Universal Music Group (UMG) just announced that their licensing agreement with the popular social media platform, TikTok, is set to expire on January 31st. They have not been able to reach new terms for an agreement. This means that following the expiration of this current agreement, Universal Music Group, which includes Universal Music Publishing Group, will stop licensing content to TikTok as well as TikTok Music services.
To get more information on this news, read this “Open Letter to the Artist and Songwriter Community” here.
And now for more about Universal Music Group (UMG): their mission is to shape culture through artistry. They are the world leader in music-based entertainment, having several businesses involved in recorded music, music publishing, merchandising, and audiovisual content. UMG has the most comprehensive catalog of recordings and songs across all musical genres. Always committed to innovation, artistry, and entrepreneurship, UMG is working to develop services, platforms, and business models that create new opportunities for their artists commercially and broaden their fans’ experiences. Learn more about UMG at http://www.universalmusic.com.
If you have any investor inquiries, contact Erika Begun and for media inquiries, contact James Murtagh-Hopkins. This press release is published by Universal Music Group N.V. and contains inside information within the meaning of article 7(1) of Regulation (EU) No 596/2014 (Market Abuse Regulation). The source of this press release is Universal Music Group N.V.
Please note that the image available here takes viewers to Universal Music Group’s website.
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