group,” said CEO of TikTok, Shou Chew.
As part of the agreement, both organizations will work together to realize new monetization opportunities utilizing TikTok’s growing e-commerce capabilities.
TikTok will continue to invest significant resources into building artist-centric tools that will help Universal artists realize their potential on the growing platform.
Tools including “Add to Music App,” enhanced data and analytics, and integrated ticketing capabilities will benefit artists, both financially and in building their global fanbases using TikTok’s scale and engaged community.
TikTok is also committed to working with Universal to remove unauthorized AI-generated music from the platform, as well as tools to improve artist and songwriter attribution.
Price Action: UMGNF shares traded higher by 0.75% at $29.60 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by XanderSt on Shutterstock
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